WESTERN EUROPE B2C E-COMMERCE MARKET 2017 PUBLICATION DATE: JULY 2017

WESTERN EUROPE B2C E-COMMERCE MARKET 2017 PUBLICATION DATE: JULY 2017

GENERAL METHODOLOGY OF MARKET REPORTS
Secondary Market Research The reports are compiled based on secondary market research. Secondary research is information gathered from previously published sources. Our reports are based on information and data acquired from national and international statistical offices, industry and trade associations, business reports, business and company databases, journals, company registries, news portals and many other reliable sources. By using various sources we ensure maximum objectivity for reported data. As a result, companies gain a precise and unbiased impression of the market situation. Cross referencing of data is conducted in order to ensure validity and reliability. The source of information and its release date are provided on every chart. It is possible that the information contained in one chart is derived from several sources. If this is the case, all sources are mentioned on the chart. The reports include mainly data from the last 12 months prior to the date of report publication. Exact publication dates are mentioned in every chart. Definitions The reports take into account a broad definition of B2C E-Commerce, which might include mobile commerce. As definitions may vary among sources, exact definition used by the source (if available) is included at the bottom of the chart. Chart Types Our reports include text charts, pie charts, bar charts, rankings, line graphs and tables. Every chart contains an Action Title, which summarizes the main idea/finding of the chart and a Subtitle, which provides necessary information about the country, the topic, units or measures of currency, and the applicable time period(s) to which the data refers. With respect to rankings, it is possible that the summation of all categories amounts to more than 100%. In this case, multiple answers were possible, which is noted at the bottom of the chart. Report Structure Reports are comprised of the following elements, in the following order: Cover page, preface, legal notice, methodology, definitions, table of contents, management summary (summarizing main information contained in each section of report) and report content (divided into sections and chapters). When available, we also include forecasts in our report content. These forecasts are not our own; they are published by reliable sources. Within Global and Regional reports, we include all major developed and emerging markets, ranked in order of importance by using evaluative criteria such as sales figures. Notes and Currency Values If available, additional information about the data collection, for example the time of survey and number of people surveyed, is provided in the form of a note. In some cases, the note (also) contains additional information needed to fully understand the contents of the respective data. When providing information about amounts of money, local currencies are most often used. When referencing currency values in the Action Title, the EUR values are also provided in brackets. The conversions are made using the average currency exchange rate for the respective time period. Should the currency figure be in the future, the average exchange rate of the past 12 months is used.

METHODOLOGY OF THE CURRENT REPORT
Report Coverage This report covers the B2C E-Commerce market in Europe. Major advanced and emerging markets in this region are covered, including Austria, Belgium, France, Germany, Italy, the Netherlands, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the UK. A broad definition of retail E-Commerce used by some original sources cited in this report might include both B2C and C2C E-Commerce. The report contains relevant information about international comparisons, market trends, E-Commerce sales and shares, Internet users and shoppers, products, payment methods, delivery and players. Report Structure The report starts with an overview of the regional E-Commerce market, regional and country comparisons in terms of criteria relevant to B2C E-Commerce, such as sales, the E-Commerce share of retail, Internet and online shopper penetration. The rest of the report is divided into country chapters, presented in the descending order of retail E-Commerce sales. Data availability varied by country. Each country description starts with the “Trends” section that highlights relevant market trends, such as M-Commerce, omnichannel, and cross-border online shopping. The section “Sales & Shares” covers the development of B2C E-Commerce sales and E-Commerce’s share of total retail sales. For selected top markets in the region, information from several sources was provided for cross-referencing. In the “Users & Shoppers” section, information about Internet penetration and online shoppers is included. Afterwards, the section “Products” shows the leading product categories purchased online. The next section, “Payment”, covers the payment methods most used by online shoppers. Furthermore, the “Delivery” section covers information related to delivery in E-Commerce. Finally, the “Players” section includes information about the leading E-Commerce companies, including rankings of top online shopping platforms by sales, website visits, awareness and usage rates by online shoppers, where available. For the top two B2C E-Commerce markets in the region, the UK and Germany, as well as the top emerging markets Russia, Poland and Turkey, the country descriptions start with an overview chart, highlighting the overall B2C E-Commerce development in the respective countries.

DEFINITIONS B2C E-COMMERCE E-COMMERCE SALES M-COMMERCE
The following expressions and definitions are used in this market report*: B2C E-COMMERCE the sale of products (and services) through electronic transactions via the Internet from businesses to consumers (B2C). A broader definition of retail E-Commerce applied by some sources also includes consumer-to-consumer (C2C) sales. E-COMMERCE SALES the total sales generated either on the E-Commerce market in a certain country or region, or the total sales generated through E-Commerce by a player on the market. M-COMMERCE M-Commerce, also called “Mobile Commerce”, means the sale of products (and services) through electronic transactions via mobile devices, such as mobile phones, tablets and smartphones. CROSS-BORDER B2C E-COMMERCE the sale of goods (and services) directly to consumers in other countries, with orders delivered from the country where the foreign shop is based or from a central logistics facility, i.e. across the country’s borders. Both B2C and C2C transactions might be included in the definition of retail cross-border E-Commerce. OMNICHANNEL an approach to retail that strives to provide the customer with the seamless shopping experience across all retail channels, such as in-store, online and mobile. WEBROOMING a practice in retail where consumers browse/research the products online before making the purchase in-store; may also refer to customers using Internet-enabled mobile devices to browse/research/compare products online while being in-store. SHOWROOMING a practice in retail where consumers visit a store to browse or try on the products before buying them online (or via mobile). INTERNET USERS the total number of inhabitants in a certain country that regularly accesses the Internet. ONLINE SHOPPERS the total number of inhabitants in a certain country or region that participates in B2C E-Commerce. E-COMMERCE MARKETPLACE platforms where third-party merchants (B2C) or individuals (C2C) can sell their digital or physical products online whereas the marketplace operator acts as an intermediary. Note: *the definitions used by the original sources might differ from the ones stated on this chart; the exact definition used by each source, where available, is included on the respective charts

TABLE OF CONTENTS (1 OF 14) Management Summary 2. Regional Overview
Breakdown of Global B2C E-Commerce Sales by Region, in %, 2016 & 2021f Global B2C E-Commerce Sales, in USD billion, B2C E-Commerce Share of Total Retail Sales, in %, and CAGR, in %, by Region, 2011, 2016 & 2021f Retail E-Commerce Share of Total Retail Sales, in %, by Region, 2016e Global Online Travel Sales, by Region, in USD billion, and CAGR, in %, 2015 – 2020f Cross-Border B2C E-Commerce Sales Worldwide, in USD billion, and Share of Total B2C E-Commerce Sales, in %, by Region, 2014 & 2020f Share of Online Purchases Imported from Other Regions, in %, by Region, 2016 Number of Internet Users Worldwide, in millions, and Penetration, in % of Population, by Region, e Number of Active Mobile Broadband Subscriptions Worldwide, in millions and per 100 Inhabitants, by Regions, 2011 – 2016e B2C E-Commerce Sales, in EUR billion, and Year-on-Year Change, in %, f B2C E-Commerce Sales in Europe by Selected Countries, in EUR billion, 2016 Internet Penetration in the EU, by Country, in % of Individuals, Online Shopper Penetration in the EU, by Country, in % of Internet Users, Cross-Border Online Shopper Penetration in the EU, in % of Online Shoppers, by Country, 2016 Problems Encountered When Shopping Online in the EU, in % of Online Shoppers, 2016 Breakdown of Frequency of Consulting Online Information Sources Before Purchasing Online in the EU, by Source, in % of Online Shoppers, 2016 Share of Online Shoppers Who Purchased Online Straightaway from an Advertisement on Social Media Website or App, in %, 2016 Product Categories Purchased Online, in % of Online Shoppers, 2016 Payment Methods Preferred in Online Shopping, in % of Online Shoppers, by Belgium, Germany, France, Italy, the Netherlands, the Nordics, Poland, Spain and the UK, May 2016 Breakdown of Maximum Acceptable Delivery Times, in % of Online Shoppers, by Belgium, Germany, France, Italy, the Netherlands, the Nordics, Poland, Spain and the UK, May 2016 M-Commerce Share of E-Commerce Transactions, in %, by France, Germany, Italy, the Netherlands, Spain and the UK, Q & Q4 2016 Reasons for Purchasing Online via Mobile Devices, in % of Mobile Shoppers, by Austria, France, Ireland, Norway, Sweden, Turkey and the UK, August 2016

TABLE OF CONTENTS (2 OF 14) 2. Regional Overview (Cont.)
Share of Online Shoppers Who Consider the Adaptation of Website to Mobile as an Important Criteria When Buying Online, in %, October 2016 Share of Enterprises in the EU Selling Online, by Country, in %, UK 3.1. Trends B2C E-Commerce Market Overview and International Comparisons, June 2017 M-Commerce Sales, in GBP billion, and M-Commerce Share of Retail E-Commerce Sales, in %, f Mobile Shopper Penetration, in % of Online Shoppers, 2016 & 2017f Breakdown of M-Commerce Sales by Smartphone and Tablet, in %, December 2015 & December 2016 Share of Online Shoppers in the UK Who Have Purchased Cross-Border and Who Would Consider Purchasing Cross-Border, in %, August 2016 Share of Online Shoppers Who Purchased Online from an Advert on Social Media Website or App, in %, by Age Group, 2016 3.2. Sales & Shares B2C E-Commerce Sales, in GBP billion, by Five Comparative Estimates, 2014 – 2020f, and CAGR, in %, 2015 – 2020f B2C E-Commerce Share of Total Retail Sales, in %, B2C E-Commerce Share of Total Retail Sales, in %, by Five Comparative Estimates, f 3.3. Internet Users & Online Shoppers Number of Internet Users, in millions, and Penetration, in % of Adults, by Frequency of Use, Online Shopper Penetration, in % of Adults, by Age Group and Gender, 2012 – 2016 Breakdown of Frequency of Shopping Online During a Three-Month Period, in % of Online Shoppers, by Age Group and Gender, 2016 Breakdown of Online Spending During a Three-Month Period, in GBP, in % of Online Shoppers, by Age Group and Gender, 2016 3.4. Products Product Categories Purchased Online, in % of Online Shoppers, 2015 & 2016 B2C E-Commerce Grocery Sales, in GBP billion, f & 2021f Payment Breakdown of Payment Methods Preferred in E-Commerce, in % of Online Shoppers, February 2017 Payment Methods Most Trusted in Online Shopping, in % of Online Shoppers, November 2016 Online Card Payment Statistics, incl. Online Card Spending, in GBP billion, Share of Total Card Spending, in %, and Number of Online Card Transactions, in billions,

TABLE OF CONTENTS (3 OF 14) UK (Cont.) 3.6. Delivery
Click-and-Collect Sales, in GBP billion, 2015 & 2020f, and CAGR, in %, 2015 – 2020f Problems Encountered with Online Purchases, in % of Online Shoppers, 2016 3.7. Players B2C E-Commerce Player Overview, June 2017 Top 5 Retail Websites by Unique Visitors, in millions, December 2016 Top 10 Favorite Retail Brands, incl. Online Pure-Play Brands, in % of Consumers, July 2016 4. Germany 4.1. Trends B2C E-Commerce Market Overview and International Comparisons, June 2017 M-Commerce Sales, in USD billion, and M-Commerce Share of Retail E-Commerce Sales, in %, f Devices Used for Online Shopping, in % of Online Shoppers, 2014 & 2016 Share of Mobile Shoppers Who Use Apps for Purchase, in %, by Tablet and Smartphone Shoppers, 2016 Cross-Border Online Shopper Penetration, by Buying Cross-Border Regularly and Occasionally, in % of Online Shoppers in Germany, December 2016 4.2. Sales & Shares B2C E-Commerce Sales, in EUR billion, by Five Comparative Estimates, 2014 – 2020f, and CAGR, in %, 2016 – 2020f B2C E-Commerce Share of Total Retail Sales, in %, by Five Comparative Estimates, f 4.3. Internet Users & Online Shoppers Number of Internet Users, in millions, and Penetration, in % of Individuals, Number of Online Shoppers, in millions, and Penetration, in % of Internet Users, Breakdown of Frequency of Online Shopping in the Previous 3 Months, in % of Online Shoppers, Q1 2016 Breakdown of Online Spending in the Previous 3 Months, in EUR, in % of Online Shoppers, Q1 2016 4.4. Products Product Categories Purchased Online, in % of Online Shoppers, Q & Q1 2016 B2C E-Commerce Sales of Services, by Category, in EUR billion, 2015 & 2016 B2C E-Commerce Product Sales, by Category, in EUR billion, 2015 & 2016

TABLE OF CONTENTS (4 OF 14) 4. Germany (Cont.) 4.5. Payment
Breakdown of Online Purchases by Payment Methods, by Products and Services, 2015 & 2016 Breakdown of B2C E-Commerce Product Sales by Payment Methods, in %, 2015 & 2016 Payment Methods Used in Online Shopping, in % of Online Shoppers, 2016 4.6. Delivery Problems Encountered with Online Purchases, in % of Online Shoppers, Q1 2016 4.7. Players B2C E-Commerce Player Overview, June 2017 Breakdown of B2C E-Commerce Sales by Player Types, in EUR million, 2015 & 2016 Online Shopping Club Sales, in EUR billion, 2015, 2016e & 2020f Top 10 Online Shops, by Sales, in EUR million, 2015 Breakdown of Frequency of Buying from Amazon, in % of Amazon Buyers, by Electronics, Sports and Hobby, Clothes and Total, March 2017 France 5.1. Trends M-Commerce Sales, in USD billion, and M-Commerce Share of Retail E-Commerce Sales, in %, f M-Commerce Share of B2C E-Commerce Sales, in %, Q & Q1 2017 Activities Conducted via Mobile Devices Before Purchasing, in % of Online Shoppers, September 2016 Top 3 Barriers to M-Commerce, in % of Internet Users, February 2016 Cross-Border Online Shopper Penetration, in % of Internet Users in France, June 2015 & June 2016 Interest in Web-to-Store Services, in % of Multi-Channel Shoppers, July 2016 Cross-Channel Shopping Patterns, in % of Internet Users, July 2016 5.2. Sales & Shares B2C E-Commerce Sales, in EUR billion, and Year-on-Year Change, in %, f Retail E-Commerce Sales, in USD billion, and Share of Total Retail Sales, in %, f 5.3. Internet Users & Online Shoppers Internet Penetration, in % of Individuals, Online Shopper Penetration, in % of Internet Users,

