Bank of America Investment Banking Pitch Book

Selected Branded Transactions - LTM EBITDA Multiple Date: 14.0x 10.5 7.0x 3.5x 0.0x Transaction Value: 8.7x Colective Brands/ Wolverine Blum, Golden Gate May-12 $1,810 12.6x Timberland VF Corp Jun-11 Selected Precedent Transactions $2.016 8.3x Tommy Hilfiger Philips-Van Heusen Mar-10 $3,140 7.4x Kellwood Sun Capital Sep-07 1926 Source: Wall Street research public filings, press releases and other pubidy mailable sources Note: Deliers in millions 11.3x Stride Riter Payless May-07 $874 6,2x Dec-05 Tommy Hifiger Maxwell Shoes Hat World Jones Apax Genesco $1,379 8.9x 9 Jun-04 7.3x $265 Feb-04 $177 8.4x Converse Nike Ju4-03 $324 6.2x Ju-03 Implied KCP LTM EBITDA Multiple at Per Share Consideration of $15.25 per share: 10.0x Nautical Tommy VF Corp Bahama' Oxford $507 6.0x $325 8.0x Nine West Jones Mar-99 $1,408 Bank of America Merrill Lynch

View entire presentation