STRATEGIC PROFIT MODEL RESULTS FOR SELECTED RETAILERS FY2016

STRATEGIC PROFIT MODEL RESULTS FOR SELECTED RETAILERS FY2016 These results were compiled by Professors John S. Strong and Lawrence J. Ring, with the assistance of Sherry Xue Zhang, MBA 2018. Raymond A. Mason School of Business, College of William and Mary, Williamsburg, Virginia, USA. Copyright 2017.

STRATEGIC PROFIT MODELS FOR SELECTED RETAILERS (ROS) Net Turnover '16 s '16 Leverage '16 Worth '16 ebay Inc EBAY 12/31/2016 $ 8,979.00 80.92% 0.38 30.47% 2.26 68.94% $ 7,266.00 $ 23,847.00 $ 10,539.00 O'Reilly Automotive Inc ORLY 12/31/2016 $ 8,593.10 12.08% 1.19 14.40% 4.43 63.78% $ 1,037.70 $ 7,204.20 $ 1,627.10 AutoZone Inc AZO 8/27/2016 $ 10,635.70 11.67% 1.24 14.43% NA NA $ 1,241.00 $ 8,599.80 $ (1,787.50) Liberty Interactive QVC.A 12/31/2016 $ 10,647.00 11.60% 0.52 6.07% 3.01 18.24% $ 1,235.00 $ 20,355.00 $ 6,772.00 Tiffany & Co. TIF 1/31/2017 $ 4,001.80 11.15% 0.79 8.75% 1.68 14.73% $ 446.10 $ 5,097.60 $ 3,028.40 Sherwin-Williams Company SHW 12/31/2016 $ 11,855.60 9.55% 1.76 16.77% 3.59 60.30% $ 1,132.70 $ 6,752.50 $ 1,878.40 L Brands Inc LB 1/28/2017 $ 12,574.00 9.21% 1.54 14.17% NA NA $ 1,158.00 $ 8,170.00 $ (729.00) Ross Stores, Inc. ROST 1/28/2017 $ 12,866.80 8.69% 2.42 21.05% 1.93 40.67% $ 1,117.70 $ 5,309.40 $ 2,748.00 Foot Locker Inc FL 1/28/2017 $ 7,766.00 8.55% 2.02 17.29% 1.42 24.50% $ 664.00 $ 3,840.00 $ 2,710.00 Ulta Salon Cosmetics & Fragrances Inc ULTA 1/28/2017 $ 4,854.70 8.44% 1.90 16.06% 1.65 26.44% $ 409.80 $ 2,551.90 $ 1,550.20 Home Depot, Inc. HD 1/29/2017 $ 94,595.00 8.41% 2.20 18.51% 9.92 183.64% $ 7,957.00 $ 42,996.00 $ 4,333.00 Signet Jewelers Ltd SIG 1/28/2017 $ 6,690.90 8.12% 1.01 8.23% 2.13 17.51% $ 543.20 $ 6,597.80 $ 3,102.10 TJX Companies TJX 1/28/2017 $ 33,183.70 6.93% 2.58 17.84% 2.86 50.95% $ 2,298.20 $ 12,883.80 $ 4,510.60 Tractor Supply TSCO 12/31/2016 $ 6,779.60 6.45% 2.53 16.34% 1.84 30.08% $ 437.10 $ 2,674.90 $ 1,453.20 Urban Outfitters URBN 1/31/2017 $ 3,545.80 6.15% 1.86 11.46% 1.45 16.61% $ 218.10 $ 1,902.60 $ 1,313.10 Williams-Sonoma, Inc. WSM 1/29/2017 $ 5,083.80 6.01% 2.05 12.33% 1.98 24.47% $ 305.40 $ 2,476.90 $ 1,248.20 Publix Super Mkts, Inc. PUSH 12/31/2016 $ 33,999.90 5.96% 1.95 11.60% 1.68 19.47% $ 2,025.70 $ 17,464.00 $ 10,405.20 American Eagle Outfitters AEO 1/28/2017 $ 3,609.90 5.88% 2.02 11.91% 1.48 17.63% $ 212.40 $ 1,782.70 $ 1,204.60 Dollar General Corporation DG 2/3/2017 $ 21,986.60 5.69% 1.88 10.72% 2.16 23.14% $ 1,251.10 $ 11,672.30 $ 5,406.30 Bed Bath & Beyond, Inc. BBBY 2/25/2017 $ 12,215.80 5.61% 1.78 10.01% 2.52 25.19% $ 685.10 $ 6,846.00 $ 2,719.30 Supervalu SVU 2/25/2017 $ 12,480.00 5.21% 3.49 18.16% 9.52 172.87% $ 650.00 $ 3,580.00 $ 376.00 Advance Auto Parts Inc AAP 12/31/2016 $ 9,567.70 4.80% 1.15 5.53% 2.85 15.76% $ 459.60 $ 8,315.00 $ 2,916.20 Office Depot Inc ODP 12/31/2016 $ 11,021.00 4.80% 1.99 9.55% 2.99 28.56% $ 529.00 $ 5,540.00 $ 1,852.00 Lowe's Companies Inc. LOW 2/3/2017 $ 65,017.00 4.76% 1.89 8.99% 5.35 48.07% $ 3,093.00 $ 34,408.00 $ 6,434.00 Gap, Inc. GPS 1/28/2017 $ 15,516.00 4.36% 2.04 8.88% 2.62 23.28% $ 676.00 $ 7,610.00 $ 2,904.00 Dollar Tree Stores, Inc. DLTR 1/28/2017 $ 20,719.20 4.33% 1.32 5.71% 2.91 16.63% $ 896.20 $ 15,701.60 $ 5,389.50 GameStop Corp Class A GME 1/28/2017 $ 8,607.90 4.10% 1.73 7.10% 2.21 15.67% $ 353.20 $ 4,975.90 $ 2,254.10 Target Corp TGT 1/28/2017 $ 69,495.00 3.94% 1.86 7.31% 3.42 24.99% $ 2,737.00 $ 37,431.00 $ 10,953.00 Chico's FAS, Inc. CHS 1/28/2017 $ 2,476.40 3.68% 2.23 8.22% 1.82 14.97% $ 91.20 $ 1,109.00 $ 609.20 Dick's Sporting Goods, Inc. DKS 1/28/2017 $ 7,922.00 3.63% 1.95 7.08% 2.10 14.90% $ 287.40 $ 4,058.30 $ 1,929.50 Walgreens Boot Alliance WBA 8/31/2016 $ 117,351.00 3.56% 1.61 5.74% 2.40 13.78% $ 4,173.00 $ 72,688.00 $ 30,281.00 HSN, Inc. HSNI 12/31/2016 $ 3,567.50 3.33% 2.73 9.10% 6.67 60.72% $ 118.70 $ 1,304.50 $ 195.50 Whole Foods Market, Inc. WFM 9/25/2016 $ 15,724.00 3.22% 2.48 8.00% 1.97 15.73% $ 507.00 $ 6,341.00 $ 3,224.00 Best Buy Co Inc BBY 1/28/2017 $ 39,403.00 3.12% 2.84 8.86% 2.94 26.08% $ 1,228.00 $ 13,856.00 $ 4,709.00 CVS Caremark Corp CVS 12/31/2016 $ 177,526.00 3.00% 1.88 5.63% 2.56 14.44% $ 5,317.00 $ 94,462.00 $ 36,834.00 Kohl's Corp KSS 1/28/2017 $ 18,686.00 2.98% 1.38 4.10% 2.62 10.74% $ 556.00 $ 13,574.00 $ 5,177.00 Big Lots, Inc. BIG 1/28/2017 $ 5,200.40 2.94% 3.23 9.50% 2.47 23.49% $ 152.80 $ 1,607.70 $ 650.60 Wal-Mart Stores Inc WMT 1/31/2017 $ 485,873.00 2.81% 2.44 6.86% 2.56 17.54% $ 13,643.00 $ 198,825.00 $ 77,798.00 Weis Markets, Inc. WMK 12/31/2016 $ 3,136.70 2.78% 2.19 6.09% 1.54 9.41% $ 87.20 $ 1,431.30 $ 926.70 Casey's General Stores, Inc. CASY 4/30/2017 $ 6,640.60 2.67% 2.20 5.88% 2.54 14.91% $ 177.50 $ 3,020.10 $ 1,190.60 Dillards, Inc. DDS 1/28/2017 $ 6,418.00 2.64% 1.65 4.35% 2.26 9.85% $ 169.20 $ 3,888.10 $ 1,717.40 Caleres Inc. CAL 1/28/2017 $ 2,579.40 2.55% 1.75 4.45% 2.41 10.72% $ 65.70 $ 1,475.30 $ 613.10 Macy's Inc M 1/28/2017 $ 25,778.00 2.40% 1.30 3.12% 4.59 14.32% $ 619.00 $ 19,851.00 $ 4,322.00 Nordstrom, Inc. JWN 1/28/2017 $ 14,757.00 2.40% 1.88 4.50% 9.03 40.69% $ 354.00 $ 7,858.00 $ 870.00 Netflix, Inc. NFLX 12/31/2016 $ 8,830.70 2.11% 0.65 1.37% 5.07 6.97% $ 186.70 $ 13,586.60 $ 2,679.80 Sysco Corporation SYY 7/1/2017 $ 55,371.10 2.06% 3.12 6.43% 7.46 47.97% $ 1,142.50 $ 17,756.70 $ 2,381.50 Costco Wholesale Corporation COST 8/31/2016 $ 118,719.00 1.98% 3.58 7.09% 2.75 19.46% $ 2,350.00 $ 33,163.00 $ 12,079.00 Amazon.com Inc AMZN 12/31/2016 $ 135,987.00 1.74% 1.63 2.84% 4.32 12.29% $ 2,371.00 $ 83,402.00 $ 19,285.00 Kroger Co KR 1/28/2017 $ 115,337.00 1.71% 3.16 5.41% 5.45 29.49% $ 1,975.00 $ 36,505.00 $ 6,698.00 United Natural Foods, Inc. UNFI 7/30/2016 $ 8,470.30 1.49% 2.97 4.41% 1.88 8.28% $ 125.80 $ 2,852.20 $ 1,519.50 Ingles Markets, Inc. Class A IMKTA 9/24/2016 $ 3,795.00 1.43% 2.25 3.21% 3.59 11.53% $ 54.20 $ 1,686.50 $ 470.20 Tailored Brands TLRD 1/28/2017 $ 3,378.70 0.74% 1.61 1.19% NA NA $ 25 $ 2,097.90 $ (107.60) Spartan Stores, Inc. SPTN 12/31/2016 $ 7,734.60 0.73% 4.01 2.94% 2.34 6.88% $ 56.80 $ 1,930.30 $ 825.40 Barnes & Noble, Inc. BKS 4/29/2017 $ 3,894.60 0.56% 2.01 1.14% 3.37 3.83% $ 22.00 $ 1,932.90 $ 574.30 Abercrombie & Fitch Company Class A ANF 1/28/2017 $ 3,326.70 0.12% 1.45 0.17% 1.85 0.32% $ 4.00 $ 2,295.80 $ 1,243.40 Rite Aid Corporation RAD 3/4/2017 $ 32,845.10 0.01% 2.83 0.04% 18.88 0.67% $ 4.10 $ 11,593.80 $ 614.10 J.C. Penney Co Inc JCP 1/28/2017 $ 12,547.00 0.01% 1.35 0.01% 6.88 0.07% $ 1.00 $ 9,314.00 $ 1,354.00 Ascena Retail Group, Inc. ASNA 7/30/2016 $ 6,995.40-0.17% 1.27-0.22% 2.96-0.64% $ (11.90) $ 5,506.30 $ 1,863.30 Bon-Ton Stores Inc BONT 1/28/2017 $ 2,674.40-2.37% 1.78-4.21% NA NA $ (63.40) $ 1,505.10 $ (22.80) Rent-A-Center, Inc. RCII 12/31/2016 $ 2,963.30-3.55% 1.85-6.56% 6.05-39.71% $ (105.20) $ 1,602.70 $ 264.90 Staples, Inc. SPLS 1/28/2017 $ 18,247.00-8.20% 2.21-18.10% 2.24-40.59% $ (1,497.00) $ 8,271.00 $ 3,688.00 Sears Holdings Corporation SHLD 1/28/2017 $ 22,138.00-10.03% 2.36-23.72% NA NA $ (2,221.00) $ 9,362.00 $ (3,824.00)