TABLE OF CONTENTS (5 OF 14) 5. France (Cont.) 5.4 Products
B2C E-Commerce Sales, by Product Category, in EUR billion, and Share of Total Retail Sales in the Respective Category, in %, 2015 Product Categories Purchased Online, in % of Online Shoppers, 2016 Product and Service Categories Purchased Online vs. In-Store, in % of Online Shoppers, July 2016 5.5. Payment Payment Methods Used in E-Commerce, in % of Online Shoppers, June 2015 & June 2016 Breakdown of Payment Methods Preferred in E-Commerce, in % of Online Shoppers, 2016 5.6. Delivery Delivery Methods Used, in % of Online Shoppers, by Have Used and Haven’t Used But Plan to, March 2016 Players Overview of B2C E-Commerce Players, June 2017 Online Merchants’ Share of Total B2C E-Commerce Websites and B2C E-Commerce Market Sales, by Annual B2C E-Commerce Turnover Size, in %, 2016 Top 15 E-Commerce Websites, by Total Number of Unique Visitors per Month, in thousands, and Devices Used for Access, in % of Unique Visitors, in Q1 2017 Retailers Used for Click-and-Collect Services, in % of Click-and-Collect Users, July 2016 Russia 6.1. Trends B2C E-Commerce Market Overview and International Comparisons, July 2017 M-Commerce Share of B2C E-Commerce Sales, in %, 2016 Breakdown of Latest Mobile Purchase by Purchase Made Through App and Browser, in % of Mobile Shoppers, in %, 2016 B2C E-Commerce Sales, in RUB billion, and Breakdown by Domestic and Cross-Border Imports, in %, 2011 – 2016 Breakdown of Cross-Border Online Spending and Number of Shipments by Country, in %, 2016 6.2. Sales & Shares B2C E-Commerce Sales, in RUB billion, by Five Comparative Estimates, 2014 – 2016, and Forecasts, in RUB billion, 2017f, 2020f & 2021f Breakdown of B2C E-Commerce Sales by Regions, by Domestic and Cross-Border, in %, 2016 B2C E-Commerce Share of Total Retail Sales, in %, 2016e

TABLE OF CONTENTS (6 OF 14) Russia (Cont.)
6.3. Internet Users & Online Shoppers Number of Active Internet Users, in millions, and Penetration, in % of Population, Number of Online Shoppers, in millions, and Penetration, in % of Population, Online Shopper Penetration by Age Group, by Gender and Location Type, in % of Internet Users in the Respective Group, 2016 Internet User Penetration, in % of Population, and Online Shopper Penetration, in % of Population and in % of Internet Users, by Federal Districts, 2016 6.4. Products Breakdown of B2C E-Commerce Sales by Product Categories, by Domestic and Cross-Border, in %, 2016 Product Categories Purchased Online, in % of Online Shoppers, 2015 & 2016 6.5. Payment Payment Methods Used in Online Shopping, in % of Online Shoppers, 2014 – 2016 6.6. Delivery Preferred Delivery Methods in E-Commerce, in % of Online Shoppers, Delivery Methods Used When Buying from Russian Online Stores, in % of Online Shoppers, by Location Type, October 2016 6.7. Players B2C E-Commerce Player Overview, July 2017 Top 20 Online Shops, Ranked by Sales, incl. E-Commerce Sales, in RUB million, Number of Orders, in thousands, Average Check, in RUB, Y-o-Y Change, and Main Product Category, 2016 Top 15 Online Shops by Number of Unique Visitors, in thousands, January 2017 Spain 7.1 Trends M-Commerce Sales, in EUR billion, and M-Commerce Share of B2C E-Commerce Sales, in %, 2015 & 2016e Mobile Shopper Penetration, in % of Online Shoppers, 2015 & 2016 Breakdown of E-Commerce Transaction Value, by Exports, Imports and Domestic, in EUR million, Q – Q3 2016 Breakdown of E-Commerce Transaction Number, by Exports, Imports and Domestic, in millions, Q – Q3 2016 Breakdown of Online Shoppers by Research and Purchase Channels, in %, May 2016

TABLE OF CONTENTS (7 OF 14) Spain (Cont.) 7.2. Sales & Shares
B2C E-Commerce Sales, in EUR billion, and Year-on-Year Change, in %, B2C E-Commerce Sales, in EUR billion, and Year-on-Year, in %, Q – Q3 2016 B2C E-Commerce Share of Total Retail Sales, in %, f 7.3. Internet Users & Online Shoppers Internet Penetration, in % of Individuals, 2011 – 2016 Online Shopper Penetration, in % of Internet Users, 2011 – 2016 7.4. Products Product Categories Purchased Online, in % of Online Shoppers, 2016 Products Purchased Online, in % of Online Shoppers, 2016 7.5. Payment Payment Methods Used in Online Shopping, in % of Online Shoppers, 2015 & 2016 7.6. Delivery Breakdown of Acceptable Delivery Time and Preferred Locations for Receiving Orders, in % of Online Shoppers, May 2016 7.7. Players Top 10 E-Commerce Websites, by Number of Unique Visitors, in millions, May 2016 Italy 8.1. Trends M-Commerce Sales, in EUR billion, and M-Commerce Share of B2C E-Commerce Sales, in %, 2015 & 2016 Breakdown of B2C E-Commerce Sales by Domestic and Cross-Border Imports, in EUR billion, 2012 – 2017f 8.2. Sales & Shares B2C E-Commerce Sales, in EUR billion, f B2C E-Commerce Share of Retail Sales, in %, 2016 & 2017f 8.3. Internet Users & Online Shoppers Internet Penetration, in % of Individuals, Online Shopper Penetration, in % of Internet Users, Breakdown of Online Shoppers by Age Group, in %, Q1 2017

TABLE OF CONTENTS (8 OF 14) Italy (Cont.) 8.4. Products
Breakdown of B2C E-Commerce Sales by Products and Services, in %, f B2C E-Commerce Sales by Category, by Products and Services, in EUR million, 2016 & 2017f Product Categories Purchased Online, in % of Online Shoppers, 2016 8.5 Payment Breakdown of Payment Methods Used in Online Shopping, in % of Online Shoppers, October 2016 8.6. Delivery 8.7. Players Top 10 E-Commerce Websites, by Number of Unique Monthly Visitors, in millions, June 2017 Breakdown of B2C E-Commerce Sales by Player Type, in %, 2017f Netherlands 9.1. Trends Breakdown of Online Purchases by Device, in %, Q & Q1 2017 Cross-Border Online Shopper Penetration, in % of Individuals, 2015 & 2016 Cross-Border Online Spending, in EUR million, 2014 – 2016 9.2. Sales & Shares B2C E-Commerce Sales, in EUR billion, 2013 – 2017f B2C E-Commerce Share of Total Retail Sales, in %, 2015 & 2016 9.3. Internet Users & Online Shoppers Internet Penetration, in % of Individuals, Online Shopper Penetration, in % of Internet Users, 9.4. Product Product Categories Purchased Online, in % of Online Shoppers, 2012 & 2016 9.5. Payment Breakdown of Online Purchases by Payment Methods, in %, 2015 & 2016 9.6. Delivery Top Three Most Important Factors Related to the Delivery Process, in % of Online Shoppers, June 2016 9.7. Players Top 10 B2C E-Commerce Companies by Revenues, in EUR million, 2015

TABLE OF CONTENTS (9 OF 14) 10. Switzerland 10.1 Trends
Mobile Shopper Penetration, in % of Internet Users, June 2016 Cross-Border Online Spending, in CHF billion, 2015 & 2016 Sales & Shares Retail E-Commerce Sales, Traditional Mail-Order Sales, and Sales from Cross-Border E-Commerce Purchases Delivered to Pick-Up Station Abroad, in CHF billion, Retail E-Commerce Share of Total Retail Sales, in %, 2016 & 2019f Internet Users & Online Shoppers Internet Penetration, in % of Individuals, September 2016 Online Shopper Penetration, in % of Internet Users, 2016 Products B2C E-Commerce and Mail Order Sales, by Product Category, in CHF billion, Payment Breakdown of Product Sales of E-Commerce and Mail Order Companies by Payment Methods, in %, 2015 & 2016 Delivery Reasons for Shopping Online, incl. Delivery-Related, in % of Online Shoppers, 2016 Players Top 10 Online Shops by Revenues, in CHF million, 2016 Sweden Trends Overview of Omnichannel Shoppers, incl. Share of Consumers Who Crossed Multiple Channels in Their Last Purchase, Share of Consumers Who Did Webrooming, Share of Online Shoppers Who Did Showrooming, in %, Average Spending by Consumers Who Crossed Multiple Channels, and Average Spending by Consumers Who Used a Single Channel, in SEK, Q4 2016 Mobile Shopper Penetration, in % of Internet Users, 2015 & 2016 Cross-Border Online Shopper Penetration, in % of Online Shoppers, October 2016 Sales & Shares B2C E-Commerce Sales, in SEK billion, and Share of Total Retail Sales, in %, 2010 – 2017f 11.3 Internet Users & Online Shoppers Internet Penetration, in % of Individuals, Online Shopper Penetration, in % of Internet Users,

TABLE OF CONTENTS (10 OF 14) 11. Sweden (Cont.) 11.4. Products
B2C E-Commerce Sales, by Segment, in SEK billion, 2016, and Growth, in %, Compared to 2015 Product Categories Purchased Online, in % of Online Shoppers, 2016 Payment Factors Important at the Time of Payment, in % of Online Shoppers, Q4 2016 Breakdown of Payment Methods Preferred in E-Commerce, in % of Online Shoppers, Q , Q – 2016 Delivery Preferred Delivery Methods, in % of Online Shoppers, June 2016 Breakdown of Maximum Expected Delivery Time, in % of Online Shoppers, June 2016 11.7. Players Top 20 Online Pure-Play Retailers by Revenues, in SEK million, 2016 Top 10 Foreign E-Commerce Websites by Number of Total Visits, in millions, Q1 2017 Top 10 Domestic E-Commerce Websites by Total Visits, in millions, Q1 2017 Belgium 12.1. Trends Breakdown of Online Spending by Device, in %, Q & Q1 2017 Devices Used for Online Shopping, in % of Online Shoppers, 2016 Breakdown of Perception of the Extent to Which Online Purchases Substitute Offline Purchases, in % of Online Shoppers, Sales & Shares B2C E-Commerce Sales, in EUR billion, 2015 & 2016 Online Share of Total Consumer Spending, in %, 2016 Internet Users & Online Shoppers Internet Penetration, in % of Individuals, Online Shopper Penetration, in % of Internet Users, Products Top 5 Categories by Online Share of Total Spending, in %, 2016 Payment Breakdown of Online Purchases by Payment Methods, in %, Q & Q1 2017 Breakdown of Payment Methods Used in E-Commerce, in % of Online Shoppers, April 2017, and Change Compared to 2016 and 2011

TABLE OF CONTENTS (11 OF 14) Belgium (Cont.) 12.6. Delivery
Breakdown of the Amount that Online Shoppers Are Willingness to Pay for Delivery, in % of Online Shoppers, April 2017, and Change Compared to 2016 and 2011 Players Top 10 Online Retailers by Revenue, 2015/2016 Breakdown of Last Online Purchase by Online Shop, in % of Online Shoppers, Q2 2016 Austria Trends M-Commerce Sales, in EUR million, and Year-on-Year Change, in %, 12 Months to April Mobile Shopper Penetration, in % of Individuals, 12 Months to April 2016 & 2017 Sales & Shares B2C E-Commerce Sales, in EUR billion, 2015 & 2016 B2C E-Commerce Share of Total Retail Sales, in %, 2016 Internet Users & Online Shoppers Internet Penetration, in % of Individuals, Online Shopper Penetration, in % of Internet Users, Products Product Categories Purchased Online, in % of Online Shoppers, 2016 Payment Awareness and Usage of Payment Methods in E-Commerce, in % of Online Shoppers, January 2017 Delivery Most Important Aspects Related to Delivery, in % of Internet Users, September 2016 Players Top 10 Online Shops by Revenues, in EUR million, 2015 Online Shops, by Share of Internet Users Who Visited and Who Purchased, in %, January 2017 Poland Trends B2C E-Commerce Overview and International Comparisons, July 2017 Devices Used for Shopping-Related Activities, in % of Multi-Device Internet Users, 2015 & 2016 Devices Used on Various Stages of Purchase, by Decision, Purchase and Payment, in % of Multi-Device Internet Users, October 2016

TABLE OF CONTENTS (12 OF 14) Poland (Cont.) 14.2. Sales & Shares
B2C E-Commerce Sales, in PLN billion, 2016e & 2020f B2C E-Commerce Share of Total Retail Sales, in %, 2016e & 2020f B2C E-Commerce Sales, in EUR billion, and Share of Total Retail Sales, in %, 2015 – 2017f Internet Users & Online Shoppers Internet Penetration, in % of Individuals, 2012 – 2016 Online Shopper Penetration, in % of Individuals, 2012 – 2016 Products Product Categories Purchased Online, in % of Online Shoppers, 2015 & 2016 Payment Payment Methods Used in E-Commerce, in % of Individuals, 2015 & 2016 Payment Methods Used in Online Shopping, in % of Online Shoppers, 6 Months to December 2016 Delivery Delivery Methods Used in E-Commerce, in % of Online Shoppers, April 2016 Breakdown of Maximum Acceptable Delivery Time, in % of Online Shoppers, June 2016 Players B2C E-Commerce Player Overview, July 2017 Top 15 E-Commerce Websites Most Associated with Online Shopping, in % Internet Users, April 2016 Top 5 E-Commerce Websites, by Total Website Visits, in millions, Poland’s Share of Total Visits, in %, and Estimated Number of Website Visits from Poland, in millions, May 2017 Turkey 15.1. Trends B2C E-Commerce Overview and International Comparisons, July 2017 Devices Used in Online Shopping, in % of Online Shoppers, January 2017 M-Commerce Share of Retail E-Commerce Sales, in %, 2012, 2016 & 2021f Breakdown of Online Shopping Preference, by Domestic and Foreign Online Stores, in % of Online Shoppers, February 2017 Sales & Shares E-Commerce Sales by Segment, in TRY billion, 2015 & 2016 Retail E-Commerce Sales, in TRY billion, and Year-on-Year Change, in %, Retail E-Commerce Sales by Segment, by Pure Online Retail and Multichannel Retail, in TRY billion, and Year-on-Year Change, in %, 2016 E-Commerce Share of Total Retail Sales, in %, 2012 & 2016

