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Consumer and Retail Both Outperforming the Market

| Consumer / Retail

Consumer

With roughly two-thirds of economic activity driven by consumer spending, the strength of the overall economy is dependent upon the health of the consumer sector. Non-discretionary consumer purchases remain robust: the year-over-year revenue growth of the Beverages, Food, and Household and Personal Care (HPC) sub-sectors exceeded the overall GDP growth. Furthermore, Westbury’s selected comparable companies within these sub-sectors outpaced the broader market. For example, the median revenue growth rates for Beverages, Food, and HPC were 5.3%, 7.8%, and 4.5%, respectively. Likewise, over the last twelve months ending March 28, 2013, these sub-sectors’ median stock price appreciation outperformed the broader market (as measured by the S&P500) by 17.6%, 10.5%, and 19.0%, respectively. Non-discretionary consumables such as gardening, home power generators, and lawn mowers have shown solid year-over-year revenue growth in excess of overall reported GDP growth. For example, the median year-over-year revenue improvement in Westbury’s Outdoor Products sub-category shows 4.1% growth. Over the last twelve months ending March 28, 2013, Westbury’s Outdoor Products median stock price appreciation outperformed the broader market (as measured by the S&P500) by 17.2%. Shipments of goods and the health of the logistics sub-category are also critical indicators of the economy’s direction. Westbury’s Logistics comparable companies demonstrate revenue growth over the past year with a median of 9.9% and the recent quarter’s stock performance (in-line with the broader market) suggest that there has been positive sentiment.

Selected Consumer Transactions

Retail

Coming off a challenging economic downturn, Westbury’s selected comparable Retail companies’ performance indicate that the consumer has been alive and well. The median one-year revenue growth rates for the Broadlines, Casual Dining, Food Retail, Hardlines and Discounters, Quick Service Restaurant (QSR), and Specialty are 10.6%, 3.8%, 6.8%, 4.5%, 4.3%, and 13.8%, respectively. Likewise, relative to />

Selected Retail Transactions

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