STRATEGIC PROFIT MODELS FOR SELECTED RETAILERS (ATO) Turnover '16 s '16 Leverage '16 Net Worth '16 Spartan Stores, Inc. SPTN 12/31/2016 $ 7,734.60 0.73% 4.01 2.94% 2.34 6.88% $ 56.80 $ 1,930.30 $ 825.40 Costco Wholesale Corporation COST 8/31/2016 $ 118,719.00 1.98% 3.58 7.09% 2.75 19.46% $ 2,350.00 $ 33,163.00 $ 12,079.00 Supervalu SVU 2/25/2017 $ 12,480.00 5.21% 3.49 18.16% 9.52 172.87% $ 650.00 $ 3,580.00 $ 376.00 Big Lots, Inc. BIG 1/28/2017 $ 5,200.40 2.94% 3.23 9.50% 2.47 23.49% $ 152.80 $ 1,607.70 $ 650.60 Kroger Co KR 1/28/2017 $ 115,337.00 1.71% 3.16 5.41% 5.45 29.49% $ 1,975.00 $ 36,505.00 $ 6,698.00 Sysco Corporation SYY 7/1/2017 $ 55,371.10 2.06% 3.12 6.43% 7.46 47.97% $ 1,142.50 $ 17,756.70 $ 2,381.50 United Natural Foods, Inc. UNFI 7/30/2016 $ 8,470.30 1.49% 2.97 4.41% 1.88 8.28% $ 125.80 $ 2,852.20 $ 1,519.50 Best Buy Co Inc BBY 1/28/2017 $ 39,403.00 3.12% 2.84 8.86% 2.94 26.08% $ 1,228.00 $ 13,856.00 $ 4,709.00 Rite Aid Corporation RAD 3/4/2017 $ 32,845.10 0.01% 2.83 0.04% 18.88 0.67% $ 4.10 $ 11,593.80 $ 614.10 HSN, Inc. HSNI 12/31/2016 $ 3,567.50 3.33% 2.73 9.10% 6.67 60.72% $ 118.70 $ 1,304.50 $ 195.50 TJX Companies TJX 1/28/2017 $ 33,183.70 6.93% 2.58 17.84% 2.86 50.95% $ 2,298.20 $ 12,883.80 $ 4,510.60 Tractor Supply TSCO 12/31/2016 $ 6,779.60 6.45% 2.53 16.34% 1.84 30.08% $ 437.10 $ 2,674.90 $ 1,453.20 Whole Foods Market, Inc. WFM 9/25/2016 $ 15,724.00 3.22% 2.48 8.00% 1.97 15.73% $ 507.00 $ 6,341.00 $ 3,224.00 Wal-Mart Stores Inc WMT 1/31/2017 $ 485,873.00 2.81% 2.44 6.86% 2.56 17.54% $ 13,643.00 $ 198,825.00 $ 77,798.00 Ross Stores, Inc. ROST 1/28/2017 $ 12,866.80 8.69% 2.42 21.05% 1.93 40.67% $ 1,117.70 $ 5,309.40 $ 2,748.00 Sears Holdings Corporation SHLD 1/28/2017 $ 22,138.00-10.03% 2.36-23.72% NA NA $ (2,221.00) $ 9,362.00 $ (3,824.00) Ingles Markets, Inc. Class A IMKTA 9/24/2016 $ 3,795.00 1.43% 2.25 3.21% 3.59 11.53% $ 54.20 $ 1,686.50 $ 470.20 Chico's FAS, Inc. CHS 1/28/2017 $ 2,476.40 3.68% 2.23 8.22% 1.82 14.97% $ 91.20 $ 1,109.00 $ 609.20 Staples, Inc. SPLS 1/28/2017 $ 18,247.00-8.20% 2.21-18.10% 2.24-40.59% $ (1,497.00) $ 8,271.00 $ 3,688.00 Home Depot, Inc. HD 1/29/2017 $ 94,595.00 8.41% 2.20 18.51% 9.92 183.64% $ 7,957.00 $ 42,996.00 $ 4,333.00 Casey's General Stores, Inc. CASY 4/30/2017 $ 6,640.60 2.67% 2.20 5.88% 2.54 14.91% $ 177.50 $ 3,020.10 $ 1,190.60 Weis Markets, Inc. WMK 12/31/2016 $ 3,136.70 2.78% 2.19 6.09% 1.54 9.41% $ 87.20 $ 1,431.30 $ 926.70 Williams-Sonoma, Inc. WSM 1/29/2017 $ 5,083.80 6.01% 2.05 12.33% 1.98 24.47% $ 305.40 $ 2,476.90 $ 1,248.20 Gap, Inc. GPS 1/28/2017 $ 15,516.00 4.36% 2.04 8.88% 2.62 23.28% $ 676.00 $ 7,610.00 $ 2,904.00 American Eagle Outfitters AEO 1/28/2017 $ 3,609.90 5.88% 2.02 11.91% 1.48 17.63% $ 212.40 $ 1,782.70 $ 1,204.60 Foot Locker Inc FL 1/28/2017 $ 7,766.00 8.55% 2.02 17.29% 1.42 24.50% $ 664.00 $ 3,840.00 $ 2,710.00 Barnes & Noble, Inc. BKS 4/29/2017 $ 3,894.60 0.56% 2.01 1.14% 3.37 3.83% $ 22.00 $ 1,932.90 $ 574.30 Publix Super Mkts, Inc. PUSH 12/31/2016 $ 33,999.90 5.96% 1.95 11.60% 1.68 19.47% $ 2,025.70 $ 17,464.00 $ 10,405.20 Office Depot Inc ODP 12/31/2016 $ 11,021.00 4.80% 1.99 9.55% 2.99 28.56% $ 529.00 $ 5,540.00 $ 1,852.00 Dick's Sporting Goods, Inc. DKS 1/28/2017 $ 7,922.00 3.63% 1.95 7.08% 2.10 14.90% $ 287.40 $ 4,058.30 $ 1,929.50 Ulta Salon Cosmetics & Fragrances Inc ULTA 1/28/2017 $ 4,854.70 8.44% 1.90 16.06% 1.65 26.44% $ 409.80 $ 2,551.90 $ 1,550.20 Lowe's Companies Inc. LOW 2/3/2017 $ 65,017.00 4.76% 1.89 8.99% 5.35 48.07% $ 3,093.00 $ 34,408.00 $ 6,434.00 Dollar General Corporation DG 2/3/2017 $ 21,986.60 5.69% 1.88 10.72% 2.16 23.14% $ 1,251.10 $ 11,672.30 $ 5,406.30 CVS Caremark Corp CVS 12/31/2016 $ 177,526.00 3.00% 1.88 5.63% 2.56 14.44% $ 5,317.00 $ 94,462.00 $ 36,834.00 Nordstrom, Inc. JWN 1/28/2017 $ 14,757.00 2.40% 1.88 4.50% 9.03 40.69% $ 354.00 $ 7,858.00 $ 870.00 Urban Outfitters URBN 1/31/2017 $ 3,545.80 6.15% 1.86 11.46% 1.45 16.61% $ 218.10 $ 1,902.60 $ 1,313.10 Target Corp TGT 1/28/2017 $ 69,495.00 3.94% 1.86 7.31% 3.42 24.99% $ 2,737.00 $ 37,431.00 $ 10,953.00 Rent-A-Center, Inc. RCII 12/31/2016 $ 2,963.30-3.55% 1.85-6.56% 6.05-39.71% $ (105.20) $ 1,602.70 $ 264.90 Bed Bath & Beyond, Inc. BBBY 2/25/2017 $ 12,215.80 5.61% 1.78 10.01% 2.52 25.19% $ 685.10 $ 6,846.00 $ 2,719.30 Bon-Ton Stores Inc BONT 1/28/2017 $ 2,674.40-2.37% 1.78-4.21% NA NA $ (63.40) $ 1,505.10 $ (22.80) Sherwin-Williams Company SHW 12/31/2016 $ 11,855.60 9.55% 1.76 16.77% 3.59 60.30% $ 1,132.70 $ 6,752.50 $ 1,878.40 Caleres Inc. CAL 1/28/2017 $ 2,579.40 2.55% 1.75 4.45% 2.41 10.72% $ 65.70 $ 1,475.30 $ 613.10 GameStop Corp Class A GME 1/28/2017 $ 8,607.90 4.10% 1.73 7.10% 2.21 15.67% $ 353.20 $ 4,975.90 $ 2,254.10 Dillards, Inc. DDS 1/28/2017 $ 6,418.00 2.64% 1.65 4.35% 2.26 9.85% $ 169.20 $ 3,888.10 $ 1,717.40 Amazon.com Inc AMZN 12/31/2016 $ 135,987.00 1.74% 1.63 2.84% 4.32 12.29% $ 2,371.00 $ 83,402.00 $ 19,285.00 Walgreens Boot Alliance WBA 8/31/2016 $ 117,351.00 3.56% 1.61 5.74% 2.40 13.78% $ 4,173.00 $ 72,688.00 $ 30,281.00 Tailored Brands TLRD 1/28/2017 $ 3,378.70 0.74% 1.61 1.19% NA NA $ 25 $ 2,097.90 $ (107.60) L Brands Inc LB 1/28/2017 $ 12,574.00 9.21% 1.54 14.17% NA NA $ 1,158.00 $ 8,170.00 $ (729.00) Abercrombie & Fitch Company Class A ANF 1/28/2017 $ 3,326.70 0.12% 1.45 0.17% 1.85 0.32% $ 4.00 $ 2,295.80 $ 1,243.40 Kohl's Corp KSS 1/28/2017 $ 18,686.00 2.98% 1.38 4.10% 2.62 10.74% $ 556.00 $ 13,574.00 $ 5,177.00 J.C. Penney Co Inc JCP 1/28/2017 $ 12,547.00 0.01% 1.35 0.01% 6.88 0.07% $ 1.00 $ 9,314.00 $ 1,354.00 Dollar Tree Stores, Inc. DLTR 1/28/2017 $ 20,719.20 4.33% 1.32 5.71% 2.91 16.63% $ 896.20 $ 15,701.60 $ 5,389.50 Macy's Inc M 1/28/2017 $ 25,778.00 2.40% 1.30 3.12% 4.59 14.32% $ 619.00 $ 19,851.00 $ 4,322.00 Ascena Retail Group, Inc. ASNA 7/30/2016 $ 6,995.40-0.17% 1.27-0.22% 2.96-0.64% $ (11.90) $ 5,506.30 $ 1,863.30 AutoZone Inc AZO 8/27/2016 $ 10,635.70 11.67% 1.24 14.43% NA NA $ 1,241.00 $ 8,599.80 $ (1,787.50) O'Reilly Automotive Inc ORLY 12/31/2016 $ 8,593.10 12.08% 1.19 14.40% 4.43 63.78% $ 1,037.70 $ 7,204.20 $ 1,627.10 Advance Auto Parts Inc AAP 12/31/2016 $ 9,567.70 4.80% 1.15 5.53% 2.85 15.76% $ 459.60 $ 8,315.00 $ 2,916.20 Signet Jewelers Ltd SIG 1/28/2017 $ 6,690.90 8.12% 1.01 8.23% 2.13 17.51% $ 543.20 $ 6,597.80 $ 3,102.10 Tiffany & Co. TIF 1/31/2017 $ 4,001.80 11.15% 0.79 8.75% 1.68 14.73% $ 446.10 $ 5,097.60 $ 3,028.40 Netflix, Inc. NFLX 12/31/2016 $ 8,830.70 2.11% 0.65 1.37% 5.07 6.97% $ 186.70 $ 13,586.60 $ 2,679.80 Liberty Interactive QVCA 12/31/2016 $ 10,647.00 11.60% 0.52 6.07% 3.01 18.24% $ 1,235.00 $ 20,355.00 $ 6,772.00 ebay Inc EBAY 12/31/2016 $ 8,979.00 80.92% 0.38 30.47% 2.26 68.94% $ 7,266.00 $ 23,847.00 $ 10,539.00