TABLE OF CONTENTS (13 OF 14) Turkey (Cont.)
Internet Users & Online Shoppers Internet Penetration, in % of Individuals, Internet Penetration, by Age Group and Gender, in % of Individuals in Each Group, Q1 2016 Online Shopper Penetration, in % of Internet Users, 2011 – 2016 Products Product Categories Purchased Online, in % of Online Shoppers, by Gender, 12 Months to March 2016 Product Categories Purchased Online, in % of Online Shoppers, January 2017 Payment Payment Methods Used in E-Commerce, in % of Online Shoppers, January 2017 Number of Domestic E-Commerce Transactions with Bank Cards, in millions, and Value, in TRY million, Q – Q1 2017 Number of Cross-Border E-Commerce Transactions with Domestic Bank Cards, in millions, and Value, in TRY million, Q – Q1 2017 15.6. Delivery Problems Encountered When Shopping Online, in % of Online Shoppers, by Gender and Total, 12 Months to March 2016 Problems Encountered At The Moment of Delivery, in % of Online Shoppers, July 2016 15.7. Players B2C E-Commerce Player Overview, July 2017 E-Commerce Websites Purchased from, in % of Online Shoppers, January 2017 Preferred E-Commerce Sites, in % of Online Shoppers, July 2016 Top 4 E-Commerce Websites, by Total Website Visits, in millions, incl. Rank Among All Websites in Turkey and Category, June 2017 16. Portugal Trends Shopping-Related Activities Performed via Mobile Devices, in % of Internet Users, March 2016 Cross-Border Online Shopper Penetration, in % of Online Shoppers, October 2016 Cross-Border Share of Online Purchases, in %, October 2016 Sales & Shares B2C E-Commerce Sales, in EUR billion, 2012 – 2025f B2C E-Commerce Share of Retail Sales, in %, 2015 & 2016e Internet Users & Online Shoppers Online Shopper Penetration, in % of Internet Users,

TABLE OF CONTENTS (14 OF 14) Portugal (Cont.) 16.4. Products
Product Categories Purchased Online, in % of Online Shoppers, 2016 Payment Payment Methods Used in E-Commerce, in % of Banked Internet Users, July 2016 Delivery Preferred Delivery Options, in % of Online Shoppers, September 2016 Players Foreign E-Commerce Websites Purchased From, in % of Online Shoppers, October 2016 Top 3 Retail Website Properties, by Number of Unique Visitors, in thousands, March 2017

1. Management Summary 21 – 36 2. Regional Overview 37 – 65 3. UK 66 – 89 4. Germany 90 – 112 5. France 113 – 133 6. Russia 134 – 155 7. Spain 156 – 171 8. Italy 172 – 186 9. Netherlands 187 – 198 10. Switzerland 199 – 209 11. Sweden 210 – 225 12. Belgium 226 – 240 13. Austria 241 – 252 14. Poland 253 – 269 15. Turkey 270 – 292 16. Portugal 293 – 305

Management Summary (1 of 15) - Regional
Western Europe (Regional) Global Comparisons With regional sales of EUR billion, Europe was the third largest B2C E-Commerce market in the world in 2016, behind Asia and North America. When including B2C E-Commerce sales of travel and other services, Europe’s online sales were estimated at EUR billion in 2016, up by +15% year-on-year. In spite of CAGR of +10.1% projected for Western Europe and +14.8% for Eastern Europe between 2016 and 2021, the region’s total share of global B2C E-Commerce is projected to decline from 22.2% to 18.7%, primarily due to a more rapid growth of emerging markets in Asia. The share of B2C E-Commerce in total retail sales reached 7.9% in Western and 4.5% in Eastern Europe in 2016, with a projection of 10.9% and 6.7% by 2021, accordingly. In comparison, in Asia this share is expected to rise from 11.1% in 2016 to 17.3% in 2021, and in North America from 10.1% to 16.4%. Online travel sales in Western Europe, estimated at EUR billion in 2016, are projected to grow at CAGR of just +4.2% between 2016 and 2020, similar to the +4.3% in North America and below the projected growth rates of all other global regions. Eastern Europe generated an estimated EUR 6.1 billion in online travel sales, with a CAGR forecast of +10.8% through 2020. In terms of cross-border B2C E-Commerce sales, Western Europe alone is projected to rank second following Asia-Pacific in 2020, with sales of EUR billion. As of 2016, a major share of the cross-border trade was intra-regional, as only 15% of online purchases by shoppers in Western Europe stemmed from other regions. In contrast, this share was 43% in Eastern Europe. Regional Comparisons Within Europe, the UK, Germany and France occupy the first three positions by 2016 B2C E-Commerce sales, with the UK accounting for more online sales of products and services than Germany and France together. Among the EU countries, the top positions by Internet and online shopper penetration are also from Western Europe. In terms of Internet penetration in the EU, Luxembourg (98%), Denmark (97%), Sweden (95%) and the UK (95%) were the leaders in 2016, while by online shopper penetration among Internet users, the UK (87%), Denmark (84%), Germany (82%), Luxembourg (80%) and Sweden (80%) led the pack. “Clothing and sports goods” was the leading product category purchased by 61% of online shoppers in the EU, followed by “Travel and holiday accommodation” with 52%. The payment method preference of online shoppers in European countries varied, with the UK (47%), France (51%), Belgium (50%) and the Nordics (35%) preferring “Debit card or credit card”, while in Spain (42%) and Italy (47%), for example, “PayPal or similar” was chosen over cards. More than one-half of online shoppers in major European markets were willing to wait for maximum 3-5 days for delivery, as of May 2016. Regarding the top market trends, the UK had the highest M-Commerce share of E-Commerce transactions (52%) among selected countries of Europe in Q4 2016, while cross-border online shopper penetration was the highest in Malta (98%), Luxembourg (94%), Cyprus (92%) and Austria (81%).

Management Summary (2 of 15) - United Kingdom
Trends The UK is Europe’s largest and most advanced online retail market. Still, more growth is expected through 2021, especially from mobile. The mobile share of retail E-Commerce sales in the UK is projected to rise from 37% estimated in 2016 to 44.7% in 2020. The cross-border online shopping trend is also expected to strengthen: while 44% of online shoppers reported buying cross-border in August 2016, 80% said they would consider doing so in the future. Sales & Shares Retail E-Commerce sales in the UK were estimated at between EUR 83.2 billion, defined as B2C and C2C E-Commerce sales including services but excluding travel, and EUR billion, defined as online sales of UK retailers, including travel. 14.7% of total retail sales in the UK in 2016 was online, up from 9.3% in 2012. Due to this level of advancement, the growth rates of B2C E-Commerce sales through 2020 are expected to be moderate, projected by various sources at between +7.6% and +10.5%. Users & Shoppers 82% of individuals aged 16+ or 42 million people in the UK accessed the Internet daily or almost daily in 2016, and 77% of individuals made purchases over the Internet. 30% of online shoppers purchased online 11 times or more every three months. Products “Clothes or sports goods” (54%) remained the product category most purchased online by shoppers in the UK in 2016, followed by “Household goods (e.g. furniture, toys)” (48%). Payment A combined share of 51% of online shoppers in the UK preferred by pay by bank card, either “Credit card” (28%) or “Debit card” (23%), while 46% preferred “PayPal”, according to a survey from February In another survey, 50% online shoppers trusted “PayPal” when making purchases online, compared to 38% trusting “Credit card”. Delivery 30% of online shoppers in the UK reported “Speed of delivery slower than indicated” in 2016. When choosing from delivery options other than home delivery, 54% of online shoppers in the UK preferred “Click & Collect”, as of February 2017. Players With net sales of EUR 8.6 billion in 2016, Amazon was the leading online retailer in the UK. Nearly 1 out of 4 consumers surveyed in 2016 named Amazon as their favorite retail brand. 38 million unique visitors from the UK were on Amazon’s sites in December 2016. Other online pure-plays, clothing online retailers ASOS and Boohoo increased their revenues by +27% and by +40% in their latest financial years. While traditional retailers such as M&S, Next and Debenhams are also seeing growth in online sales, this expansion comes at a cost as profit margins are falling. Another top brick-and-mortar retailer, Tesco, admitted that online was a less profitable channel than the average for the company.

Management Summary (3 of 15) - Germany
Trends Supported by increased mobile commerce and multi-channel activity both of consumers and retailers, online sales in Germany are outpacing the growth of the total retail market, with a year-on-year increase of +11% versus +2%, as of 2016. M-Commerce sales are growing even faster than overall online retail, up by +40% in 2016 and a projected growth of +23% to EUR 21 billion in Still, only 39% of online shoppers used smartphones for purchase, compared to 66% using laptops and 50% desktop PCs in 2016. Furthermore, 8% of online shoppers in Germany purchased cross-border regularly and 54% occasionally, as of December 2016. Sales & Shares Three different sources estimated B2C E-Commerce sales in Germany, excluding travel, at between EUR 52 billion and EUR 53 billion. The CAGR for the period 2016 to 2020 is expected at between +8% and +11%. The online share of total retail sales in Germany was estimated by two sources at 9.1% and 9.4%. By 2020, this figure could reach 15.2%. Users & Shoppers The number of Internet users in Germany reached 62 million in 2016, accounting for 84% of individuals aged 10+. The number of online shoppers amounted to 48 million in 2016, with a penetration rate of 76% of Internet users. In terms of shopping frequency, 37% of online shoppers made 3-5 online purchases during 3 months prior to a survey in 2016. Products “Clothing” (EUR 11.2 billion) was the largest product category in German B2C E-Commerce by 2016 sales, while “Groceries” was the fastest growing (up by +26% to EUR 0.9 billion). Payment “Direct debit” (32%) was the leading payment method in terms of share of online purchases of products in Germany in 2016, followed by “Digital payment service” (26%) and “Payment by invoice after receipt” (20%), while among the online purchases of services, “Credit card” (35%) was leading. According to online shopper survey, however, “Invoice” (70%) was the most popular payment method, followed by “Online payment service” (67%). Delivery 57% of online shoppers in Germany reported “Late delivery” among the problems encountered with online purchase in 12 months to Q Players Amazon plays a central role in the German B2C E-Commerce competition landscape. The company was known to 99.9% of online shoppers surveyed in 2016 and purchased from by 97.4%. In addition, a March 2017 survey revealed that 45.2% of Amazon buyers purchase online mainly from Amazon and 9.4% exclusively from Amazon. Furthermore, 58% of online shoppers started the research for their purchase at Amazon, regardless of whether they completed the purchase on this platform or not. Amazon had net sales of EUR 12.8 billion in Germany, including product sales and service fees, such as from the marketplace. By 2015 sales estimates, Amazon.de (EUR 7.8 billion), Otto.de (EUR 2.3 billion) and Zalando.de (1.0 billion) were the top 3 online shops.

Management Summary (4 of 15) - France
Trends M-Commerce sales in France are projected to reach EUR 15.8 billion in 2020, accounting for 35% of online retail. Already in Q1 2017, 27% of B2C E-Commerce sales were on mobile, up from 22% in Q 46% of Internet users in France made online purchases cross-border in June 2016, nearly no change from 45% in June 2015. 93% of multi-channel shoppers in France were interested in web-to-store services, such as checking the merchant’s prices and promotions online. Furthermore, 48% of France’s online shoppers surveyed in July 2016 researched in-store and purchased online. Sales & Shares The transaction value processed on French E-Commerce websites, including products, services and travel, increased by +14.6% to EUR 72 billion in 2016 and is projected to continue growing by +11% in 2017. According to another estimate, EUR 35 billion of retail sales in France were online, or 6% of total retail sales, excluding travel and event tickets. By 2020, this share could increase to 8%. Users & Shoppers 88% of France’s population were Internet users in 2016 and 75% of them made purchases online. Products 57% of online shoppers in France purchased “Clothing and sports goods” and 53% bought “Travel and holiday accommodation” in 2016. Payment “Bank card” was used by 80% of online shoppers to pay for their Internet purchases, as of June 2016, compared to 42% using “Online payment service (PayPal, etc.)”. Delivery “Home delivery” was the preferred delivery method used by 93% of online shoppers in March 2016, while “Premium subscriptions” had the highest growth potential among delivery options, as 10% of shoppers already used them and 40% haven’t used but had plans to do so. Players The competitive E-Commerce landscape in France is dominated by large players, with 0.5% of online shops accounting for 61% of the market’s turnover in 2016, and 4.5% for 84%. Among them, Amazon was leading both in terms of monthly visits (23.5 million in Q1 2017) and the market share, estimated at 11% on the global brand owner basis in 2016. Other popular shopping destinations as measured by the number of unique visitors per month in Q included Cdiscount (16.7 million) and Fnac (13.3 million). Cdiscount generated GMV of EUR 3 billion in France 2016, up from EUR 2.7 billion in 2015, while store-based retailer Fnac Darty reported a significant increase of sales via its online marketplaces and a growth in omnichannel orders, such as using the click & collect service.