STRATEGIC PROFIT MODELS FOR SELECTED RETAILERS (ROA) Turnover '16 s '16 Leverage '16 Net Worth '16 ebay Inc EBAY 12/31/2016 $ 8,979.00 80.92% 0.38 30.47% 2.26 68.94% $ 7,266.00 $ 23,847.00 $ 10,539.00 Ross Stores, Inc. ROST 1/28/2017 $ 12,866.80 8.69% 2.42 21.05% 1.93 40.67% $ 1,117.70 $ 5,309.40 $ 2,748.00 Home Depot, Inc. HD 1/29/2017 $ 94,595.00 8.41% 2.20 18.51% 9.92 183.64% $ 7,957.00 $ 42,996.00 $ 4,333.00 Supervalu SVU 2/25/2017 $ 12,480.00 5.21% 3.49 18.16% 9.52 172.87% $ 650.00 $ 3,580.00 $ 376.00 TJX Companies TJX 1/28/2017 $ 33,183.70 6.93% 2.58 17.84% 2.86 50.95% $ 2,298.20 $ 12,883.80 $ 4,510.60 Foot Locker Inc FL 1/28/2017 $ 7,766.00 8.55% 2.02 17.29% 1.42 24.50% $ 664.00 $ 3,840.00 $ 2,710.00 Sherwin-Williams Company SHW 12/31/2016 $ 11,855.60 9.55% 1.76 16.77% 3.59 60.30% $ 1,132.70 $ 6,752.50 $ 1,878.40 Tractor Supply TSCO 12/31/2016 $ 6,779.60 6.45% 2.53 16.34% 1.84 30.08% $ 437.10 $ 2,674.90 $ 1,453.20 Ulta Salon Cosmetics & Fragrances Inc ULTA 1/28/2017 $ 4,854.70 8.44% 1.90 16.06% 1.65 26.44% $ 409.80 $ 2,551.90 $ 1,550.20 AutoZone Inc AZO 8/27/2016 $ 10,635.70 11.67% 1.24 14.43% NA NA $ 1,241.00 $ 8,599.80 $ (1,787.50) O'Reilly Automotive Inc ORLY 12/31/2016 $ 8,593.10 12.08% 1.19 14.40% 4.43 63.78% $ 1,037.70 $ 7,204.20 $ 1,627.10 L Brands Inc LB 1/28/2017 $ 12,574.00 9.21% 1.54 14.17% NA NA $ 1,158.00 $ 8,170.00 $ (729.00) Williams-Sonoma, Inc. WSM 1/29/2017 $ 5,083.80 6.01% 2.05 12.33% 1.98 24.47% $ 305.40 $ 2,476.90 $ 1,248.20 Publix Super Mkts, Inc. PUSH 12/31/2016 $ 33,999.90 5.96% 1.95 11.60% 1.68 19.47% $ 2,025.70 $ 17,464.00 $ 10,405.20 American Eagle Outfitters AEO 1/28/2017 $ 3,609.90 5.88% 2.02 11.91% 1.48 17.63% $ 212.40 $ 1,782.70 $ 1,204.60 Urban Outfitters URBN 1/31/2017 $ 3,545.80 6.15% 1.86 11.46% 1.45 16.61% $ 218.10 $ 1,902.60 $ 1,313.10 Dollar General Corporation DG 2/3/2017 $ 21,986.60 5.69% 1.88 10.72% 2.16 23.14% $ 1,251.10 $ 11,672.30 $ 5,406.30 Bed Bath & Beyond, Inc. BBBY 2/25/2017 $ 12,215.80 5.61% 1.78 10.01% 2.52 25.19% $ 685.10 $ 6,846.00 $ 2,719.30 Office Depot Inc ODP 12/31/2016 $ 11,021.00 4.80% 1.99 9.55% 2.99 28.56% $ 529.00 $ 5,540.00 $ 1,852.00 Big Lots, Inc. BIG 1/28/2017 $ 5,200.40 2.94% 3.23 9.50% 2.47 23.49% $ 152.80 $ 1,607.70 $ 650.60 HSN, Inc. HSNI 12/31/2016 $ 3,567.50 3.33% 2.73 9.10% 6.67 60.72% $ 118.70 $ 1,304.50 $ 195.50 Lowe's Companies Inc. LOW 2/3/2017 $ 65,017.00 4.76% 1.89 8.99% 5.35 48.07% $ 3,093.00 $ 34,408.00 $ 6,434.00 Gap, Inc. GPS 1/28/2017 $ 15,516.00 4.36% 2.04 8.88% 2.62 23.28% $ 676.00 $ 7,610.00 $ 2,904.00 Best Buy Co Inc BBY 1/28/2017 $ 39,403.00 3.12% 2.84 8.86% 2.94 26.08% $ 1,228.00 $ 13,856.00 $ 4,709.00 Tiffany & Co. TIF 1/31/2017 $ 4,001.80 11.15% 0.79 8.75% 1.68 14.73% $ 446.10 $ 5,097.60 $ 3,028.40 Signet Jewelers Ltd SIG 1/28/2017 $ 6,690.90 8.12% 1.01 8.23% 2.13 17.51% $ 543.20 $ 6,597.80 $ 3,102.10 Chico's FAS, Inc. CHS 1/28/2017 $ 2,476.40 3.68% 2.23 8.22% 1.82 14.97% $ 91.20 $ 1,109.00 $ 609.20 Whole Foods Market, Inc. WFM 9/25/2016 $ 15,724.00 3.22% 2.48 8.00% 1.97 15.73% $ 507.00 $ 6,341.00 $ 3,224.00 Target Corp TGT 1/28/2017 $ 69,495.00 3.94% 1.86 7.31% 3.42 24.99% $ 2,737.00 $ 37,431.00 $ 10,953.00 GameStop Corp Class A GME 1/28/2017 $ 8,607.90 4.10% 1.73 7.10% 2.21 15.67% $ 353.20 $ 4,975.90 $ 2,254.10 Costco Wholesale Corporation COST 8/31/2016 $ 118,719.00 1.98% 3.58 7.09% 2.75 19.46% $ 2,350.00 $ 33,163.00 $ 12,079.00 Dick's Sporting Goods, Inc. DKS 1/28/2017 $ 7,922.00 3.63% 1.95 7.08% 2.10 14.90% $ 287.40 $ 4,058.30 $ 1,929.50 Wal-Mart Stores Inc WMT 1/31/2017 $ 485,873.00 2.81% 2.44 6.86% 2.56 17.54% $ 13,643.00 $ 198,825.00 $ 77,798.00 Sysco Corporation SYY 7/1/2017 $ 55,371.10 2.06% 3.12 6.43% 7.46 47.97% $ 1,142.50 $ 17,756.70 $ 2,381.50 Weis Markets, Inc. WMK 12/31/2016 $ 3,136.70 2.78% 2.19 6.09% 1.54 9.41% $ 87.20 $ 1,431.30 $ 926.70 Liberty Interactive QVC.A 12/31/2016 $ 10,647.00 11.60% 0.52 6.07% 3.01 18.24% $ 1,235.00 $ 20,355.00 $ 6,772.00 Casey's General Stores, Inc. CASY 4/30/2017 $ 6,640.60 2.67% 2.20 5.88% 2.54 14.91% $ 177.50 $ 3,020.10 $ 1,190.60 Walgreens Boot Alliance WBA 8/31/2016 $ 117,351.00 3.56% 1.61 5.74% 2.40 13.78% $ 4,173.00 $ 72,688.00 $ 30,281.00 Dollar Tree Stores, Inc. DLTR 1/28/2017 $ 20,719.20 4.33% 1.32 5.71% 2.91 16.63% $ 896.20 $ 15,701.60 $ 5,389.50 CVS Caremark Corp CVS 12/31/2016 $ 177,526.00 3.00% 1.88 5.63% 2.56 14.44% $ 5,317.00 $ 94,462.00 $ 36,834.00 Advance Auto Parts Inc AAP 12/31/2016 $ 9,567.70 4.80% 1.15 5.53% 2.85 15.76% $ 459.60 $ 8,315.00 $ 2,916.20 Kroger Co KR 1/28/2017 $ 115,337.00 1.71% 3.16 5.41% 5.45 29.49% $ 1,975.00 $ 36,505.00 $ 6,698.00 Nordstrom, Inc. JWN 1/28/2017 $ 14,757.00 2.40% 1.88 4.50% 9.03 40.69% $ 354.00 $ 7,858.00 $ 870.00 Caleres Inc. CAL 1/28/2017 $ 2,579.40 2.55% 1.75 4.45% 2.41 10.72% $ 65.70 $ 1,475.30 $ 613.10 United Natural Foods, Inc. UNFI 7/30/2016 $ 8,470.30 1.49% 2.97 4.41% 1.88 8.28% $ 125.80 $ 2,852.20 $ 1,519.50 Dillards, Inc. DDS 1/28/2017 $ 6,418.00 2.64% 1.65 4.35% 2.26 9.85% $ 169.20 $ 3,888.10 $ 1,717.40 Kohl's Corp KSS 1/28/2017 $ 18,686.00 2.98% 1.38 4.10% 2.62 10.74% $ 556.00 $ 13,574.00 $ 5,177.00 Ingles Markets, Inc. Class A IMKTA 9/24/2016 $ 3,795.00 1.43% 2.25 3.21% 3.59 11.53% $ 54.20 $ 1,686.50 $ 470.20 Macy's Inc M 1/28/2017 $ 25,778.00 2.40% 1.30 3.12% 4.59 14.32% $ 619.00 $ 19,851.00 $ 4,322.00 Spartan Stores, Inc. SPTN 12/31/2016 $ 7,734.60 0.73% 4.01 2.94% 2.34 6.88% $ 56.80 $ 1,930.30 $ 825.40 Amazon.com Inc AMZN 12/31/2016 $ 135,987.00 1.74% 1.63 2.84% 4.32 12.29% $ 2,371.00 $ 83,402.00 $ 19,285.00 Netflix, Inc. NFLX 12/31/2016 $ 8,830.70 2.11% 0.65 1.37% 5.07 6.97% $ 186.70 $ 13,586.60 $ 2,679.80 Tailored Brands TLRD 1/28/2017 $ 3,378.70 0.74% 1.61 1.19% NA NA $ 25 $ 2,097.90 $ (107.60) Barnes & Noble, Inc. BKS 4/29/2017 $ 3,894.60 0.56% 2.01 1.14% 3.37 3.83% $ 22.00 $ 1,932.90 $ 574.30 Abercrombie & Fitch Company Class A ANF 1/28/2017 $ 3,326.70 0.12% 1.45 0.17% 1.85 0.32% $ 4.00 $ 2,295.80 $ 1,243.40 Rite Aid Corporation RAD 3/4/2017 $ 32,845.10 0.01% 2.83 0.04% 18.88 0.67% $ 4.10 $ 11,593.80 $ 614.10 J.C. Penney Co Inc JCP 1/28/2017 $ 12,547.00 0.01% 1.35 0.01% 6.88 0.07% $ 1.00 $ 9,314.00 $ 1,354.00 Ascena Retail Group, Inc. ASNA 7/30/2016 $ 6,995.40-0.17% 1.27-0.22% 2.96-0.64% $ (11.90) $ 5,506.30 $ 1,863.30 Bon-Ton Stores Inc BONT 1/28/2017 $ 2,674.40-2.37% 1.78-4.21% NA NA $ (63.40) $ 1,505.10 $ (22.80) Rent-A-Center, Inc. RCII 12/31/2016 $ 2,963.30-3.55% 1.85-6.56% 6.05-39.71% $ (105.20) $ 1,602.70 $ 264.90 Staples, Inc. SPLS 1/28/2017 $ 18,247.00-8.20% 2.21-18.10% 2.24-40.59% $ (1,497.00) $ 8,271.00 $ 3,688.00 Sears Holdings Corporation SHLD 1/28/2017 $ 22,138.00-10.03% 2.36-23.72% NA NA $ (2,221.00) $ 9,362.00 $ (3,824.00)

STRATEGIC PROFIT MODELS FOR SELECTED RETAILERS (LEV) Turnover '16 s '16 Leverage '16 Net Worth '16 Foot Locker Inc FL 1/28/2017 $ 7,766.00 8.55% 2.02 17.29% 1.42 24.50% $ 664.00 $ 3,840.00 $ 2,710.00 Urban Outfitters URBN 1/31/2017 $ 3,545.80 6.15% 1.86 11.46% 1.45 16.61% $ 218.10 $ 1,902.60 $ 1,313.10 American Eagle Outfitters AEO 1/28/2017 $ 3,609.90 5.88% 2.02 11.91% 1.48 17.63% $ 212.40 $ 1,782.70 $ 1,204.60 Weis Markets, Inc. WMK 12/31/2016 $ 3,136.70 2.78% 2.19 6.09% 1.54 9.41% $ 87.20 $ 1,431.30 $ 926.70 Ulta Salon Cosmetics & Fragrances Inc ULTA 1/28/2017 $ 4,854.70 8.44% 1.90 16.06% 1.65 26.44% $ 409.80 $ 2,551.90 $ 1,550.20 Publix Super Mkts, Inc. PUSH 12/31/2016 $ 33,999.90 5.96% 1.95 11.60% 1.68 19.47% $ 2,025.70 $ 17,464.00 $ 10,405.20 Tiffany & Co. TIF 1/31/2017 $ 4,001.80 11.15% 0.79 8.75% 1.68 14.73% $ 446.10 $ 5,097.60 $ 3,028.40 Chico's FAS, Inc. CHS 1/28/2017 $ 2,476.40 3.68% 2.23 8.22% 1.82 14.97% $ 91.20 $ 1,109.00 $ 609.20 Tractor Supply TSCO 12/31/2016 $ 6,779.60 6.45% 2.53 16.34% 1.84 30.08% $ 437.10 $ 2,674.90 $ 1,453.20 Abercrombie & Fitch Company Class A ANF 1/28/2017 $ 3,326.70 0.12% 1.45 0.17% 1.85 0.32% $ 4.00 $ 2,295.80 $ 1,243.40 United Natural Foods, Inc. UNFI 7/30/2016 $ 8,470.30 1.49% 2.97 4.41% 1.88 8.28% $ 125.80 $ 2,852.20 $ 1,519.50 Ross Stores, Inc. ROST 1/28/2017 $ 12,866.80 8.69% 2.42 21.05% 1.93 40.67% $ 1,117.70 $ 5,309.40 $ 2,748.00 Whole Foods Market, Inc. WFM 9/25/2016 $ 15,724.00 3.22% 2.48 8.00% 1.97 15.73% $ 507.00 $ 6,341.00 $ 3,224.00 Williams-Sonoma, Inc. WSM 1/29/2017 $ 5,083.80 6.01% 2.05 12.33% 1.98 24.47% $ 305.40 $ 2,476.90 $ 1,248.20 Dick's Sporting Goods, Inc. DKS 1/28/2017 $ 7,922.00 3.63% 1.95 7.08% 2.10 14.90% $ 287.40 $ 4,058.30 $ 1,929.50 Signet Jewelers Ltd SIG 1/28/2017 $ 6,690.90 8.12% 1.01 8.23% 2.13 17.51% $ 543.20 $ 6,597.80 $ 3,102.10 Dollar General Corporation DG 2/3/2017 $ 21,986.60 5.69% 1.88 10.72% 2.16 23.14% $ 1,251.10 $ 11,672.30 $ 5,406.30 GameStop Corp Class A GME 1/28/2017 $ 8,607.90 4.10% 1.73 7.10% 2.21 15.67% $ 353.20 $ 4,975.90 $ 2,254.10 Staples, Inc. SPLS 1/28/2017 $ 18,247.00-8.20% 2.21-18.10% 2.24-40.59% $ (1,497.00) $ 8,271.00 $ 3,688.00 ebay Inc EBAY 12/31/2016 $ 8,979.00 80.92% 0.38 30.47% 2.26 68.94% $ 7,266.00 $ 23,847.00 $ 10,539.00 Dillards, Inc. DDS 1/28/2017 $ 6,418.00 2.64% 1.65 4.35% 2.26 9.85% $ 169.20 $ 3,888.10 $ 1,717.40 Spartan Stores, Inc. SPTN 12/31/2016 $ 7,734.60 0.73% 4.01 2.94% 2.34 6.88% $ 56.80 $ 1,930.30 $ 825.40 Walgreens Boot Alliance WBA 8/31/2016 $ 117,351.00 3.56% 1.61 5.74% 2.40 13.78% $ 4,173.00 $ 72,688.00 $ 30,281.00 Caleres Inc. CAL 1/28/2017 $ 2,579.40 2.55% 1.75 4.45% 2.41 10.72% $ 65.70 $ 1,475.30 $ 613.10 Big Lots, Inc. BIG 1/28/2017 $ 5,200.40 2.94% 3.23 9.50% 2.47 23.49% $ 152.80 $ 1,607.70 $ 650.60 Bed Bath & Beyond, Inc. BBBY 2/25/2017 $ 12,215.80 5.61% 1.78 10.01% 2.52 25.19% $ 685.10 $ 6,846.00 $ 2,719.30 Casey's General Stores, Inc. CASY 4/30/2017 $ 6,640.60 2.67% 2.20 5.88% 2.54 14.91% $ 177.50 $ 3,020.10 $ 1,190.60 Wal-Mart Stores Inc WMT 1/31/2017 $ 485,873.00 2.81% 2.44 6.86% 2.56 17.54% $ 13,643.00 $ 198,825.00 $ 77,798.00 CVS Caremark Corp CVS 12/31/2016 $ 177,526.00 3.00% 1.88 5.63% 2.56 14.44% $ 5,317.00 $ 94,462.00 $ 36,834.00 Gap, Inc. GPS 1/28/2017 $ 15,516.00 4.36% 2.04 8.88% 2.62 23.28% $ 676.00 $ 7,610.00 $ 2,904.00 Kohl's Corp KSS 1/28/2017 $ 18,686.00 2.98% 1.38 4.10% 2.62 10.74% $ 556.00 $ 13,574.00 $ 5,177.00 Costco Wholesale Corporation COST 8/31/2016 $ 118,719.00 1.98% 3.58 7.09% 2.75 19.46% $ 2,350.00 $ 33,163.00 $ 12,079.00 Advance Auto Parts Inc AAP 12/31/2016 $ 9,567.70 4.80% 1.15 5.53% 2.85 15.76% $ 459.60 $ 8,315.00 $ 2,916.20 TJX Companies TJX 1/28/2017 $ 33,183.70 6.93% 2.58 17.84% 2.86 50.95% $ 2,298.20 $ 12,883.80 $ 4,510.60 Dollar Tree Stores, Inc. DLTR 1/28/2017 $ 20,719.20 4.33% 1.32 5.71% 2.91 16.63% $ 896.20 $ 15,701.60 $ 5,389.50 Best Buy Co Inc BBY 1/28/2017 $ 39,403.00 3.12% 2.84 8.86% 2.94 26.08% $ 1,228.00 $ 13,856.00 $ 4,709.00 Ascena Retail Group, Inc. ASNA 7/30/2016 $ 6,995.40-0.17% 1.27-0.22% 2.96-0.64% $ (11.90) $ 5,506.30 $ 1,863.30 Office Depot Inc ODP 12/31/2016 $ 11,021.00 4.80% 1.99 9.55% 2.99 28.56% $ 529.00 $ 5,540.00 $ 1,852.00 Liberty Interactive QVC.A 12/31/2016 $ 10,647.00 11.60% 0.52 6.07% 3.01 18.24% $ 1,235.00 $ 20,355.00 $ 6,772.00 Barnes & Noble, Inc. BKS 4/29/2017 $ 3,894.60 0.56% 2.01 1.14% 3.37 3.83% $ 22.00 $ 1,932.90 $ 574.30 Target Corp TGT 1/28/2017 $ 69,495.00 3.94% 1.86 7.31% 3.42 24.99% $ 2,737.00 $ 37,431.00 $ 10,953.00 Ingles Markets, Inc. Class A IMKTA 9/24/2016 $ 3,795.00 1.43% 2.25 3.21% 3.59 11.53% $ 54.20 $ 1,686.50 $ 470.20 Sherwin-Williams Company SHW 12/31/2016 $ 11,855.60 9.55% 1.76 16.77% 3.59 60.30% $ 1,132.70 $ 6,752.50 $ 1,878.40 Amazon.com Inc AMZN 12/31/2016 $ 135,987.00 1.74% 1.63 2.84% 4.32 12.29% $ 2,371.00 $ 83,402.00 $ 19,285.00 O'Reilly Automotive Inc ORLY 12/31/2016 $ 8,593.10 12.08% 1.19 14.40% 4.43 63.78% $ 1,037.70 $ 7,204.20 $ 1,627.10 Macy's Inc M 1/28/2017 $ 25,778.00 2.40% 1.30 3.12% 4.59 14.32% $ 619.00 $ 19,851.00 $ 4,322.00 Netflix, Inc. NFLX 12/31/2016 $ 8,830.70 2.11% 0.65 1.37% 5.07 6.97% $ 186.70 $ 13,586.60 $ 2,679.80 Lowe's Companies Inc. LOW 2/3/2017 $ 65,017.00 4.76% 1.89 8.99% 5.35 48.07% $ 3,093.00 $ 34,408.00 $ 6,434.00 Kroger Co KR 1/28/2017 $ 115,337.00 1.71% 3.16 5.41% 5.45 29.49% $ 1,975.00 $ 36,505.00 $ 6,698.00 Rent-A-Center, Inc. RCII 12/31/2016 $ 2,963.30-3.55% 1.85-6.56% 6.05-39.71% $ (105.20) $ 1,602.70 $ 264.90 HSN, Inc. HSNI 12/31/2016 $ 3,567.50 3.33% 2.73 9.10% 6.67 60.72% $ 118.70 $ 1,304.50 $ 195.50 J.C. Penney Co Inc JCP 1/28/2017 $ 12,547.00 0.01% 1.35 0.01% 6.88 0.07% $ 1.00 $ 9,314.00 $ 1,354.00 Sysco Corporation SYY 7/1/2017 $ 55,371.10 2.06% 3.12 6.43% 7.46 47.97% $ 1,142.50 $ 17,756.70 $ 2,381.50 Nordstrom, Inc. JWN 1/28/2017 $ 14,757.00 2.40% 1.88 4.50% 9.03 40.69% $ 354.00 $ 7,858.00 $ 870.00 Supervalu SVU 2/25/2017 $ 12,480.00 5.21% 3.49 18.16% 9.52 172.87% $ 650.00 $ 3,580.00 $ 376.00 Home Depot, Inc. HD 1/29/2017 $ 94,595.00 8.41% 2.20 18.51% 9.92 183.64% $ 7,957.00 $ 42,996.00 $ 4,333.00 Rite Aid Corporation RAD 3/4/2017 $ 32,845.10 0.01% 2.83 0.04% 18.88 0.67% $ 4.10 $ 11,593.80 $ 614.10 AutoZone Inc AZO 8/27/2016 $ 10,635.70 11.67% 1.24 14.43% NA NA $ 1,241.00 $ 8,599.80 $ (1,787.50) Bon-Ton Stores Inc BONT 1/28/2017 $ 2,674.40-2.37% 1.78-4.21% NA NA $ (63.40) $ 1,505.10 $ (22.80) L Brands Inc LB 1/28/2017 $ 12,574.00 9.21% 1.54 14.17% NA NA $ 1,158.00 $ 8,170.00 $ (729.00) Sears Holdings Corporation SHLD 1/28/2017 $ 22,138.00-10.03% 2.36-23.72% NA NA $ (2,221.00) $ 9,362.00 $ (3,824.00) Tailored Brands TLRD 1/28/2017 $ 3,378.70 0.74% 1.61 1.19% NA NA $ 25 $ 2,097.90 $ (107.60)

STRATEGIC PROFIT MODELS FOR SELECTED RETAILERS (RONW) Turnover '16 s '16 Leverage '16 Net Worth '16 Net Home Depot, Inc. HD 1/29/2017 $ 94,595.00 8.41% 2.20 18.51% 9.92 183.64% 110.97% 72.18% 43.00% 25.51% 21.11% 17.67% 13.72% 12.71% 24.81% 23.02% $ 7,957.00 $ 42,996.00 $ 4,333.00 Supervalu SVU 2/25/2017 $ 12,480.00 5.21% 3.49 18.16% 9.52 172.87% NA NA 23.85% -103.60% -152.83% -112.69% 13.61% -110.62% 9.96% 8.52% $ 650.00 $ 3,580.00 $ 376.00 ebay Inc EBAY 12/31/2016 $ 8,979.00 80.92% 0.38 30.47% 2.26 68.94% 26.23% 12.08% 12.08% 12.50% 19.43% 11.77% 17.33% 16.05% 2.98% 10.32% $ 7,266.00 $ 23,847.00 $ 10,539.00 O'Reilly Automotive Inc ORLY 12/31/2016 $ 8,593.10 12.08% 1.19 14.40% 4.43 63.78% 47.48% 41.86% 34.09% 27.75% 3.17% -54.01% 12.96% 15.16% 8.15% 7.55% $ 1,037.70 $ 7,204.20 $ 1,627.10 HSN, Inc. HSNI 12/31/2016 $ 3,567.50 3.33% 2.73 9.10% 6.67 60.72% 114.97% 30.38% 33.64% 25.77% 23.08% 20.68% 21.07% NA 5.60% NA $ 118.70 $ 1,304.50 $ 195.50 Sherwin-Williams Company SHW 12/31/2016 $ 11,855.60 9.55% 1.76 16.77% 3.59 60.30% 121.42% 86.81% 42.41% 37.32% 28.28% 26.50% 29.23% 29.70% 34.47% 28.91% $ 1,132.70 $ 6,752.50 $ 1,878.40 TJX Companies TJX 1/28/2017 $ 33,183.70 6.93% 2.58 17.84% 2.86 50.95% 52.88% 53.16% 50.53% 51.99% 47.42% 43.33% 42.00% 41.26% 36.21% 33.92% $ 2,298.20 $ 12,883.80 $ 4,510.60 Lowe's Companies Inc. LOW 2/3/2017 $ 65,017.00 4.76% 1.89 8.99% 5.35 48.07% 33.26% 28.43% 19.29% 14.14% 10.62% 11.10% 9.35% 12.16% 17.45% 19.75% $ 3,093.00 $ 34,408.00 $ 6,434.00 Sysco Corporation SYY 7/1/2017 $ 55,371.10 2.06% 3.12 6.43% 7.46 47.97% 27.30% 13.04% 17.68% 19.11% 23.90% 24.48% 30.83% 30.61% 32.45% 30.54% $ 1,142.50 $ 17,756.70 $ 2,381.50 Nordstrom, Inc. JWN 1/28/2017 $ 14,757.00 2.40% 1.88 4.50% 9.03 40.69% 68.89% 30.16% 35.29% 38.42% 8.37% -6.42% -75.85% -108.51% 12.83% 19.77% $ 354.00 $ 7,858.00 $ 870.00 Ross Stores, Inc. ROST 1/28/2017 $ 12,866.80 8.69% 2.42 21.05% 1.93 40.67% 41.29% 43.09% 41.71% 44.49% 46.50% 41.63% 38.26% 30.66% 26.89% 26.56% $ 1,117.70 $ 5,309.40 $ 2,748.00 Tractor Supply TSCO 12/31/2016 $ 6,779.60 6.45% 2.53 16.34% 1.84 30.08% 29.46% 30.92% 26.32% 26.93% 22.98% 18.20% 15.75% 13.43% 17.02% 15.20% $ 437.10 $ 2,674.90 $ 1,453.20 Kroger Co KR 1/28/2017 $ 115,337.00 1.71% 3.16 5.41% 5.45 29.49% 29.90% 31.93% 28.21% 35.58% 12.98% 21.07% 1.45% 24.13% 24.03% 22.65% $ 1,975.00 $ 36,505.00 $ 6,698.00 Ulta Salon Cosmetics & Fragrances Inc ULTA 1/28/2017 $ 4,854.70 8.44% 1.90 16.06% 1.65 26.44% 22.18% 23.01% 20.24% 21.98% 20.51% 17.62% 13.31% 10.20% 6.60% 5.37% $ 409.80 $ 2,551.90 $ 1,550.20 Best Buy Co Inc BBY 1/28/2017 $ 39,403.00 3.12% 2.84 8.86% 2.94 26.08% 20.49% 18.40% -11.31% -11.31% -23.79% 19.34% 20.84% 21.60% $ 1,228.00 $ 13,856.00 $ 4,709.00 Bed Bath & Beyond, Inc. BBBY 2/25/2017 $ 12,215.80 5.61% 1.78 10.01% 2.52 25.19% 32.88% 34.89% 25.94% 25.42% 25.24% 20.13% 16.43% 14.17% 21.97% 22.43% $ 685.10 $ 6,846.00 $ 2,719.30 Target Corp TGT 1/28/2017 $ 69,495.00 3.94% 1.86 7.31% 3.42 24.99% 25.96% -6.44% 12.14% 18.11% 18.71% 18.85% 16.21% 20.78% 18.61% 17.83% $ 2,737.00 $ 37,431.00 $ 10,953.00 Foot Locker Inc FL 1/28/2017 $ 7,766.00 8.55% 2.02 17.29% 1.42 24.50% 21.19% 22.80% 17.19% 16.70% 13.45% 8.35% 2.46% -4.16% 2.25% 10.76% $ 664.00 $ 3,840.00 $ 2,710.00 Williams-Sonoma, Inc. WSM 1/29/2017 $ 5,083.80 6.01% 2.05 12.33% 1.98 24.47% 25.88% 25.31% 22.21% 19.55% 18.85% 15.91% 6.39% 2.62% 16.80% 17.80% $ 305.40 $ 2,476.90 $ 1,248.20 Big Lots, Inc. BIG 1/28/2017 $ 5,200.40 2.94% 3.23 9.50% 2.47 23.49% 19.83% 17.73% 13.76% 23.35% 23.39% 23.50% 20.01% 19.56% 24.82% 9.97% $ 152.80 $ 1,607.70 $ 650.60 Gap, Inc. GPS 1/28/2017 $ 15,516.00 4.36% 2.04 8.88% 2.62 23.28% 36.15% 37.81% 41.80% 39.22% 24.37% 29.51% 22.53% 22.04% 19.49% 15.04% $ 676.00 $ 7,610.00 $ 2,904.00 Dollar General Corporation DG 2/3/2017 $ 21,986.60 5.69% 1.88 10.72% 2.16 23.14% 21.66% 19.74% 18.97% 19.10% 16.42% 15.49% NA NA NA NA $ 1,251.10 $ 11,672.30 $ 5,406.30 Costco Wholesale Corporation COST 8/31/2016 $ 118,719.00 1.98% 3.58 7.09% 2.75 19.46% 22.39% 16.73% 18.82% 18.82% 12.81% 12.18% 12.03% 10.84% 11.24% 13.83% $ 2,350.00 $ 33,163.00 $ 12,079.00 Liberty Interactive QVCA 12/31/2016 $ 10,647.00 11.60% 0.52 6.07% 3.01 18.24% 12.80% 13.45% 7.22% 20.23% 14.27% 13.85% 3.80% -12.39% 5.86% 5.97% $ 1,235.00 $ 20,355.00 $ 6,772.00 American Eagle Outfitters AEO 1/28/2017 $ 3,609.90 5.88% 2.02 11.91% 1.48 17.63% 20.74% 11.58% 7.12% 19.00% 10.98% 10.50% 10.71% 12.71% 29.84% 27.33% $ 212.40 $ 1,782.70 $ 1,204.60 Wal-Mart Stores Inc WMT 1/31/2017 $ 485,873.00 2.81% 2.44 6.86% 2.56 17.54% 18.24% 19.03% 21.01% 22.27% 22.45% 23.91% 20.26% 20.53% 19.70% 20.47% $ 13,643.00 $ 198,825.00 $ 77,798.00 Signet Jewelers Ltd SIG 1/28/2017 $ 6,690.90 8.12% 1.01 8.23% 2.13 17.51% 15.29% 14.48% 14.36% 15.45% 14.22% 10.31% 9.12% -24.47% 11.90% 15.97% $ 543.20 $ 6,597.80 $ 3,102.10 Dollar Tree Stores, Inc. DLTR 1/28/2017 $ 20,719.20 4.33% 1.32 5.71% 2.91 16.63% 6.41% 17.42% 50.97% 37.13% 34.81% 27.21% 22.43% 18.31% 20.37% 16.44% $ 896.20 $ 15,701.60 $ 5,389.50 Urban Outfitters URBN 1/31/2017 $ 3,545.80 6.15% 1.86 11.46% 1.45 16.61% 19.74% 17.09% 16.67% 17.50% 14.93% $ 218.10 $ 1,902.60 $ 1,313.10 Publix Super Mkts, Inc. PUSH 12/31/2016 $ 33,999.90 5.96% 1.95 11.60% 1.68 19.47% 15.85% 15.35% 