Management Summary (5 of 15) - Russia
Trends Having recovered from the impact of the economic crisis which moderated the online sales growth in 2015, B2C E-Commerce in Russia resumed growth rate at above +20% in 2016, and is projected to maintain this level through 2020. Shopping from mobile is one of the growth drivers for Russia’s online retail market. M-Commerce accounted for 16% of overall B2C E-Commerce sales in Russia in 2016 and for above 30% of sales in the largest online shops. The share of cross-border imports in overall B2C E-Commerce sales in Russia more than doubled from 15% in 2011 to 33% in In 2017, it is expected to grow further to 37%. China accounted for 52% of cross-border spending of online shoppers in Russia in 2016, and for 90% of shipments. Sales & Shares According to different sources, online retail sales of goods in Russia increased by more than +20% to between RUB 800 billion (EUR 10.8 billion), excluding cross-border import, and RUB 920 billion (EUR 12.5 billion) including it. As per one projection, B2C E-Commerce could increase by +25% in 2017 to reach RUB 1.15 trillion (EUR 15.6 billion), and as per another, double between 2016 and 2020, to RUB 2 trillion (EUR 27 billion). As of 2016, B2C E-Commerce’s share of total retail sales in Russia was estimated at around 4%. Internet Users & Online Shoppers The number of active Internet users in Russia, who access the web at least once a week, reached 78.8 million in 2016, up by +4% year-on-year, accounting for 71.5% of population aged In the same population segment, online shopper penetration amounted to 23.1%. Products “Household appliances” was the largest product category, accounting for 33% of domestic and for 32% of cross-border B2C E-Commerce sales in Russia in “Clothes and shoes” ranked second with 26% and 36%, respectively. Payment 68.4% of online shoppers paid by bank card in 2016, up from 60.2% in 2015, while the share of those paying in cash on delivery declined to 36.7%. Delivery Ordering items online and having them delivered (59.4%) was nearly as popular among Russian online shoppers as ordering online and picking up from the closest distribution point (53.9%) in 2016. Players Among Russian online shops, the largest by 2016 sales was online clothing retailer Wildberries.ru. It increased sales by +43% to an estimated RUB 45.6 billion (EUR 0.6 billion of sales). Online mass merchant Ulmart.ru ranked second with RUB 38.8 billion (EUR 0.5 billion). However, in rankings by online shoppers’ usage and unique website visitors, China-based AliExpress was ahead of all Russian competitors. The platforms popularity is supported by the shoppers’ perception of it having low prices (92%) and wide product offering (88%). AliExpress was the top destination for purchases of clothing and shoes (63.8%), goods for children (58.0%) and electronics (36.7%) in 2016.

Management Summary (6 of 15) - Spain
Trends Mobile commerce is showing a rapid growth in Spain, increasing its share of B2C E-Commerce sales from 15% in 2015 to an estimated 31% in This growth is attributed to the increasing number of mobile shoppers, up from 35% of online shoppers in 2015 to 50% in 2016. In terms of cross-border purchases, E-Commerce exports from Spain exceeded both the import and domestic E-Commerce transactions in Q 24% of online shoppers in Spain mostly researched products online and purchased offline, while 10% engaged in showrooming, i.e. researched offline and purchased online, as of May 2016. Sales & Shares B2C E-Commerce sales in Spain, including products, services, travel and cross-border, amounted to EUR 20 billion in 2015, of which EUR 8 billion were domestic transactions. In the first three quarters of 2016, the sales reached EUR 17.5 billion, up by +19.2% from the same period in 2015. In 2017, 63% of online stores surveyed in Spain expected sales growth of greater than 10% and 25% expected an increase of up to 30%. The online share of total retail sales of products in Spain is projected to increase from 3.5% in 2015 to 4.8% in 2017. Users & Shoppers 81% of individuals in Spain were online in 2016, an increase of +12 percentage points from 69% in 2011. 75% of Internet users made purchases over the Internet, up from 67% in 2011. Products “Travel and Holiday Accommodation” (57%) and “Clothing and Sports Goods” (52%) were the top two categories purchased online by online shoppers in Spain in 2016. According to another survey, 57% of online shoppers purchased “Tourism (Tickets, Hotels, etc.)” and 55% bought “Fashion”. Payment “Debit card” (61%) and “PayPal” (51%) were the leading payment methods used by Spain’s online shoppers in In comparison, “Credit card’ was used by 23% of online shoppers and “Cash on delivery” by 17%. Delivery 66% of Spain’s online shoppers expected delivery in less than 5 days and 76% preferred home delivery, as of May 2016. Players The top 3 E-Commerce websites by number of unique visitors from Spain in May 2016 were Amazon (14.1 million), AliExpress (7.9 million) and El Corte Inglés (6.8 million).

Management Summary (7 of 15) - Italy
Trends M-Commerce sales in Italy reached EUR 3.3 billion in 2016, accounting for 17% of total B2C E-Commerce sales. Cross-border B2C E-Commerce imports to Italy are expected to rise from EUR 5.3 billion in 2016 to EUR 5.9 billion in 2017. Sales & Shares B2C E-Commerce sales in Italy, including products, services, travel and cross-border imports, are projected to increase by +16% to EUR 23.1 billion in 2017, with the growth rate declining from +20% in 2016. B2C E-Commerce’s share of total retail sales in Italy is projected to increase from 5.0% in 2016 to 5.6% in 2017. Users & Shoppers Italy’s Internet penetration increased from 57% in 2011 to 71% in 2016. 41% of Internet users shopped online in 2016, up from 27% in 2011. 35-44 year-olds was the largest age group among online shoppers, accounting for a quarter (25%) of all online shoppers. Products B2C E-Commerce sales in Italy are projected to have an even split by products (50%) and services (50%) for the first time in 2017, while in 2016 services accounted for 54% and products for 46%. Among the product categories, “Informatics and electronics” was in terms of online sales (EUR 2.9 billion), followed by “Clothes” with EUR 1.9 billion. “Food and groceries” is projected to have the strongest growth in 2017, up by +37% from EUR 593 million in 2016. Among services, “Tourism” was the largest with EUR 8.6 billion of B2C E-Commerce sales. Payment As of October 2016, 60% of online shoppers preferred to pay by “PayPal” and 20% by “Credit card”. Delivery 38% of online shoppers in Italy preferred their purchases to be delivered with BRT, 19% with SDA Express Courier and 17% with DHL in October 2016. Players In June 2017, the top E-Commerce websites in Italy by number of unique visitors were eBay (50 million) and Amazon (47 million). Looking at domestic and cross-border B2C E-Commerce sales of Italian companies, 41% was generated by traditional retailers and 59% by online pure-plays, including aggregators (39%) and online retailers (20%).

Management Summary (8 of 15) - Netherlands
Trends Tablets and smartphones increased their combined share of online purchases in the Netherlands from 16% in Q to 19% in Q 26% of individuals in the Netherlands made cross-border purchases online in 2016, up from 23% in Cross-border online spending also increased, by +24% to EUR 637 million in 2016. Sales & Shares B2C E-Commerce sales in the Netherlands, including travel and cross-border imports, are expected to exceed EUR 24 billion in 2017, an increase of +20% from This is a deceleration of the growth rate of +22.5% for 2015 to 2016. The B2C E-Commerce share of total retail sales increased from 8.9% in 2015 to 11.3% in 2016. Users & Shoppers Internet penetration in the Netherlands has remained at over 90% of population since 2011, reaching 94% in 2016. Online shopper penetration reached 79% of Internet users in 2016, up by +5 percentage points from 2011. Products “Clothes, sports equipment” (70%) was the product category most purchased by online shoppers in Netherlands in 2016, closely followed by “Travel, vacation, accommodation” (65%). Payment “iDEAL” is the payment method most used by online shoppers in Netherlands, accounting for 57% of online purchases in 2016 and followed by “Credit Card” (12%) in 2016. The fastest growing payment method was “AfterPay” with a 3% share in 2016, up from 2% in 2015. Delivery Cost (53%) was the most important factor related to the delivery process for online shoppers in the Netherlands in June 2016, followed by knowing the day and time of delivery at the moment of purchase (52%) and speed (51%). Players Bol.com (EUR 730 million) was the largest online retailer in the Netherlands by 2015 revenues, followed by Wehkamp (EUR 540 million) and Zalando (EUR 510 million). Amazon’s sales in the Netherlands were estimated at EUR 320 million in the same year.

Management Summary (9 of 15) - Switzerland
Trends 36% of Internet users in Switzerland shopped online using their mobile devices, as of June 2016. Cross-border online purchases by Swiss online shoppers amounted to EUR 1.2 billion in 2016, up by +18% from 2015, and an additional EUR 229 million worth of purchases was made from foreign Internet stores and delivered to pick-up stations abroad. Sales & Shares Total online spending of Switzerland’s shoppers reached EUR 7.38 billion in 2016. Of that amount, 71.4% was on domestic B2C platforms, 9.3% on C2C marketplaces and 19.3% was cross-border. The E-Commerce share of total retail sales in Switzerland is projected to increase from 15.3% in 2016 to 20.0% in 2019. Users & Shoppers 89% of individuals in Switzerland used the Internet at least once during 6 months to September 2016. 97% of Internet users surveyed in 2016 made purchases over the Internet. Products “Multimedia, HiFi and Electrical Appliances” (EUR 1.7 billion) was the leading category by B2C E-Commerce and mail-order sales in Switzerland in 2016, followed by “Fashion and shoes” (EUR 1.4 billion) and “Food” (EUR 0.8 billion). Payment 80% of the product revenues of Switzerland’s E-Commerce and mail order sellers were paid by “Invoice” in 2016, compared to 81% in “Credit card” ranked second with 15% in 2016, up by +2 percentage points from 2015. Delivery The convenience of “Home delivery” (59%) was one of the top motivations for shoppers in Switzerland to make purchases online in 2016. Players Digitec.ch was the largest online shop in Switzerland with estimated revenues of EUR 646 million in 2016, followed by Zalando.ch (EUR 490 million) and Amazon.de (EUR 436 million).

Management Summary (10 of 15) - Sweden
Trends According to a 2016 survey, 29% of consumers in Sweden crossed multiple channels in their last purchase and spent +65% more on this purchase than single-channel shoppers. Mobile shopper penetration in Sweden increased from 42% of Internet users in 2015 to 51% in 2016. Furthermore, 44% of online shoppers in Sweden made cross-border online purchases in a year to October 2016. Sales & Shares B2C E-Commerce sales in Sweden are projected to reach EUR 7.2 billion and account for 8.8% of retail sales in This is an increase from EUR 6.2 billion and 7.7% in 2016. Users & Shoppers During the period from 2011 to 2016, Internet penetration in Sweden remained above 90%, reaching 95% in 2016. Online shopper penetration increased from 75% of Internet users in 2011 to 80% in 2016. Products “Consumer electronics” (EUR 1.3 billion) was the B2C E-Commerce sector with the highest revenues in Sweden in 2016, followed by “Clothing and footwear” (EUR million). 69% of online shoppers in Sweden purchased “Travel and holiday accommodation” in 2016, while 63% bought “Clothes, sports goods”. Payment The share of online shoppers in Sweden preferring to pay by card increased from 26% in Q to 35% in Q4 2016, while the share of those preferring invoice declined from 43% to 37% in the same period. The ability to select from different payment options was important to 78% of online shoppers in Sweden, as of Q Delivery Collection from a distribution point (37%) was the most preferred delivery option among online shoppers in Sweden in June 2016. In terms of delivery time, 49% of online shoppers expected delivery within 2 or 3 business days. Players Amazon had a total of 25 million total non-unique visitors from Sweden on its top 3 domains, including Amazon.com (15.7 million), Amazon.co.uk (7.1 million) and Amazon.de (2.6 million) in Q Aliexpress.com was another popular cross-border platform with 7.4 million visits. Among domestic shopping websites in Sweden, Ikea.com had the largest number of visits in Q (8.9 million), followed by Netonnet.se (7.4 million) and Eligiganten.se (7.3 million).

Management Summary (11 of 15) - Belgium
Trends 13% of online spending in Belgium in Q was generated on mobile, including 8% on tablet and 5% on smartphone. Smartphone overtook tablet as the third most used device for online shopping and increased its share of online spending by +2 percentage points between Q and Q 32% of online shoppers in Belgium stated that their online purchases were “mainly” (25) or “totally” (7%) a replacement for previous offline purchases, while for 35% those were new or extra purchases and for 32% as often new or extra as replacement of previous offline purchases. Sales & Shares In 2016, B2C E-Commerce sales in Belgium grew by +10% from the previous year, reaching EUR 9.1 billion, including travel and other services. The online share of total consumer spending on products and services in Belgium increased from 14% in 2015 to 16% in When excluding services, this share was 7% and 8%, respectively. Users & Shoppers The Internet penetration rate in Belgium reached 87% of individuals in 2016, up from 83% in 2011. In 2016, 65% of Internet users in Belgium shopped online, up from 53% in 2011. Products The product category most purchased by online shoppers in Belgium in 2016 was “Clothes, sports goods” (55%), followed by “Travel and holiday accommodation” (47%). Payment Credit card’s share of online purchases in Belgium declined from 51% in Q to 49% in Q1 2017, while Bancontact’s share grew from 45% to 47%. Delivery 44% of online shoppers expected to receive free delivery and further 20% to pay less than EUR 4. Players With estimated revenues of EUR 946 million during 12 months to October 2016, Amazon was the largest online retailer in Belgium. 12% of online shoppers surveyed in Q made their last purchase from Amazon and 14% from Bol.com. Online clothing retailer Zalando ranked third with 8%.

Management Summary (12 of 15) - Austria
Trends Online purchases via smartphone in Austria reached EUR 530 million in a year to April 2017, up by +26% year-on-year. During this period, 21% of individuals aged 15+ made purchases via smartphone. Sales & Shares The gross annual turnover in Austrian Internet retail increased by +4% to EUR 3.4 billion in 2016. Close to 5% of total retail sales were online in 2016. Users & Shoppers Between 2011 and 2016, the Internet penetration rate in Austria increased by +5 percentage points and reached 85% of individuals. 68% of Internet users in Austria made purchases online in 2016, up from 56% in 2011. Products In 2016, “Clothes, Sports Goods” (65%) was the leading product category purchased by online shoppers in Austria, followed by “Travel and holiday accommodation” (54%) and “Books, Magazines, Newspapers” (43%). Payment “Invoice after delivery” was both the most known (82%) and the most used (56%) payment method among Austria’s online shoppers in January “Credit card” ranked second (78% knew, 51% used). Delivery As of September 2016, “Free Delivery” (42%) was the most important aspect for online shoppers in Austria related to delivery. “Reliable delivery date” (23%) ranked second and “Free return” (20%) third. Players Amazon.de was the largest online shop in Austria with estimated revenues of EUR million in In the same ranking, it was followed by Zalando (EUR million) and Universal (EUR million). 85% of Internet users surveyed in January 2017 visited Amazon and 78% purchased from it. The highest discrepancy between the share of Internet users visiting and buying was for store-based retailers, such as Ikea (42% compared to 11%) and Saturn (42% compared to 11%).