20.94% 17.09% 22.24% 18.43% 18.44% 19.31% 20.98% 22.06% $ 2,025.70 $ 17,464.00 $ 10,405.20 Advance Auto Parts Inc AAP 12/31/2016 $ 9,567.70 4.80% 1.15 5.53% 2.85 15.76% 19.24% 25.16% 25.84% 31.97% 41.87% 33.29% 21.08% 22.14% 23.28% 22.44% $ 459.60 $ 8,315.00 $ 2,916.20 Whole Foods Market, Inc. WFM 9/25/2016 $ 15,724.00 3.22% 2.48 8.00% 1.97 15.73% 14.22% 15.92% 14.21% 12.23% 12.79% 10.13% 9.02% 7.30% 7.60% 12.53% $ 507.00 $ 6,341.00 $ 3,224.00 GameStop Corp Class A GME 1/28/2017 $ 8,607.90 4.10% 1.73 7.10% 2.21 15.67% 19.36% 19.30% 15.73% -11.77% 11.45% 14.08% 13.85% 17.32% 15.48% 11.50% $ 353.20 $ 4,975.90 $ 2,254.10 Chico's FAS, Inc. CHS 1/28/2017 $ 2,476.40 3.68% 2.23 8.22% 1.82 14.97% 0.30% 3.07% 7.25% 16.47% 13.60% $ 91.20 $ 1,109.00 $ 609.20 Casey's General Stores, Inc. CASY 4/30/2017 $ 6,640.60 2.67% 2.20 5.88% 2.54 14.91% 20.86% 21.94% 18.61% 18.26% 25.71% 23.43% 14.19% 11.88% 13.11% 11.10% $ 177.50 $ 3,020.10 $ 1,190.60 Dick's Sporting Goods, Inc. DKS 1/28/2017 $ 7,922.00 3.63% 1.95 7.08% 2.10 14.90% 18.47% 19.54% 19.92% 18.27% 17.62% 13.35% 12.50% -3.92% 17.45% 18.15% $ 287.40 $ 4,058.30 $ 1,929.50 Tiffany & Co. TIF 1/31/2017 $ 4,001.80 11.15% 0.79 8.75% 1.68 14.73% 15.93% 15.66% 6.67% 16.01% 19.40% 16.92% 14.06% 13.85% 18.55% 14.07% $ 446.10 $ 5,097.60 $ 3,028.40 CVS Caremark Corp CVS 12/31/2016 $ 177,526.00 3.00% 1.88 5.63% 2.56 14.44% 14.08% 12.23% 12.10% 10.28% 9.14% 9.09% 10.33% 9.29% 8.42% 13.80% $ 5,317.00 $ 94,462.00 $ 36,834.00 Macy's Inc M 1/28/2017 $ 25,778.00 2.40% 1.30 3.12% 4.59 14.32% 25.22% 26.40% 23.78% 22.06% 21.91% 15.32% 7.45% -103.38% 9.01% 8.06% $ 619.00 $ 19,851.00 $ 4,322.00 Walgreens Boots Alliance WBA 8/31/2016 $ 117,351.00 3.56% 1.61 5.74% 2.40 13.78% 13.67% 13.68% 12.59% 12.59% 18.56% 14.52% 13.95% 13.95% 16.76% 18.40% $ 4,173.00 $ 72,688.00 $ 30,281.00 Amazon.com Inc AMZN 12/31/2016 $ 135,987.00 1.74% 1.63 2.84% 4.32 12.29% 4.45% -2.24% 2.81% -0.48% 5.85% 16.78% 17.16% 24.14% 39.77% 44.08% $ 2,371.00 $ 83,402.00 $ 19,285.00 Kohl's Corp KSS 1/28/2017 $ 18,686.00 2.98% 1.38 4.10% 2.62 10.74% 12.26% 12.80% 14.87% 16.30% 15.98% 14.27% 12.62% 13.13% 17.76% 19.79% $ 556.00 $ 13,574.00 $ 5,177.00 Caleres Inc. CAL 1/28/2017 $ 2,579.40 2.55% 1.75 4.45% 2.41 10.72% 13.55% 15.71% 7.97% 6.35% 6.05% 8.92% 2.49% -33.76% 10.73% 12.60% $ 65.70 $ 1,475.30 $ 613.10 Dillards, Inc. DDS 1/28/2017 $ 6,418.00 2.64% 1.65 4.35% 2.26 9.85% 15.01% 16.09% 16.21% 17.00% 22.42% 8.61% 2.97% -10.71% 2.14% 9.02% $ 169.20 $ 3,888.10 $ 1,717.40 Weis Markets, Inc. WMK 12/31/2016 $ 3,136.70 2.78% 2.19 6.09% 1.54 9.41% 6.80% 6.41% 8.51% 10.31% 10.31% 9.38% 9.09% 7.11% 7.00% 8.90% $ 87.20 $ 1,431.30 $ 926.70 United Natural Foods, Inc. UNFI 7/30/2016 $ 8,470.30 1.49% 2.97 4.41% 1.88 8.28% 10.01% 10.05% 9.73% 9.73% 10.27% 10.84% 10.87% 10.10% 11.80% 11.90% $ 125.80 $ 2,852.20 $ 1,519.50 Netflix, Inc. NFLX 12/31/2016 $ 8,830.70 2.11% 0.65 1.37% 5.07 6.97% 5.51% 14.32% 8.40% 2.28% 34.35% 30.33% 28.05% 33.14% 64.13% 31.27% $ 186.70 $ 13,586.60 $ 2,679.80 Spartan Stores, Inc. SPTN 12/31/2016 $ 7,734.60 0.73% 4.01 2.94% 2.34 6.88% 7.93% 7.49% 8.04% 8.04% 10.16% 10.57% 9.33% 15.80% 15.70% 14.80% $ 56.80 $ 1,930.30 $ 825.40 Abercrombie & Fitch Company Class A ANF 1/28/2017 $ 3,326.70 0.12% 1.45 0.17% 1.85 0.32% 2.76% -0.07% 3.12% 13.03% 6.82% 7.95% 0.01% 14.75% 29.40% 30.00% $ 4.00 $ 2,295.80 $ 1,243.40 Ascena Retail Group, Inc. ASNA 7/30/2016 $ 6,995.40-0.17% 1.27-0.22% 2.96-0.64% -15.60% -15.60% 7.68% 9.70% 15.73% 14.72% 13.13% 11.13% 13.32% 19.86% $ (11.90) $ 5,506.30 $ 1,863.30 Tailored Brands TLRD 1/28/2017 $ 3,378.70 0.74% 1.61 1.19% -19.50-23.23% NA 2.99% 8.30% 11.95% 12.16% $ 25 $ 2,097.90 $ (107.60) Rent-A-Center, Inc. RCII 12/31/2016 $ 2,963.30-3.55% 1.85-6.56% 6.05-39.71% -184.19% 7.27% 9.53% 12.45% 12.16% 12.68% 13.46% 12.94% 8.05% 10.93% $ (105.20) $ 1,602.70 $ 264.90 Staples, Inc. SPLS 1/28/2017 $ 18,247.00-8.20% 2.21-18.10% 2.24-40.59% 7.05% 0.96% 10.11% -3.43% 14.11% 12.70% 10.91% 14.47% 17.41% 19.39% $ (1,497.00) $ 8,271.00 $ 3,688.00 AutoZone Inc AZO 8/27/2016 $ 10,635.70 11.67% 1.24 14.43% NA NA NA NA NA NA NA NA NA NA 279.34% 147.74% $ 1,241.00 $ 8,599.80 $ (1,787.50) L Brands Inc LB 1/28/2017 $ 12,574.00 9.21% 1.54 14.17% NA NA NA NA 244.05% 74.19% 105.39% 54.54% 20.52% 11.74% 32.36% 22.84% $ 1,158.00 $ 8,170.00 $ (729.00) Barnes & Noble, Inc. BKS 4/29/2017 $ 3,894.60 0.56% 2.01 1.14% NA NA -4.04% 2.52% -7.18% -22.00% -8.80% -9.02% 4.07% 8.24% 12.64% 13.07% $ 22.00 $ 1,932.90 $ 574.30 Bon-Ton Stores Inc BONT 1/28/2017 $ 2,674.40-2.37% 1.78-4.21% NA NA -163.61% -13.69% -2.34% -18.99% -7.62% 11.72% -2.86% -126.65% 3.18% 13.53% $ (63.40) $ 1,505.10 $ (22.80) Ingles Markets, Inc. Class A IMKTA 9/24/2016 $ 3,795.00 1.43% 2.25 3.21% NA NA 13.85% 15.68% -5.36% 9.40% 9.22% 7.67% 7.24% 13.54% 14.20% 14.00% $ 54.20 $ 1,686.50 $ 470.20 J.C. Penney Co Inc JCP 1/28/2017 $ 12,547.00 0.01% 1.35 0.01% NA NA -39.19% -28.84% -48.66% -31.06% -3.21% 7.12% 5.25% 13.77% 20.91% 26.45% $ 1.00 $ 9,314.00 $ 1,354.00 Office Depot Inc ODP 12/31/2016 $ 11,021.00 4.80% 1.99 9.55% NA NA 0.50% -21.84% -0.97% -11.64% 5.95% 11.84% 0.14% -571.69% 9.10% 4.62% $ 529.00 $ 5,540.00 $ 1,852.00 Rite Aid Corporation RAD 3/4/2017 $ 32,845.10 0.01% 2.83 0.04% NA NA 28.47% NA -11.78% -4.47% NA NA NA NA NA 1.61% $ 4.10 $ 11,593.80 $ 614.10 Sears Holdings Corporation SHLD 1/28/2017 $ 22,138.00-10.03% 2.36-23.72% NA NA NA NA -53.31% -33.76% -49.09% 1.56% 2.58% 0.57% 7.74% 11.72% $ (2,221.00) $ 9,362.00 $ (3,824.00) Net Worth'14 Net Worth '13 Net Worth '12 Net Worth '11 Net Worth '10 Net Worth '09 Net Worth '08 Net Worth '07 Net Worth '06

STRATEGIC PROFIT MODELS FOR SELECTED APPAREL RETAILERS (RONW) Turnover '15 s '15 Leverage '15 Net L Brands Inc LB 1/28/2017 $ 12,574.00 9.21% 1.54 14.17% NA NA $ 1,158.00 $ 8,170.00 $ (729.00) Nordstrom, Inc. JWN 1/28/2017 $ 14,757.00 2.40% 1.88 4.50% 9.03 40.69% $ 354.00 $ 7,858.00 $ 870.00 TJX Companies TJX 1/28/2017 $ 33,183.70 6.93% 2.58 17.84% 2.86 50.95% $ 2,298.20 $ 12,883.80 $ 4,510.60 Ross Stores, Inc. ROST 1/28/2017 $ 12,866.80 8.69% 2.42 21.05% 1.93 40.67% $ 1,117.70 $ 5,309.40 $ 2,748.00 Gap, Inc. GPS 1/28/2017 $ 15,516.00 4.36% 2.04 8.88% 2.62 23.28% $ 676.00 $ 7,610.00 $ 2,904.00 Buckle, Inc. BKE 1/31/2017 $ 974.90 10.05% 1.68 16.90% 1.35 22.76% $ 98.00 $ 579.80 $ 430.50 American Eagle Outfitters AEO 1/28/2017 $ 3,609.90 5.88% 2.02 11.91% 1.48 17.63% $ 212.40 $ 1,782.70 $ 1,204.60 Urban Outfitters Inc. URBN 1/31/2017 $ 3,545.80 6.15% 1.86 11.46% 1.45 16.61% $ 218.10 $ 1,902.60 $ 1,313.10 Cato Corporation Class A CATO 1/28/2017 $ 956.60 4.93% 1.58 7.78% 1.58 12.29% $ 47.20 $ 606.30 $ 383.90 Caleres Inc. CAL 1/28/2017 $ 2,579.40 2.55% 1.75 4.45% 2.41 10.72% $ 65.70 $ 1,475.30 $ 613.10 Abercrombie & Fitch Company Class A ANF 1/28/2017 $ 3,326.70 0.12% 1.45 0.17% 1.85 0.32% $ 4.00 $ 2,295.80 $ 1,243.40 Chico's FAS, Inc. CHS 1/28/2017 $ 2,476.40 3.68% 2.23 8.22% 1.82 14.97% $ 91.20 $ 1,109.00 $ 609.20 Destination Maternity Corp DEST 1/28/2017 $ 433.70-7.56% 2.46-18.64% 2.88-53.59% $ (32.80) $ 176.00 $ 61.20 Ascena Retail Group, Inc. ASNA 7/30/2016 $ 6,995.40-0.17% 1.27-0.22% 2.96-0.64% $ (11.90) $ 5,506.30 $ 1,863.30 bebe stores, Inc. BEBE 7/2/2016 $ 393.60-6.99% 2.19-15.33% 1.40-21.38% $ (27.50) $ 179.40 $ 128.60 Christopher & Banks Corporation CBK 1/28/2017 $ 381.60-4.66% 2.84-13.22% 1.89-24.96% $ (17.80) $ 134.60 $ 71.30 Tailored Brands TLRD 1/28/2017 $ 3,378.70 0.74% 1.61 1.19% NA NA $ 25 $ 2,097.90 $ (107.60)

STRATEGIC PROFIT MODELS FOR SELECTED BROADLINE RETAILERS (RONW) Turnover '14 s '15 Leverage '15 Net Nordstrom, Inc. JWN 1/28/2017 $ 14,757.00 2.40% 1.88 4.50% 9.03 40.69% $ 354.00 $ 7,858.00 $ 870.00 Stein Mart SMRT 1/28/2017 $ 1,360.50 0.03% 2.58 0.08% 7.51 0.57% $ 0.40 $ 527.80 $ 70.30 Target Corp TGT 1/28/2017 $ 69,495.00 3.94% 1.86 7.31% 3.42 24.99% $ 2,737.00 $ 37,431.00 $ 10,953.00 Macy's Inc M 1/28/2017 $ 25,778.00 2.40% 1.30 3.12% 4.59 14.32% $ 619.00 $ 19,851.00 $ 4,322.00 Dollar General Corporation DG 2/3/2017 $ 21,986.60 5.69% 1.88 10.72% 2.16 23.14% $ 1,251.10 $ 11,672.30 $ 5,406.30 Foot Locker Inc FL 1/28/2017 $ 7,766.00 8.55% 2.02 17.29% 1.42 24.50% $ 664.00 $ 3,840.00 $ 2,710.00 Big Lots, Inc. BIG 1/28/2017 $ 5,200.40 2.94% 3.23 9.50% 2.47 23.49% $ 152.80 $ 1,607.70 $ 650.60 Wal-Mart Stores Inc WMT 1/31/2017 $ 485,873.00 2.81% 2.44 6.86% 2.56 17.54% $ 13,643.00 $ 198,825.00 $ 77,798.00 Dillards, Inc. DDS 1/28/2017 $ 6,418.00 2.64% 1.65 4.35% 2.26 9.85% $ 169.20 $ 3,888.10 $ 1,717.40 Caleres Inc. CAL 1/28/2017 $ 2,579.40 2.55% 1.75 4.45% 2.41 10.72% $ 65.70 $ 1,475.30 $ 613.10 Liberty Interactive QVCA 12/31/2016 $ 10,647.00 11.60% 0.52 6.07% 3.01 18.24% $ 1,235.00 $ 20,355.00 $ 6,772.00 Kohl's Corp KSS 1/28/2017 $ 18,686.00 2.98% 1.38 4.10% 2.62 10.74% $ 556.00 $ 13,574.00 $ 5,177.00 Dollar Tree Stores, Inc. DLTR 1/28/2017 $ 20,719.20 4.33% 1.32 5.71% 2.91 16.63% $ 896.20 $ 15,701.60 $ 5,389.50 Stage Stores, Inc. SSI 1/28/2017 $ 1,442.70-2.63% 1.83-4.82% 2.07-9.97% $ (37.90) $ 787.00 $ 380.20 Fred's, Inc. FRED 1/28/2017 $ 2,125.40-3.13% 3.04-9.51% 2.07-19.72% $ (66.50) $ 699.40 $ 337.20 EVINE Live Inc EVLV 1/28/2017 $ 666.20-1.31% 2.42-3.17% 3.36-10.65% $ (8.70) $ 274.80 $ 81.70 J.C. Penney Co Inc JCP 1/28/2017 $ 12,547.00 0.01% 1.35 0.01% 6.88 0.07% $ 1.00 $ 9,314.00 $ 1,354.00 Bon-Ton Stores Inc BONT 1/28/2017 $ 2,674.40-2.37% 1.78-4.21% NA NA $ (63.40) $ 1,505.10 $ (22.80)

STRATEGIC PROFIT MODELS FOR SELECTED FOOD and DRUG RETAILERS (RONW) Turnover '15 s '15 Leverage '15 Net Supervalu SVU 2/25/2017 $ 12,480.00 5.21% 3.49 18.16% 9.52 172.87% $ 650.00 $ 3,580.00 $ 376.00 Kroger Co KR 1/28/2017 $ 115,337.00 1.71% 3.16 5.41% 5.45 29.49% $ 1,975.00 $ 36,505.00 $ 6,698.00 Rite Aid Corporation RAD 3/4/2017 $ 32,845.10 0.01% 2.83 0.04% 18.88 0.67% $ 4.10 $ 11,593.80 $ 614.10 Sysco Corporation SYY 7/1/2017 $ 55,371.10 2.06% 3.12 6.43% 7.46 47.97% $ 1,142.50 $ 17,756.70 $ 2,381.50 Casey's General Stores, Inc. CASY 4/30/2017 $ 6,640.60 2.67% 2.20 5.88% 2.54 14.91% $ 177.50 $ 3,020.10 $ 1,190.60 Publix Super Mkts, Inc. PUSH 12/31/2016 $ 33,999.90 5.96% 1.95 11.60% 1.68 19.47% $ 2,025.70 $ 17,464.00 $ 10,405.20 Whole Foods Market, Inc. WFM 9/25/2016 $ 15,724.00 3.22% 2.48 8.00% 1.97 15.73% $ 507.00 $ 6,341.00 $ 3,224.00 CVS Caremark Corp CVS 12/31/2016 $ 177,526.00 3.00% 1.88 5.63% 2.56 14.44% $ 5,317.00 $ 94,462.00 $ 36,834.00 Ingles Markets, Inc. Class A IMKTA 9/24/2016 $ 3,795.00 1.43% 2.25 3.21% 3.59 11.53% $ 54.20 $ 1,686.50 $ 470.20 Walgreens Boots Alliance WBA 8/31/2016 $ 117,351.00 3.56% 1.61 5.74% 2.40 13.78% $ 4,173.00 $ 72,688.00 $ 30,281.00 Village Super Market, Inc. Class A VLGEA 7/30/2016 $ 1,634.90 1.53% 3.63 5.55% 1.66 9.20% $ 25.00 $ 450.30 $ 271.70 United Natural Foods, Inc. UNFI 7/30/2016 $ 8,470.30 1.49% 2.97 4.41% 1.88 8.28% $ 125.80 $ 2,852.20 $ 1,519.50 Spartan Stores, Inc. SPTN 12/31/2016 $ 7,734.60 0.73% 4.01 2.94% 2.34 6.88% $ 56.80 $ 1,930.30 $ 825.40 Weis Markets, Inc. WMK 12/31/2016 $ 3,136.70 2.78% 2.19 6.09% 1.54 9.41% $ 87.20 $ 1,431.30 $ 926.70

STRATEGIC PROFIT MODELS FOR SELECTED SPECIALTY RETAILERS (RONW) Turnover '15 s '15 Leverage '15 Net AutoZone Inc AZO 8/27/2016 $ 10,635.70 11.67% 1.24 14.43% NA NA $ 1,241.00 $ 8,599.80 $ (1,787.50) Sherwin-Williams Company SHW 12/31/2016 $ 11,855.60 9.55% 1.76 16.77% 3.59 60.30% $ 1,132.70 $ 6,752.50 $ 1,878.40 Home Depot, Inc. HD 1/29/2017 $ 94,595.00 8.41% 2.20 18.51% 9.92 183.64% $ 7,957.00 $ 42,996.00 $ 4,333.00 O'Reilly Automotive Inc ORLY 12/31/2016 $ 8,593.10 12.08% 1.19 14.40% 4.43 63.78% $ 1,037.70 $ 7,204.20 $ 1,627.10 Lowe's Companies Inc. LOW 2/3/2017 $ 65,017.00 4.76% 1.89 8.99% 5.35 48.07% $ 3,093.00 $ 34,408.00 $ 6,434.00 Bed Bath & Beyond, Inc. BBBY 2/25/2017 $ 12,215.80 5.61% 1.78 10.01% 2.52 25.19% $ 685.10 $ 6,846.00 $ 2,719.30 Tractor Supply TSCO 12/31/2016 $ 6,779.60 6.45% 2.53 16.34% 1.84 30.08% $ 437.10 $ 2,674.90 $ 1,453.20 Fastenal Company FAST 12/31/2016 $ 3,962.00 12.61% 1.48 18.72% 1.38 25.84% $ 499.50 $ 2,668.90 $ 1,933.10 Williams-Sonoma, Inc. WSM 1/29/2017 $ 5,083.80 6.01% 2.05 12.33% 1.98 24.47% $ 305.40 $ 2,476.90 $ 1,248.20 Hibbett Sports Inc HIBB 1/28/2017 $ 973.00 6.28% 2.12 13.31% 1.37 18.29% $ 61.10 $ 458.90 $ 334.00 Costco Wholesale Corporation COST 8/31/2016 $ 118,719.00 1.98% 3.58 7.09% 2.75 19.46% $ 2,350.00 $ 33,163.00 $ 12,079.00 Ulta Salon Cosmetics & Fragrances Inc ULTA 1/28/2017 $ 4,854.70 8.44% 1.90 16.06% 1.65 26.44% $ 409.80 $ 2,551.90 $ 1,550.20 Foot Locker Inc FL 1/28/2017 $ 7,766.00 8.55% 2.02 17.29% 1.42 24.50% $ 664.00 $ 3,840.00 $ 2,710.00 Best Buy Co Inc BBY 1/28/2017 $ 39,403.00 3.12% 2.84 8.86% 2.94 26.08% $ 1,228.00 $ 13,856.00 $ 4,709.00 GameStop Corp Class A GME 1/28/2017 $ 8,607.90 4.10% 1.73 7.10% 2.21 15.67% $ 353.20 $ 4,975.90 $ 2,254.10 Advance Auto Parts Inc AAP 12/31/2016 $ 9,567.70 4.80% 1.15 5.53% 2.85 15.76% $ 459.60 $ 8,315.00 $ 2,916.20 Dick's Sporting Goods, Inc. DKS 1/28/2017 $ 7,922.00 3.63% 1.95 7.08% 2.10 14.90% $ 