Management Summary (13 of 15) - Poland
Trends 45% of multi-device Internet users in Poland used smartphones for shopping-related activities in 2016, up from 25% in 2015, although laptop (58%) remained in the lead as the device most used for purchase. Sales & Shares The value of the B2C E-Commerce market in Poland in 2016 was estimated by two different sources at between EUR 6.0 billion and EUR 7.9 billion. From 2016 to 2020, B2C E-Commerce sales in Poland are projected to rise at CAGR of +16% to EUR 14 billion and account for 12% of the total retail sales. Internet Users & Online Shoppers Internet penetration among individuals aged in Poland improved from 59.3% in 2012 to 71.7% in 2016. In the same period, online shopper penetration grew from 30.3% of individuals to 41.9%. Products “Clothes, sports goods” (62.5%) was the leading product category purchased by online shoppers in Poland in 2016, followed by the “Equipment” category (38.9%) which includes furniture, household appliances, toys, items for hobby and other goods. Payment Various sources indicate the leadership of the “Electronic transfer” among the payment methods used by online shoppers in Poland in Within this category, “Fast transfer services” such as PayU, Prezelewy24 and Dotpay, were used by 48% of online shoppers and “Traditional bank transfer” by 35%. Delivery As of April 2016, the delivery method most often used by online shoppers in Poland was “Delivery via courier directly to home/work” (46%). Players Allegro Group dominates the B2C E-Commerce market in Poland with a value share of 37% in The rest of the market is fragmented with insignificant shares held by other players. Naspers Ltd., which acquired Allegro in 2008, sold its stake in the company for USD 3.25 billion in early 2017, more than double the price it paid in Allegro Group operates two out of the three most visited online shopping websites in Poland in May 2017: online marketplace and auction site Allegro.pl (178 million visits) and online price comparison site and marketplace Ceneo.pl (34 million visits). Online classifieds website OLX.pl (105 million visits), ranking second, remained in Nasper’s ownership. Among the foreign E-Commerce companies, Amazon has been active on the Polish market by opening four logistics centers in the country, with a fifth center planned for the end of These capacities, however, are mainly used to serve the neighboring German market. Amazon does not have a country-specific website in Poland, but launched a Polish language version of the German website Amazon.de in late 2016.

Management Summary (14 of 15) - Turkey
Trends M-Commerce is the top trend in Turkey’s online retail. Smartphone was the most popular device used by 65% online shoppers to make purchases, ahead of laptop (61%) and desktop computer (41%). The mobile share of total E-Commerce sales increased from 9% in 2012 to 19% in 2016, and is projected to reach nearly one-half (49%) in 2021. The cross-border online shopping trend in Turkey is weaker compared to mobile. In February 2017, 81% of online shoppers preferred domestic over foreign online stores. Still, China-based cross-border shopping platform Aliexpress.com had 1.7 million website users from Turkey in December 2016, and Amazon.com had 1.9 million. Sales & Shares Retail E-Commerce sales in Turkey reached EUR 5.2 billion in 2016, including B2C and C2C E-Commerce sales of products and services, and excluding travel. The growth rate moderated from +37% in 2014 to +32% in 2016. E-Commerce’s share in total retail sales increased from 1.7% in 2012 to 3.5% in 2016. Internet Users & Online Shoppers Internet penetration in Turkey grew from 45.0% of individuals aged in 2011 to 61.2% in 2016. Online shopper penetration among Internet users increased from 18.6% to 34.1% in the same time period. Products “Clothes, sports goods” (60%) was the product category most purchased by online shoppers in Turkey in a year to March 2016, followed by “Travel arrangements” in distant second with two times less online shoppers (30%). According to another survey, from January 2017, the dominance of “Clothing” (79%) was less potent, as “Electronics” (65%) and “Transportation tickets” (64%) also ranked high. Online travel sales in Turkey increased by +13% to EUR 3 billion in 2016. Payment 83% of online shoppers in Turkey preferred to make “Online payment by credit card”, as of January Cash on delivery ranked in distant second with only 25%. Domestic E-Commerce transactions with bank cards issued in Turkey reached EUR 19 billion in 2016, up by +25%, and cross-border E-Commerce transactions EUR 1.6 billion, up by +17%. Delivery 45% of online shoppers in Turkey reported “Speed of delivery longer than indicated” in a year to Q This issue ranked first among the problems encoutered by consumers when shopping online. Players B2C E-Commerce competition landscape in Turkey is championed by three major marketplaces. These are Hepsiburada.com, purchased from by 68% of online shoppers in a January 2017, followed by Gittigidiyor.com with 56% and N11.com with 51%. They also were the most visited E-Commerce websites in the country in June 2017, following the online classifieds platform Sahibinden.com.

Management Summary (15 of 15) - Portugal
Trends 52% of Internet users in Portugal used their mobile devices to research products and compare prices when shopping in March 2016. 87% of online shoppers in Portugal had made cross-border online purchases in 12 months to October 2016. Sales & Shares Total online purchase volume by Portuguese online shoppers, including domestic and cross-border, increased by +11% to EUR 4.2 billion in It is projected to reach EUR 9.2 billion by As of October 2016, 45% of online purchases were cross-border and 55% domestic. B2C E-Commerce accounted for an estimated 5.0% of total retail sales in Portugal in 2016, up from 3.9% in 2015. Users & Shoppers 71% of individuals in Portugal were Internet users in 2016, up from 58% in 2011. Online shoppers accounted for 43% of Internet users in 2016, compared to 31% in 2011. Products “Clothes, sports goods” (55%) and “Travel and holiday accommodation” (53%) were the top categories purchased by Portugal’s online shoppers. Payment 53% of Internet users in Portugal with a bank account used the “Multibanco” payment method when shopping online in July “Bank card” was used by 26%. Delivery 75% of online shoppers in Portugal preferred their purchase to be delivered to their home, as of September 2016. Players eBay was the leading foreign E-Commerce website purchased from by 54% of online shoppers in Portugal in October Amazon ranked second with 38%. In March 2017, 0.8 million unique visitors from Portugal were on Amazon’s sites, compared to 0.5 million on Alibaba’s sites and 0.4 million on the sites of the Fnac Group.

Europe’s share of global B2C E-Commerce sales is projected to decline from 22.2% in 2016 to 18.7% in 2021. Global: Breakdown of Global B2C E-Commerce Sales by Region, in %, 2016 & 2021f 2016 2021f Note: percentage shares were calculated based on the sales numbers reported by the source for each respective region and worldwide Definition: Internet retailing excluding tax defined as sales of goods and digital content to the general public via the Internet; sales from businesses to consumers via online shopping malls and marketplaces are included; B2B and C2C transactions are excluded Source: Euromonitor International cited by HKTDC, April 2017 38

Western Europe is forecasted to retain its third rank worldwide by B2C E-Commerce sales through 2021, followed by Eastern Europe. Global: Global B2C E-Commerce Sales, in USD billion, B2C E-Commerce Share of Total Retail Sales, in %, and CAGR, in %, by Region, 2011, 2016 & 2021f B2C E-Commerce Sales, in USD billion CAGR, in % B2C E-Commerce Share of Total Retail Sales 2011 2016 2021f f Asia 120.7 523.2 1,111.1 +34.1% +16.3% 3.0% 11.1% 17.3% North America 166.0 330.0 648.7 +14.7% +14.5% 5.6% 10.1% 16.4% Western Europe 145.4 230.2 372.2 +9.6% +10.1% 4.3% 7.9% 10.9% Eastern Europe 18.3 28.4 56.7 +9.2% +14.8% 2.1% 4.5% 6.7% Latin America 16.6 24.9 54.2 +8.5% +16.8% 1.6% 2.9% 4.7% Australasia 8.5 16.7 30.6 +12.9% 3.1% 7.1% 10.5% Middle East and Africa 2.6 9.1 28.3 +28.1% +25.5% 0.3% 0.9% 1.7% Total Worldwide 478.1 1,162.5 2,301.8 +19.4% +14.6% 3.6% 8.5% 13.0% Definition: Internet retailing excluding tax defined as sales of goods and digital content to the general public via the Internet; sales from businesses to consumers via online shopping malls and marketplaces are included; B2B and C2C transactions are excluded Source: Euromonitor International cited by HKTDC, April 2017

in % of Total Retail Sales in the Region
With an estimated 8.3%, Western Europe was the second leading region in the world by E-Commerce’s share of total retail sales in 2016. Global: Retail E-Commerce Share of Total Retail Sales, in %, by Region, 2016e in % of Total Retail Sales in the Region Definition: retail E-Commerce sales of products or services ordered using the Internet via any device, regardless of the method of payment or fulfillment; includes E-Commerce sales from retailers and transactions occurring over C2C platforms and auction sites, as well as sales by motor vehicle and parts dealers and by gas stations; excludes travel and event tickets Source: eMarketer, August 2016

Along with North America, Western Europe’s online travel market is projected to have the lowest growth rates through 2020. Global: Global Online Travel Sales, by Region, in USD billion, and CAGR, in %, 2015 – 2020f in USD billion 2015 2016e 2017f 2018f 2019f 2020f CAGR 2015 – 2020f North America 177.52 190.76 200.43 209.60 218.16 225.97 +4.9% Asia-Pacific 140.80 177.66 215.92 254.12 291.28 328.73 +18.5% Western Europe 130.16 139.94 147.81 154.47 160.14 165.28 Latin America 22.60 27.52 32.29 36.85 41.63 46.45 +15.5% Middle East and Africa 19.01 22.30 26.07 30.40 35.39 41.02 +16.6% Central and Eastern Europe 6.11 6.69 7.30 8.47 9.33 10.09 +10.6% Note: ranked by 2016e Definition: leisure and unmanaged business travel sales booked via any device Source: eMarketer, July 2016

Western Europe is projected to rank second worldwide by cross-border B2C E-Commerce sales in 2020.
Global: Cross-Border B2C E-Commerce Sales Worldwide, in USD billion, and Share of Total B2C E-Commerce Sales, in %, by Region, 2014 & 2020f Region Cross-Border B2C E-Commerce Sales, in USD billion Share of Total B2C E-Commerce Sales, in % 2014 2020f Asia-Pacific 71 476 12% 31% Western Europe 73 216 18% 32% North America 67 176 13% 19% Latin America 6 53 10% 37% Mid-Eastern Europe 13 45 25% 48% Middle East & Africa 5 26 33% 60% Global* 235 992 15% 29% Note: ranked by 2020f sales; *the “Global” sales figure is calculated by summing up the sales of all regions, the global share is calculated from the cross-border sales and total B2C E-Commerce sales reported by the source for all regions Definition: cross-border B2C E-Commerce transaction value Source: Accenture cited by Supplychain247.com, November 2016

in % of Online Purchases
Only 15% of online purchases by shoppers in Western Europe were imported from other regions in 2016. Global: Share of Online Purchases Imported from Other Regions, in %, by Region, 2016* in % of Online Purchases Note: *the exact time period referenced was not specified by the source Definition: percentage of online purchases that consumers in the respective regions made outside their own region Survey: based on a survey of 18,430 consumers in 51 countries Source: KPMG, January 2017

Among the global regions, Europe (79
Among the global regions, Europe (79.1%) had the highest Internet penetration rate, as estimated in 2016. Global: Number of Internet Users Worldwide, in millions, and Penetration, in % of Population, by Region, e Regions 2011 2012 2013 2014 2015 2016e Asia-Pacific Number of Internet Users, in millions 989 1,111 1,230 1,398 1,557 1,724 Penetration, in % of Population 25.2% 28.0% 30.7% 34.6% 38.2% 41.9% The Americas 483 586 541 567 613 647 51.0% 55.0% 55.9% 58.1% 62.2% 65.0% Europe 419 435 447 467 479 499 67.8% 70.0% 71.7% 74.6% 76.3% 79.1% Africa 100 120 147 178 210 240 11.9% 14.0% 16.7% 19.6% 22.5% 25.1% CIS 111 139 153 163 173 188 39.5% 49.4% 54.4% 58.2% 61.7% 66.6% Arab States 93 105 118 134 148 161 26.4% 29.3% 32.2% 35.8% 39.0% 41.6% Worldwide 2,216 2,459 2,660 2,931 3,207 3,488 31.7% 34.8% 37.2% 40.5% 43.8% 47.1% Note: ranked by number of Internet users in 2016e; may not add up to total (“worldwide”) due to rounding Source: ITU, December 2016

Active Mobile Broadband Subscriptions, in millions
In terms of active mobile broadband subscriptions per 100 inhabitants, Europe (76.6) ranked second after the Americas (78.2), as of 2016. Global: Number of Active Mobile Broadband Subscriptions Worldwide, in millions and per 100 Inhabitants, by Regions, 2011 – 2016e Active Mobile Broadband Subscriptions, in millions Per 100 Inhabitants 2011 2012 2013 2014 2015 2016e Asia-Pacific 432 605 741 1,189 1,536 1,755 11.0 15.3 18.5 29.4 37.7 42.6 The Americas 323 401 539 657 736 778 34.1 41.9 55.7 67.3 74.6 78.2 Europe 244 305 350 410 457 483 39.4 49.1 56.1 65.6 72.8 76.6 Africa 38 74 91 120 177 280 4.6 8.5 10.3 13.3 19.0 29.3 Arab States 46 58 100 132 163 185 13.1 16.1 27.3 35.5 42.8 47.6 CIS 88 99 119 143 150 31.3 35.3 42.3 47.3 51.2 53.0 World 1,182 1,554 1,953 2,658 3,232 3,654 16.7 21.7 36.7 44.2 49.4 Source: ITU, 2017

in % Year-on-Year Change
B2C E-Commerce sales of products and services in Europe are projected to increase by +13.6% to EUR 603 billion in 2017. Europe: B2C E-Commerce Sales, in EUR billion, and Year-on-Year Change, in %, f in % Year-on-Year Change in EUR billion Definition: B2C E-Commerce defined as any B2C contract on the sale of products or services (including travel) fully or partially concluded by a technique for distance communication Source: Ecommerce Europe, Ecommerce Foundation cited by Paymentscardsandmobile.com, June 2017