287.40 $ 4,058.30 $ 1,929.50 Tiffany & Co. TIF 1/31/2017 $ 4,001.80 11.15% 0.79 8.75% 1.68 14.73% $ 446.10 $ 5,097.60 $ 3,028.40 Pricesmart, Inc. PSMT 8/31/2016 $ 2,904.80 3.05% 2.65 8.09% 1.72 13.90% $ 88.70 $ 1,096.70 $ 638.10 Signet Jewelers Ltd SIG 1/28/2017 $ 6,690.90 8.12% 1.01 8.23% 2.13 17.51% $ 543.20 $ 6,597.80 $ 3,102.10 Pier 1 Imports, Inc. PIR 2/25/2017 $ 1,828.40 1.65% 2.17 3.57% 2.89 10.31% $ 30.10 $ 843.10 $ 292.00 Children's Place Retail Stores, Inc. PLCE 1/28/2017 $ 1,785.30 5.73% 1.96 11.24% 1.83 20.61% $ 102.30 $ 910.50 $ 496.30 Aaron's, Inc. AAN 12/31/2016 $ 3,207.70 4.34% 1.23 5.33% 1.77 9.40% $ 139.30 $ 2,615.70 $ 1,481.60 Genesco, Inc. GCO 1/28/2017 $ 2,868.30 3.40% 1.98 6.72% 1.57 10.59% $ 97.40 $ 1,448.90 $ 920.00 Staples, Inc. SPLS 1/28/2017 $ 18,247.00-8.20% 2.21-18.10% 2.24-40.59% $ (1,497.00) $ 8,271.00 $ 3,688.00 Dollar Tree Stores, Inc. DLTR 1/28/2017 $ 20,719.20 4.33% 1.32 5.71% 2.91 16.63% $ 896.20 $ 15,701.60 $ 5,389.50 Finish Line Inc FINL 2/25/2017 $ 1,844.40-0.99% 2.47-2.44% 1.65-4.03% $ (18.20) $ 746.50 $ 451.50 Trans World Entertainment TWMC 1/28/2017 $ 348.70 0.92% 1.13 1.04% 1.56 1.62% $ 3.20 $ 307.80 $ 197.90 Office Depot Inc ODP 12/31/2016 $ 11,021.00 4.80% 1.99 9.55% 2.99 28.56% $ 529.00 $ 5,540.00 $ 1,852.00 Barnes & Noble, Inc. BKS 4/29/2017 $ 3,894.60 0.56% 2.01 1.14% 3.37 3.83% $ 22.00 $ 1,932.90 $ 574.30 Rent-A-Center, Inc. RCII 12/31/2016 $ 2,963.30-3.55% 1.85-6.56% 6.05-39.71% $ (105.20) $ 1,602.70 $ 264.90

STRATEGIC PROFIT MODELS FOR SELECTED INTERNET RETAILERS (RONW) Turnover '15 s '15 Leverage '15 Net HSN, Inc. HSNI 12/31/2016 $ 3,567.50 3.33% 2.73 9.10% 6.67 60.72% $ 118.70 $ 1,304.50 $ 195.50 Blue Nile, Inc. NILE 10/2/2016 $ 471.90 2.01% 4.31 8.67% 5.89 51.08% $ 9.50 $ 109.60 $ 18.60 ebay Inc EBAY 12/31/2016 $ 8,979.00 80.92% 0.38 30.47% 2.26 68.94% $ 7,266.00 $ 23,847.00 $ 10,539.00 United Online, Inc. UNTD 6/30/2016 $ 140.10 9.49% 0.94 8.93% 1.18 10.50% $ 13.30 $ 149.00 $ 126.70 1-800 Flowers.com, Inc. Class A FLWS 7/2/2017 $ 1,193.60 3.69% 2.16 7.96% 1.96 15.59% $ 44.00 $ 552.50 $ 282.20 Liberty Interactive Corp Class A QVCA 12/31/2016 $ 10,647.00 11.60% 0.52 6.07% 3.01 18.24% $ 1,235.00 $ 20,355.00 $ 6,772.00 Netflix, Inc. NFLX 12/31/2016 $ 8,830.70 2.11% 0.65 1.37% 5.07 6.97% $ 186.70 $ 13,586.60 $ 2,679.80 Amazon.com Inc AMZN 12/31/2016 $ 135,987.00 1.74% 1.63 2.84% 4.32 12.29% $ 2,371.00 $ 83,402.00 $ 19,285.00 Overstock.com, Inc. OSTK 12/31/2016 $ 1,800.00 0.69% 3.71 2.58% 2.77 7.13% $ 12.50 $ 485.10 $ 175.30 Shutterfly, Inc. SFLY 12/31/2016 $ 1,134.20 1.40% 0.95 1.33% 2.14 2.84% $ 15.90 $ 1,195.60 $ 559.20 Stamps.com, Inc. STMP 12/31/2016 $ 364.30 20.64% 0.60 12.33% 1.64 20.18% $ 75.20 $ 610.10 $ 372.70 U.S. Auto Parts Network, Inc. PRTS 12/31/2016 $ 303.60 0.23% 3.70 0.85% 3.60 3.07% $ 0.70 $ 82.10 $ 22.80 EVINE Live Inc EVLV 1/28/2017 $ 666.20-1.31% 2.42-3.17% 3.36-10.65% $ (8.70) $ 274.80 $ 81.70 Liquidity Service, Inc. LQDT 9/30/2016 $ 316.50-18.93% 1.22-23.03% 1.60-36.84% $ (59.90) $ 260.10 $ 162.60

STRATEGIC PROFIT MODELS FOR SELECTED INTERNATIONAL RETAILERS (RONW) Company Name Country Retail Segment Base Currency (millions; home currency) Exchange Rate (millions; USD equiv.) FONCIERE EURIS FRA EURS Food Euro 12/31/2016 36,788.0 1.047 38,517.0 1.8% 0.84 1.51% 54.10 81.7% -197.2% 662.00 43,822.00 810.00 DAIRY FARM INTL HOLDINGS LTD BMU DFILF Food US Dollar 12/31/2016 11,200.7 1.000 11,200.7 4.2% 2.18 9.14% 3.41 31.2% 30.9% 469.00 5,128.90 1,505.30 HENNES & MAURITZ SWE HMRZF Apparel Swedish Kronor 11/30/2016 192,267.0 0.109 20,861.0 9.7% 1.95 18.90% 1.61 30.4% 36.0% 18,636.00 98,579.00 61,236.00 INDITEX ESP ITX Apparel Euro 1/31/2017 23,310.5 1.070 24,942.2 13.5% 1.19 16.09% 1.54 24.8% 25.2% 3,157.00 19,621.40 12,713.40 WOOLWORTHS LIMITED AUS WOW Food Australian Dollar 6/25/2017 55,688.6 0.757 42,156.3 2.8% 2.43 6.69% 2.41 16.1% -14.6% 1,533.50 22,915.80 9,526.00 DIXONS CARPHONE PLC GBR DC Broadline Pound Sterling 4/29/2017 10,580.0 1.682 17,795.6 3.7% 1.44 5.28% 2.41 12.7% -518.7% 389.00 7,368.00 3,055.00 WESFARMERS LTD AUS WES Food Australian Dollar 6/30/2017 68,444.0 0.757 51,812.1 4.2% 1.71 7.16% 1.68 12.0% 1.8% 2,873.00 40,115.00 23,941.00 JARDINE MATHESON HLDGS LTD BMU J36 Specialty US Dollar 12/31/2016 37,051.0 1.000 37,051.0 6.8% 0.52 3.50% 3.28 11.5% 9.0% 2,503.00 71,523.00 21,800.00 METRO AG DEU MEO Food Euro 9/30/2016 58,417.0 1.122 65,543.9 1.1% 2.38 2.67% 4.13 11.0% 13.0% 657.00 24,592.00 5,950.00 KINGFISHER PLC GBR KGF Specialty Pound Sterling 1/31/2017 11,225.0 1.254 14,076.2 5.4% 1.10 5.96% 1.51 9.0% 9.2% 610.00 10,233.00 6,771.00 FAST RETAILING JPY 9983 Apparel Japanese Yen 8/31/2016 1,786,473.0 0.010 17,489.6 2.7% 1.44 3.88% 2.16 8.4% 14.2% 48,052.00 1,238,119.00 574,502.00 GEORGE WESTON CAN WN Food Canadian Dollar 12/31/2016 47,999.0 0.740 35,519.3 1.1% 1.26 1.45% 5.46 7.9% 6.9% 550.00 37,946.00 6,947.00 MORRISON (WM) SUPERMARKETS GBR MRW Food Pound Sterling 1/29/2017 16,317.0 1.255 20,477.8 1.9% 1.76 3.30% 2.28 7.5% -21.2% 305.00 9,246.00 4,063.00 KERING FRA KER Specialty Euro 12/31/2016 12,384.9 1.047 12,967.0 6.6% 0.51 3.37% 2.14 7.2% 6.4% 813.50 24,139.00 11,269.70 CARREFOUR SUPERMARCHE SA FRA CA Food Euro 12/31/2016 78,301.0 1.047 81,981.1 1.0% 1.60 1.53% 4.68 7.2% 10.2% 746.00 48,845.00 10,426.00 SAINSBURY (J) PLC GBR SBRY Food Pound Sterling 3/11/2017 26,224.0 1.231 32,281.7 1.4% 1.33 1.91% 2.87 5.5% 7.4% 377.00 19,737.00 6,872.00 AHOLD DELHAIZE NLD AD Food Euro 1/1/2017 49,695.0 1.051 52,229.4 1.7% 1.37 2.29% 2.23 5.1% 15.2% 830.00 36,275.00 16,276.00 TAKASHIMAYA CO LTD JPN 8233 Food Japanese Yen 2/28/2017 923,061.0 0.009 8,187.6 2.3% 0.94 2.12% 2.39 5.1% 6.0% 20,870.00 986,464.00 412,224.00 SEVEN & I HOLDINGS CO LTD JPN 3382 Food Japanese Yen 2/28/2017 5,835,689.0 0.009 51,762.6 1.7% 1.06 1.76% 2.36 4.1% 6.8% 96,750.00 5,508,888.00 2,338,650.00 MARKS & SPENCER GROUP PLC GBR MKS Food Pound Sterling 4/1/2017 10,622.0 1.250 13,277.5 1.1% 1.28 1.41% 2.63 3.7% 11.8% 117.10 8,292.50 3,156.30 AEON CO LTD JPN 8267 Food Japanese Yen 2/28/2017 8,210,145.0 0.009 72,824.0 0.1% 0.94 0.13% 7.72 1.0% 0.5% 11,255.00 8,750,856.00 1,133,200.00 TESCO PLC GBR TSCO Food Pound Sterling 2/25/2017 55,295.0 1.245 68,842.3-0.1% 1.21-0.09% 7.12-0.6% 1.6% (40.00) 45,853.00 6,438.00 MIGROS TICARET AS TUR MGROS Broadline Turkish Lira 12/31/2016 11,059.2 0.283 3,129.8-2.6% 1.75-4.62% 26.37-121.9% -71.9% (293.00) 6,337.40 240.30 Turnover '16 s '16 Leverage '16 Net Worth '16 Net