The UK was the largest B2C E-Commerce market in Europe by far, followed by Germany and France, in terms of 2016 sales. Europe: B2C E-Commerce Sales in Europe by Selected Countries, in EUR billion, 2016 in EUR billion Definition: B2C E-Commerce defined as any B2C contract on the sale of products or services (including travel) fully or partially concluded by a technique for distance communication Source: Ecommerce Europe, Ecommerce Foundation cited by Niche Hunt, June 2017

Luxembourg (98%) was the EU country with the highest Internet penetration rate in 2016.
Europe: Internet Penetration in the EU, by Country, in % of Individuals, (1 of 2) 2011 2012 2013 2014 2015 2016 Luxembourg 91% 92% 95% 98% Norway* 94% 96% 97% Iceland n.a. Denmark 93% Sweden United Kingdom 87% 89% Netherlands Finland Germany 83% 84% 86% 88% Estonia 77% 79% 81% France 80% Belgium 82% Austria 85% Czech Republic 73% 75% 76% Ireland Slovakia 78% Spain 69% 72% 74% Note: *not a member state of the EU Internet use in the previous 12 months; ages 16-74; ranked by 2016 Source: Eurostat, April 2017 48

The average internet penetration in the 28 countries of the European Union reached 84% in 2016.
Europe: Internet Penetration in the EU, by Country, in % of Individuals, (2 of 2) 2011 2012 2013 2014 2015 2016 Latvia 72% 74% 76% 77% 80% 81% Hungary 70% Malta 69% 78% Cyprus 58% 61% 66% Slovenia 75% Lithuania 64% 67% 73% Poland 65% TFYR of Macedonia* n.a. 60% Croatia 63% 68% 71% Italy 57% Portugal Greece 53% 56% Romania 44% 50% 55% 59% 62% Bulgaria 51% Turkey* 45% 46% 54% Average EU (28 Countries) 84% Note: *not a member state of the EU Internet use in the previous 12 months; ages 16-74; ranked by 2016 Source: Eurostat, April 2017 49

The UK (87%), Denmark (84%) and Germany (82%) were the top 3 countries in the EU in terms of online shopper penetration in 2016. Europe: Online Shopper Penetration in the EU, by Country, in % of Internet Users, (1 of 2) 2011 2012 2013 2014 2015 2016 United Kingdom 82% 85% 87% Denmark 77% 79% 81% 84% Germany 80% Luxembourg 71% 73% 74% 78% Sweden 75% 76% Netherlands 69% Norway* France 67% 70% Switzerland* n.a. Finland 72% Ireland 56% 57% 62% 63% Iceland* 51% 58% 68% Austria 60% 66% 65% Slovakia 48% 55% 61% Belgium 53% 64% Estonia 27% 29% Malta Czech Republic 41% 43% 52% Note: *not a member state of the EU; ranked by 2016; ages 16-74 Definition: individuals who ordered goods or services over the Internet for private use in the previous year Source: Eurostat, April 2017 50

The average online shopper penetration in the European Union amounted to 66% of Internet users in 2016. Europe: Online Shopper Penetration in the EU, by Country, in % of Internet Users, (2 of 2) 2011 2012 2013 2014 2015 2016 Poland 46% 47% 49% 53% 56% Latvia 27% 37% 42% 44% 48% 55% Spain 39% 43% 54% Slovenia 45% 50% 52% Hungary 32% 35% Greece 33% 36% 40% Croatia 29% Lithuania 24% Portugal 31% 38% Italy 41% Cyprus Turkey* 20% 22% Bulgaria 13% 17% 28% TFYR of Macedonia* n.a. 8% 16% Romania 11% 15% 18% Average EU (28 Countries) 58% 59% 61% 63% 65% 66% Note: *not a member state of the EU; ranked by 2016; ages 16-74 Definition: individuals who ordered goods or services, over the Internet, for private use, in the previous year Source: Eurostat, April 2017 51

Cross-border online shopper penetration rates in Malta (98%) and Luxembourg (94%) were the highest among EU member states in 2016. Europe: Cross-Border Online Shopper Penetration in the EU, in % of Online Shoppers, by Country, 2016 (1 of 2) in % of Online Shoppers Note: *not an EU member state, but included in the ranking by the source Definition: online shoppers defined as individuals who ordered goods and services, over the Internet, for private use, in the last year; ages 16-74; cross-border online shopper penetration includes individuals who purchased over the Internet from EU or non-EU sellers Source: Eurostat, February 2017

Cross-border online shopper penetration in Turkey (10%) was below the penetration rate in any of the EU member states in 2016. Europe: Cross-Border Online Shopper Penetration in the EU, in % of Online Shoppers, by Country, 2016 (2 of 2) in % of Online Shoppers Note: *not an EU member state, but included in the ranking by the source Definition: online shoppers defined as individuals who ordered goods and services, over the Internet, for private use, in the last year; ages 16-74; cross-border online shopper penetration includes individuals who purchased over the Internet from EU or non-EU sellers Source: Eurostat, February 2017

17% of online shoppers in the EU reported “Speed of delivery longer than indicated” when buying online in 2016. Europe: Problems Encountered When Shopping Online in the EU, in % of Online Shoppers, 2016 in % of Online Shoppers Note: refers to the total of all EU member states (EU-28); ages 16-74; does not add up to 100% due to multiple answers possible Definition: online shoppers: individuals who ordered goods or services, over the Internet, for private use, in the previous year Source: Eurostat, April 2017

45% of online shoppers in the EU consulted comparison websites every time or almost every time before buying online, as of 2016. Europe: Breakdown of Frequency of Consulting Online Information Sources Before Purchasing Online in the EU, by Source, in % of Online Shoppers, 2016 in % of Online Shoppers Note: refers to the total of all EU member states (EU-28); ages 16-74; may not add up to 100% due to rounding Definition: online shoppers: individuals who ordered goods or services, over the Internet, for private use, in the previous year Source: Eurostat, April 2017

9% of online shoppers in the EU purchased online straightaway from an ad on social media website or app in 2016. Europe: Share of Online Shoppers Who Purchased Online Straightaway from an Advertisement on Social Media Website or App, in %, 2016 Note: Definition: Survey: based on a survey of XXX, conducted in XXX; question asked “XXX?“ Source: XXX, Month Year

The product category most purchased online in the EU in 2016 was “Clothing and Sport Goods” (61% of online shoppers). Europe: Product Categories Purchased Online, in % of Online Shoppers, 2016 in % of Online Shoppers Note: refers to the total for all EU member states (EU-28); does not add up to 100% due to multiple answers possible Definition: online shoppers defined as individuals who ordered goods or services, over the Internet, for private use, in the previous year; ages 16-74 Source: Eurostat, April 2017

“Clothing/footwear” was the top product category purchased by online shoppers in selected Western European markets, as of May 2016. Europe: Product Categories Purchased Online, in % of Individuals, by Belgium, Germany, France, Italy, the Netherlands, the Nordics, Poland, Spain and the UK, May 2016 UK Germany France Netherlands Belgium Spain Italy Nordics Poland Clothing/Footwear 60% 61% 47% 49% 41% 40% 31% 48% 36% Home Electronics 45% 33% 39% 38% 35% Books 28% 21% 24% 25% 20% Cosmetics, Haircare and Skincare 32% 17% 15% 18% 23% Films/DVDs 30% 14% 12% 11% 9% 6% Home Furniture 29% 10% 5% 13% Sports and Leisure Products 26% 19% 16% Toys Children’s Items 22% CDs Car Accessories 7% Food 8% Note: individuals aged between 15 and 79 Survey: based on an online survey of more than 12,000 respondents, aged between 15 and 79 years old across selected countries of Europe, with a base of approximately 1,200 per country except in the Nordics, where the number of respondents totaled about 600 per country; conducted between March and June 2016; question asked “Which types of products have you bought online in the past year?“; besides the listed Western European countries, the survey also included Poland Source: PostNord and Nepa, December 2016

Online payment preferences differed across the European countries surveyed in May 2016, with “Debit card or credit card” leading. Europe: Payment Methods Preferred in Online Shopping, in % of Online Shoppers, by Belgium, Germany, France, Italy, the Netherlands, the Nordics, Poland, Spain and the UK, May 2016 UK Germany France Netherlands Belgium Spain Italy Nordics Poland Debit card or credit card 47% 18% 51% 24% 50% 37% 31% 35% 16% PayPal or similar 41% 34% 20% 42% 19% Invoice in arrears 2% 27% 3% 13% 6% 21% 4% Direct payment through bank 5% 15% 25% 7% 33% Cash on delivery 12% 22% Payment by installments 1% Don’t know 0% Survey: based on an online survey of more than 12,000 respondents, aged between 15 and 79 across selected countries of Europe, with a base of approximately 1,200 per country except in the Nordics, where the number of respondents totaled about 600 per country; conducted between March and June 2016; question asked: “Which of the following methods do you prefer to use when you pay for a product you’ve bought online?”; besides the listed Western European countries, the survey also included Poland Source: PostNord and Nepa, December 2016

More than one-half of online shoppers in selected European markets were willing to wait for maximum 3-5 days for delivery, as of May 2016. Europe: Breakdown of Maximum Acceptable Delivery Times, in % of Online Shoppers, by Belgium, Germany, France, Italy, the Netherlands, the Nordics, Poland, Spain and the UK, May 2016 UK Germany France Netherlands Belgium Spain Italy Nordics Poland 1-2 Days 16% 15% 37% 25% 17% 12% 7% 22% 3-5 Days 71% 74% 68% 52% 57% 61% 6 Days or More 10% 9% 14% 24% Don’t Know 3% 2% 4% Survey: based on an online survey of more than 12,000 respondents, aged between 15 and 79 across selected countries of Europe, with a base of approximately 1,200 per country except in the Nordics, where the number of respondents totaled about 600 per country; conducted between March and June 2016; question asked “When you order a product online, what are your expectations of the delivery time, i.e., what is the maximum number of days it should take for you to receive the product?“; besides the listed Western European countries, the survey also included Poland Source: PostNord and Nepa, December 2016

UK had the highest M-Commerce share of E-Commerce transactions (52%) among selected countries of Western Europe in Q Europe: M-Commerce Share of E-Commerce Transactions, in %, by France, Germany, Italy, the Netherlands, Spain and the UK, Q & Q4 2016 Q4 2015 Q4 2016 UK 46% 52% Netherland 34% 39% Germany 32% 38% Spain 35% Italy 27% 30% France 25% 28% Source: Criteo cited by eMarketer, March 2017

As of August 2016, convenience and time saving were the two top reasons for mobile shopping among selected countries of Europe. Europe: Reasons for Purchasing Online via Mobile Devices, in % of Mobile Shoppers, by Austria, France, Ireland, Norway, Sweden, Turkey and the UK, August 2016 Austria France Ireland Norway Sweden Turkey UK It was convenient 44% 52% 45% 57% 58% 51% 60% To save time 42% 41% 47% 50% 35% 55% To get the best price possible/save money 36% 33% 32% 37% 34% Could not find it in store 27% 22% To get something immediately/did not want to wait 16% 23% 28% 24% For entertainment 17% 21% 19% It is safer than carrying cash 8% 7% 13% 10% It is the only way for me to purchase items online 12% 14% 11% Advertising prompted me 9% Survey: based on an online survey of 200 adults per country, aged 18+ who carry out online activities on mobile (smartphone or tablet) and had purchased a product or service on mobile 6 months prior the study, conducted between July and August 2016; question asked: “Why do you purchase products or services via your smartphone or tablet?” Source: IAB, September 2016

43% of online shoppers in Europe considered the adaptation of sites to mobile as an important criteria when buying online, as of Oct Europe: Share of Online Shoppers Who Consider the Adaptation of Website to Mobile as an Important Criteria When Buying Online, in %, October 2016 Survey: based on a survey of 23,450 respondents across 21 European countries, conducted between September and October 2016; question asked: “You will now see a list of criteria which might be or not important for you when buying online. Which criteria are important for you?” Source: DPD, Kantar TNS, February 2017

Ireland (30%) and Denmark (28%) were the top countries in the EU by share of enterprises selling online in 2016. Europe: Share of Enterprises in the EU Selling Online, by Country, in %, (1 of 2) 2011 2012 2013 2014 2015 2016 Ireland 23% 27% 32% 30% Denmark 26% 28% Czech Republic 25% 24% Sweden Norway* 31% 34% Germany 20% 22% Belgium 21% Iceland n.a. Serbia Malta 16% 14% 11% Spain 13% 17% 19% Croatia 18% Lithuania 15% Portugal United Kingdom Finland France 12% Estonia 10% Netherlands Note: *not a member state of the EU; ranked by 2016 Definition: enterprises with at least 1% of turnover coming from online sales; excluding financial sector Source: Eurostat, May 2017 64

On average, 18% of enterprises in the European Union were selling online in 2016, up from 13% in 2011. Europe: Share of Enterprises in the EU Selling Online, by Country, in %, (2 of 2) 2011 2012 2013 2014 2015 2016 Austria 11% 13% 15% Slovenia 14% 16% Cyprus 7% 8% 10% Hungary 12% Slovakia 18% Poland 9% Greece 6% Luxembourg Italy 4% 5% Latvia Romania Bulgaria 3% TFYR of Macedonia* 2% EU (28 Countries) 17% Note: *not a member state of the EU; ranked by 2016 Definition: enterprises with at least 1% of turnover coming from online sales; excluding financial sector Source: Eurostat, May 2017 65

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The UK is one of the most advanced B2C E-Commerce markets in Europe and worldwide, but mobile still entails a high growth potential. UK: B2C E-Commerce Market Overview and International Comparisons, June 2017 The UK is Europe’s largest and most advanced online retail market, and is predicted to remain in the lead at least until 2020, despite the economic uncertainty following the country’s decision to leave the EU, according to eMarketer. 87% of Internet users in the UK made purchases online in This online shopper penetration rate was the highest in the EU, according to Eurostat. Online shoppers in the UK were also the most frequent buyers in Europe, according to the Centre for Retail Research and RetailMeNot. 30% of online shoppers in the UK made eleven or more purchases online in 2016, according to the Office for National Statistics, with this share reaching 35% in the age group and 38% in among year-olds. Due to the online shopping usage rates thus being already high, the growth rates of the B2C E-Commerce market in the UK are predicted to fall between 2015 and 2020 as compared to the previous five-year period, according to Verdict Retail. Nevertheless, online sales growth is projected to still outpace total retail sales, resulting in a growing online share of retail sales, already one of the highest worldwide. According to the Office for National Statistics, online retail sales grew by +21.0% in 2016 compared to +3.3% for all retail sales in The online share of retail sales grew from 12.5% in 2015 to 14.7% in This dynamic continued in 2017, as retail sales growth further slowed and the online share of retail peaked at 15.0% in May 2017. Within the B2C E-Commerce channel, the main growth driver is smartphone shopping. According to IMRG and Capgemini, online sales via smartphones grew by +47% in December 2016, outpacing sales via tablets which decreased by -3% in the same month, when excluding travel. M-Commerce sales could grow to GBP billion in 2020, accounting for 44.7% of retail E-Commerce sales, up from GBP billion and 33.3% in 2015, according to eMarketer. Another source, Forrester, expects the M-Commerce share to rise from 40% in 2015 to 50% in Euromonitor International also confirms that smartphone sales will be the main growth driver for B2C E-Commerce sales in the UK for the near future. Among products purchased online, the best performing categories in terms of growth rate in 2016 were accessories (+38%) and lingerie (+33%), as reported by IMRG and Capgemini. Another bright spot is online groceries: this segment is projected to reach GBP billion and grow further at CAGR of +11% through 2021, according to Mintel. Source: eMarketer, August 2016; Verdict Retail, July 2016, September 2015; Eurostat, April 2017; Office for National Statistics, August 2016, June 2017; Centre for Retail Research, RetailMeNot, March 2017; Forrester, July 2016; Euromonitor International, February 2017; Mintel, June 2017

in % of Retail E-Commerce Sales
Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The M-Commerce share of E-Commerce sales in the UK is forecasted to increase from 37.1% estimated in 2016 to 44.7% in 2020. UK: M-Commerce Sales, in GBP billion, and M-Commerce Share of Retail E-Commerce Sales, in %, f in GDP billion in % of Retail E-Commerce Sales Definition: products or services purchased online via mobile devices, regardless of the method of payment or fulfillment, excluding travel and event tickets; includes B2C and C2C Source: eMarketer, June 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The mobile shopper penetration in the UK is projected to increase from 86% of online shoppers in 2016 to 89% in 2017. UK: Mobile Shopper Penetration, in % of Online Shoppers, 2016 & 2017f 2016 2017f Note: ages 14+ Source: eMarketer, December 2016

Mobile purchases via smartphones increased their share of
Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Mobile purchases via smartphones increased their share of M-Commerce sales in the UK, excl. travel, to 54% in December 2016. UK: Breakdown of M-Commerce Sales by Smartphone and Tablet, in %, December 2015 & December 2016 December 2015 December 2016 Note: excludes travel Source: Capgemini, IMRG, January 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 44% of online shoppers in the UK had already purchased cross-border and 80% would consider doing so in the future, as of August 2016. UK: Share of Online Shoppers in the UK Who Have Purchased Cross-Border and Who Would Consider Purchasing Cross-Border, in %, August 2016 Purchased Cross-Border Would Consider Purchasing Cross-Border Survey: based on a survey of 2,005 online shoppers Source: Bronto Software, Censuswide, cited by Internetretailing.net, August 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 12% of online shoppers in the UK aged made a purchase online from an advert on social media website or app in 2016. UK: Share of Online Shoppers Who Purchased Online from an Advert on Social Media Website or App, in %, by Age Group, 2016 in % of Online Shoppers Note: purchases made within the previous 12 months Source: Office for National Statistics, 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Between 2015 and 2020, B2C E-Commerce sales in the UK are projected to grow at CAGR of between +7.6% and +10.5%. UK: B2C E-Commerce Sales, in GBP billion, by Five Comparative Estimates, 2014 – 2020f, and CAGR, in %, 2015 – 2020f Source 2014 2015 2016e 2017f 2018f 2019f 2020f CAGR, f Definition Mintel 37.8 43.3 n.a. 71.2 +10.5% Online retail sales, including online sales of retailers with physical stores and pure online retailers; incl. sales of digital entertainment products eMarketer 52.72 60.36 67.91 74.70 81.42 88.14 95.10 +9.5% Retail E-Commerce sales, including products and services ordered using internet via any device, regardless of the method of payment or fulfillment used; includes C2C; excludes travel and event tickets Verdict Retail* 43.5 62.7 +7.6% Online retail sales IMRG, Capgemini** 104.0 115.0 133.0 151.6 Online sales of UK retailers, defined as transactions completed fully via interactive channels, including payment, made from any location, including in-store; travel included Centre for Retail Research 45.00 52.25 60.43 67.38 Online retail sales of goods: retail sales defined as sales of merchandise to final consumer, online defined as sales where the transaction is made over the Internet or at a distance; sales made using mobile phones and tablets are included; fuel for vehicles, prepared food in cafes and restaurants, tickets, holiday bookings, gambling and insurance services are excluded Note: *the 2015 value for Verdict Retail is calculated based on the 2020 value and growth reported by the source (+44.9%) **the 2017 value for IMRG/Capgemini is calculated based on the 2016 value and the growth rate projected by the source (+14%) Source: IMRG, Capgemini, January 2015, 2016, 2017; eMarketer, June 2016; Centre for Retail Research, March 2016, 2017; Verdict Retail, September 2015; Mintel, July 2015

in % of Total Retail Sales
Sales & Shares Delivery Products Users & Shoppers Players Payment Trends B2C E-Commerce’s share of total retail sales in the UK increased from 9.3% in 2012 to 14.7% in 2016. UK: B2C E-Commerce Share of Total Retail Sales, in %, in % of Total Retail Sales Note: all retailing excluding fuel; based on monthly data Source: Office for National Statistics, August 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends By 2020, B2C E-Commerce sales could account for between 17% and 23% of total retail sales in the UK. UK: B2C E-Commerce Share of Total Retail Sales, in %, by Five Comparative Estimates, f Source 2014 2015 2016e 2017f 2018f 2019f 2020f Centre for Retail Research 13.5% 15.2% 16.8% 17.8% n.a. eMarketer 13.0% 15.0% 16.9% 18.5% 19.9% 21.2% 22.6% Verdict Retail 13.8% 15.7% 17.1% Mintel 12.7% 18.0% Planet Retail 19.3% Source: eMarketer, June 2016; Verdict Retail, September 2015; Center for Retail Research, March 2016, 2017; Mintel, July 2015; Planet Retail cited by Pure London, 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 41.8 million people or 82% of individuals aged 16+ in the UK accessed the Internet daily or almost daily in 2016. UK: Number of Internet Users, in millions, and Penetration, in % of Adults, by Frequency of Use, 2012 2013 2014 2015 2016 Daily or Almost Every Day in millions 33.2 35.7 37.6 39.3 41.8 in % of Adults 68% 73% 76% 78% 82% At Lest Weekly 5.3 4.2 4.1 3.5 2.8 11% 9% 8% 7% 6% Less than Weekly 1.5 1.6 1.2 1.4 3% 2% Did not Use in the Last 3 Months 8.8 7.4 6.5 6.2 5.1 18% 15% 13% 12% 10% Note: usage in the previous 3 months; ages 16+ Source: Office for National Statistics, August 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Online shopper penetration among adults in the UK in 2016 was the highest in the age group (93%). UK: Online Shopper Penetration, in % of Adults, by Age Group and Gender, in % of Adults 2012 2013 2014 2015 2016 Gender Men 68% 74% 75% 77% 78% Women 67% 70% 72% Age Group 16-24 79% 86% 83% 90% 89% 25-34 87% 92% 93% 35-44 84% 88% 45-54 81% 55-64 61% 69% 65+ 32% 36% 40% 42% 45% All 76% Definition: adults 16+ who purchased online in the previous 12 months Source: Office for National Statistics, August 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 30% of online shoppers in the UK made 11 or more purchases over the Internet within 3 months prior to a survey conducted in 2016. UK: Breakdown of Frequency of Shopping Online During a Three-Month Period, in % of Online Shoppers, by Age Group and Gender, 2016 in % of Online Shoppers Once or twice Three to five times Six to ten times Eleven times or more Gender Men 21% 30% 22% 27% Women 19% 26% 32% Age Group 16-24 28% 29% 25-34 15% 23% 35% 35-44 16% 25% 20% 38% 45-54 55-64 24% 65+ 33% All Source: Office for National Statistics, August 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends During a three-month period prior to a survey in 2016, 43% of online shoppers in the UK spent between GBP 100 and 499 (EUR ). UK: Breakdown of Online Spending During a Three-Month Period, in GBP, in % of Online Shoppers, by Age Group and Gender, 2016 Within the previous 3 months < GBP 50 GBP 50-99 GBP GBP GBP 1,000-1,999 GBP 2,000+ Gender Men 10% 11% 42% 13% Women 8% 44% 16% Age Group 16-24 15% 17% 46% 7% 1% 25-34 47% 35-44 5% 39% 14% 45-54 40% 18% 55-64 41% 9% 65+ 12% All 43% Note: the exchange rate applied in the action title is the average for 2016: GBP 1 = EUR Source: Office for National Statistics, August 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends In 2016, “Clothes or sports goods” (54%) remained the product category most purchased online by shoppers in the UK. UK: Product Categories Purchased Online, in % of Online Shoppers, 2015 & 2016 in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible Definition: purchased in the previous 12 months; ages 16+ Source: Office for National Statistics, August 2015, 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Online grocery sales in the UK are projected to reach GBP 11.1 bil. (EUR 13.6 bil.) in 2017 and GBP 16.7 bil. (EUR 20.5 bil.) in 2021. UK: B2C E-Commerce Grocery Sales, in GBP billion, f & 2021f CAGR +11% in GBP billion +15% +12% Note: *the sales in 2015 were calculated based on the 2016 figure and the growth rate reported by the source (an estimated +15%); the source estimated the online share of total grocery retail sales at 6% in 2016 and 9% in 2021; the exchange rate applied in the action title is the average for 2016: GBP 1 = EUR Source: Mintel, June 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 46% of online shoppers in the UK preferred to pay by PayPal, while a combined share of 51% preferred debit or credit cards in Feb UK: Breakdown of Payment Methods Preferred in E-Commerce, in % of Online Shoppers, February 2017 Survey: based on a survey of 2,081 respondents, aged 18-65, conducted in February 2017; question asked “Choose your preferred payment option for online purchases…“ Source: Advantec, May 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 50% online shoppers in the UK trusted “PayPal” when making purchases online, while 38% trusted “Credit card”, as of Nov UK: Payment Methods Most Trusted in Online Shopping, in % of Online Shoppers, November 2016 in % of Online Shoppers Note: the methods ranked were described by the source as “most trusted”, “preferred” or “the first choice” for respondents Survey: based on a survey of 895 consumers, ages 18+, conducted online in November 2016 Source: Computop, November 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The number of online transactions with cards at UK businesses increased from 1.3 billion in 2014 to 1.8 billion in 2016. UK: Online Card Payment Statistics, incl. Online Card Spending, in GBP billion, Share of Total Card Spending, in %, and Number of Online Card Transactions, in billions, 2014 2015 2016 Online Card Spending, in GBP billion 120 145 154 Share of Total Card Spending 21% 23% 26% Number of Online Card Transactions, in billions 1.3 n.a. 1.8 Definition: card payment transactions at UK businesses, excludes B2B and government expenditure; includes spending with credit and debit cards; E-Commerce transactions with retailers who process payments overseas (such as Amazon, Google, iTunes) were not included in total (1.7 billion transactions, GBP 44 billion in 2016) total card transactions include chip & PIN transactions, contactless transactions, mail and telephone orders Source: UK Cards Association, June 2017, 2016, 2015

When choosing from delivery options other than home delivery, 54%
Sales & Shares Delivery Products Users & Shoppers Players Payment Trends When choosing from delivery options other than home delivery, 54% of online shoppers in the UK preferred Click & Collect in February 2017. UK: Breakdown of Preferred Delivery Places Outside Home, in % of Online Shoppers, February 2017 Survey: based on a survey of 2,081 respondents, aged 18-65, conducted in February 2017; question asked “What is your preferred choice for where your online purchases are delivered to, other than your home?” Source: Advantec, May 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 30% of online shoppers in the UK reported “Speed of delivery slower than indicated” in 2016. UK: Problems Encountered with Online Purchases, in % of Online Shoppers, 2016 in % of Online Shoppers Note: refers to purchases made within the previous 12 months Source: Office for National Statistics, August 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends With net sales of USD 9.6 billion (EUR 8.6 billion) in 2016, Amazon was the leading online retailer in the UK. UK: B2C E-Commerce Player Overview, June 2017 Amazon was the leading online retailer in the UK, with a value share of 27% in 2016, according to Euromonitor. 60% of the company’s sales included in this market share were from third-party merchants selling on Amazon’s marketplace. In its annual report, Amazon reported net sales in the United Kingdom of USD 9,547 million, up from USD 9,033 million in The UK was Amazon’s third largest market after the USA and Germany. Amazon enjoys a high level of consumer trust and preference in the UK: nearly 1 out of 4 consumers (24.84%) surveyed by DMA in 2016 named Amazon as their favorite retail brand. It also topped the 2016 UK Customer Satisfaction Index compiled by the Institute of Customer Service. In early 2017, Amazon announced plans to open a new fulfillment center in Warrington in the UK, which would create 1,200 new jobs and also utilize the advanced Amazon Robotics technology, according to The Guardian. A new center was already opened in Daventry in February 2017, and along with Warrington, further centers are expected to be opened in Doncaster and Tilbury in autumn 2017. Another major online pure-player is ASOS, an online fashion retailer. ASOS posted sales of GBP million in the UK and GBP million internationally in FY ended 31 August 2016, up by +27% and +25%, respectively. ASOS launched a loyalty program for its customers in the UK, called A-List which reportedly had a positive impact on the company’s key metrics. In FY 2016/2017, ASOS could increase its sales by between 20% and 25% to GBP 1.75 billion, with a hope to reach GBP 2.5 billion by 2019, according to The Telegraph. One further fast growing online fashion retailer is Boohoo. Boohoo Group’s revenues in the UK, comprised of the brands Boohoo and PrettyLittleThing, were up by +40% to GBP million in FY ended 28 February 2017, with Boohoo brand generating GBP million domestically, up by +33% to. Total group sales were up by +51% to GBP 294.b billion. While traditional retailers such as M&S, Next and Debenhams are also seeing growth in online sales, this expansion comes at a cost as profit margins are falling, The Telegraph reports. In contrast to the shares of ASOS and Boohoo, which grew by respectively +50% and above +200% during 2016, the share prices of M&S, Debenhams and Next declined by -18%, -21% and -30%. Another top brick-and-mortar retailer, Tesco, admitted that online was a less profitable channel than the average for the company. According to A.T. Kearney and Euromonitor, Tesco has a 7% online market share in the UK. A fast evolving competition frontier in the UK B2C E-Commerce is online groceries, projected to reach GBP 16.7 billion by 2021, according to Mintel. Although Amazon’s launch of online delivery service Amazon Fresh in London in 2016 was met with trepidation by the main market players, including Tesco and Sainsbury’s, six months since the launch it only achieved a 0.7% share of the growing online groceries market, as reported by The Financial Times citing Bernstein. Source: Euromonitor International, January 2017; Amazon, April 2017; Institute of Customer Service cited by Marketing Tech News, July 2016; Mintel, June 2017; DMA cited by Digital Strategy Consulting, July 2016; ASOS, October 2016; Boohoo, May 2017; The Guardian, April 2017; A.T. Kearney, June 2017; The Financial Times, Bernstein, February 2017; Tesco, April 2017; Mintel, June 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Amazon sites had 38 million unique visitors in the UK in December 2016, compared to 30.1 million for eBay. UK: Top 5 Retail Websites by Unique Visitors, in millions, December 2016 in millions Note: includes desktop (ages 6+) and mobile (ages 18+) visitors Source: ComScore, UKOM, December 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 3 out of 10 favorite retail brands chosen by UK consumers in July 2016 were online pure-plays: Amazon (1st), eBay (4th) and ASOS (8th). UK: Top 10 Favorite Retail Brands, incl. Online Pure-Play Brands, in % of Consumers, July 2016 Rank Retail Brand Share of Consumers 1 Amazon 24.84% 2 John Lewis 13.63% 3 M&S 9.62% 4 eBay 5.60% 5 Next 5.32% 6 Debenhams 4.86% 7 Argos 3.45% 8 ASOS 2.61% 9 Primark 2.24% 10 Curry’s 1.96% Survey: based on a survey of 1,000 consumers Source: DMA cited by Digital Strategy Consulting, July 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Online retail in Germany is thriving, supported by increased mobile commerce and multi-channel activity both of consumers and retailers. Germany: B2C E-Commerce Market Overview and International Comparisons, June 2017 Germany is the second largest B2C E-Commerce market in Europe in 2017, after the UK, according to Center for Retail Research. In terms of the online share of total retail sales, Germany is less advanced than the regional leader, though the higher growth rate of online retail compared to total retail inevitably results in B2C E-Commerce’s share growth. In 2017, the retail industry association HDE expects a growth of +2% for total retail sales and +11% in the online segment, with B2C E-Commerce to account for half of all retail sales growth. Consequently, the online share of retail is projected by HDE to approach the 10% barrier with 9.9% and by eMarketer to break it with 10.4%. Furthermore, M-Commerce is growing even faster than online retail in general, with mobile sales projected to increase by +23% to EUR 21 billion in 2017, according to eMarketer. E-Commerce industry body Bevh estimated that 24% of online product purchases stemmed from mobile in The share of online shoppers using smartphones for purchase increased from 20% in 2014 to 39% in 2016, according to Bitkom. Omnichannel is another key market trend. Cross-channel shopper penetration, i.e. share of consumers who buy both online and offline, increased from 52.7% in 2014 to 53.8% in 2015, according to GfK and HDE. Purchases from brick-and-mortar stores are primarily motivated by the ability to see and touch the products (64%), receive the products faster (43%) and an uncomplicated return process (38%), while the drivers of online purchases are the consumers’ desire to save money (57%), simplicity (44%), and speed (44%). Multi-channel retailers are predicted by IFH Koeln to increase their share of online retail sales in Germany from 35.7% in to 41.9% in This reflects not only the growing E-Commerce activity of store-based retailers, but also that several online pure-plays are penetrating the brick-and-mortar space. According to EHI, 45 out of 1,000 largest Internet-based shops in Germany have a physical store presence. However, much of the store-based activities of online pure-plays is intended to serve their online customers rather than an attempt to sell offline. Furthermore, online shopping clubs, such as Amazon Buy VIP, Brands4friends (eBay), Zalando Lounge, and Limango (Otto Group), also have bright prospects in Germany, with a sales increase of over +150% between 2011 and 2015, and a further growth of +135% expected until 2020, compared to European average of +40%, according to A.T. Kearney. The popularity of shopping clubs is supported by the fact that their main product category, clothing, is the most demanded category among online shoppers in Germany, totaling sales of EUR 11 billion in 2016, according to Bevh. Source: Centre for Retail Resaerch, March 2017; HDE, January 2017; eMarketer, February 2017, August 2016, May 2015; Bevh, January 2017; Bitkom, October 2016; IFH Koeln, February 2016; EHI, April 2016; A.T. Kearney, September 2016; GfK, HDE, July 2016, February 2016; GfK, HDE, Handelsjournal, January 2016 91

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends By 2020, M-Commerce sales in Germany are projected to reach USD 32 billion (EUR 29 billion) and account for 41% of E-Commerce sales. Germany: M-Commerce Sales, in USD billion, and M-Commerce Share of Retail E-Commerce Sales, in %, f in USD billion in % of Retail E-Commerce Sales Note: the percentage share was calculated using the M-Commerce sales and total retail E-Commerce sales figures published by the source; converted by the source from EUR at the exchange rate of USD 1 = EUR 0.9; the same exchange rate was used in the action title Definition: products or services purchased online via mobile devices, regardless of the method of payment or fulfillment; includes purchases via tablet; excludes travel and event tickets; includes B2C and C2C Source: eMarketer, February 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends In Germany, the share of online shoppers purchasing via smartphone and tablet nearly doubled between 2014 and 2016. Germany: Devices Used for Online Shopping, in % of Online Shoppers, 2014 & 2016 in % of Online Shoppers Survey: based on a survey of 1,158 Internet users aged 14+; the base of respondents for this question were online shoppers Source: Bitkom, October 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 68% of smartphone shoppers and 51% of tablet shoppers in Germany used apps for making purchases on the respective devices in 2016. Germany: Share of Mobile Shoppers Who Use Apps for Purchase, in %, by Tablet and Smartphone Shoppers, 2016 Tablet Shoppers Smartphone Shoppers Survey: based on a survey of 1,158 Internet users aged 14+; the base of respondents for this question were online shoppers Source: Bitkom, October 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 8% of online shoppers in Germany purchased cross-border regularly and 54% occasionally, as of December 2016. Germany: Cross-Border Online Shopper Penetration, by Buying Cross-Border Regularly and Occasionally, in % of Online Shoppers in Germany, December 2016 Note: overall, 72% of online shoppers have ever purchased or booked an item in a foreign online shop, according to the source Survey: based on a survey of 1,166 Internet users, ages 14+, conducted in December 2016 Source: Bitkom, January 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Various sources predict B2C E-Commerce sales in Germany to grow at CAGR of between +8% and +11% from 2016 to 2020. Germany: B2C E-Commerce Sales, in EUR billion, by Five Comparative Estimates, 2014 – 2020f, and CAGR, in %, 2016 – 2020f Source 2014 2015 2016e 2017f 2018f 2019f 2020f CAGR, f Definition IFH Koeln 42.0 47.0 52.3 n.a. 79.4 +11.0% Online retail sales, including sales of pure play online retailers and multi-channel retailers in categories such as FMCG, fashion, office supplies, furniture, hobby and free time, health and wellness, DIY, jewelry and watches eMarketer* 46.6 52.0 57.6 62.3 66.0 69.6 +7.6% Retail E-Commerce sales, including products and services ordered using internet via any device, regardless of the method of payment or fulfillment used; includes C2C; excludes travel and event tickets Centre for Retail Research 42.9 52.8 62.5 72.7 84.3 Online retail sales of goods: retail sales defined as sales of merchandise to final consumer, online defined as sales where the transaction is made over the Internet or at a distance; sales made using mobile phones and tablets are included; fuel for vehicles, prepared food in cafes and restaurants, tickets, holiday bookings, gambling and insurance services are excluded Bevh 42.8 46.9 52.7 58.6 B2C E-Commerce sales of goods including VAT; services are excluded (EUR 8.4 billion in 2014, EUR billion in 2015, EUR 14.2 billion in 2016) HDE, GFK 37.1 39.8 44.0 48.89. B2C E-Commerce including non-food, FMCG, entertainment, tickets, downloads, travel (excluding vacation travel). Excludes sales tax. Note: *converted from USD to EUR using the average exchange rate of 12 months to 1st of November 2016: USD 1 = EUR Source: eMarketer, August 2016; Centre for Retail Research, March 2016, 2017; Centre for Retail Research cited by RetailMeNot, March 2017; Bevh, February 2016, January 2017; IFH Köln, November 2016; HDE, February 2016, January 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Two out of three sources predict an online share of total retail sales in Germany to reach around 10% in 2017. Germany: B2C E-Commerce Share of Total Retail Sales, in %, by Five Comparative Estimates, f Source 2014 2015 2016e 2017f 2018f 2019f 2020f IFH Koeln n.a. 9.9% 15.2% Planet Retail 13.1% eMarketer 7.3% 8.4% 9.4% 10.4% 11.2% Centre for Retail Research 10.0% 11.6% 13.5% 15.1% HDE* 8.1% 9.1% Note: *calculated based on total retail sales and online retail sales volumes, reported by the source Source: Center for Retail Research, March 2016, 2017; Planet Retail cited by Pure London, 2016; HDE, February 2016; eMarketer, May 2015; IFH Koeln, November 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The number of Internet users in Germany reached 62 million in 2016, or 84% of individuals aged 10+. Germany: Number of Internet Users, in millions, and Penetration, in % of Individuals, in % of Individuals in millions Note: ages 10+, usage in the previous 3 months; refers to Q1 of each year Source: Statistisches Bundesamt (Destatis), December 2016, 2015, 2014, 2013

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The number of online shoppers in Germany increased from 42.3 mil. to 47.8 mil. in 2016, while penetration stayed nearly unchanged. Germany: Number of Online Shoppers, in millions, and Penetration, in % of Internet Users, in % of Internet Users in millions Note: ages 10+, purchase and Internet usage in the previous 12 months; refers to Q1 of each year Source: Statistisches Bundesamt (Destatis), December 2016, 2015, 2014, 2013

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 25-44 year-olds were the most frequent online buyers in Germany, with 19% making more than 11 purchases online in Q Germany: Breakdown of Frequency of Online Shopping in the Previous 3 Months, in % of Online Shoppers, Q1 2016 Number of Online Shoppers, in thousands Number of Purchases in the Previous 3 Months 1-2 Times 3-5 Times 6-10 Times More than 11 Times Age Group 10-15 874 66% 27% n.a. 16-24 5,167 41% 38% 13% 8% 25-44 16,448 25% 36% 19% 45-64 14,738 16% 12% 65+ 4,072 48% 39% 10% 4% Gender Male 21,082 34% 15% Female 20,216 37% Total 41,298 Note: the number of online shoppers reflects all online shoppers who purchased in the previous 3 months; may not add up to total due to rounding Source: Federal Statistical Office, December 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 45% of online shoppers in Germany spent between EUR 100 and EUR 499 online during 3 months prior to a survey in Q Germany: Breakdown of Online Spending in the Previous 3 Months, in EUR, in % of Online Shoppers, Q1 2016 Number of Online Shoppers, in thousands Online Spending in the Previous 3 Months >EUR 50 EUR EUR EUR EUR 1,000+ Age Group 10-15 874 50% 30% 16% n.a. 16-24 5,167 21% 35% 38% 4% 25-44 16,448 9% 24% 48% 11% 6% 45-64 14,738 10% 28% 46% 5% 65+ 4,072 12% 45% Gender Male 21,082 26% 44% Female 20,216 13% 7% 3% Total 41,298 Note: the number of online shoppers reflects all online shoppers who purchased in the previous 3 months; may not add up to total due to rounding Source: Federal Statistical Office, December 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends “Clothing and sports goods” was purchased by 64% of online shoppers in Germany both in Q and Q Germany: Product Categories Purchased Online, in % of Online Shoppers, Q & Q1 2016 in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible Definition: products and services purchased online in the previous 12 months Source: Federal Statistical Office, December 2016 102

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends “Package tour, accommodation” (EUR 6.96 billion) became the largest service category by B2C E-Commerce sales in Germany in 2016. Germany: B2C E-Commerce Sales of Services, by Category, in EUR billion, 2015 & 2016 in EUR billion Note: includes VAT, excludes C2C purchases via online marketplaces; *Other includes apps, calls, Internet, dating portals, gambling and uncategorized services Survey: estimates are based on the results of a survey of 40,000 respondents conducted throughout the year Source: BeVH, January 2017 103

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends “Groceries” was the fastest growing B2C E-Commerce category in Germany in 2016, with sales rising by +26% to EUR 0.9 billion. Germany: B2C E-Commerce Product Sales, by Category, in EUR billion, 2015 & 2016 in EUR billion Note: includes VAT, excludes C2C purchases via online marketplaces Survey: estimates are based on the results of a survey of 40,000 respondents conducted throughout the year Source: BeVH, January 2017 104

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends “Direct Debit” (32.4%) was the leading payment method in terms of share of online purchases of products in Germany in 2016. Germany: Breakdown of Online Purchases by Payment Methods, by Products and Services, 2015 & 2016 in % of Purchases Products Services 2015 2016 Direct Debit 31.4% 32.4% 26.8% 31.5% Digital Payment Service (e.g. PayPal, Giropay, Sofortüberweisung) 24.8% 26.4% 15.2% 18.4% Payment by Invoice after Receipt (Bank Transfer) 21.2% 19.6% 5.3% 6.4% Credit Card 16.4% 15.7% 41.4% 34.7% Telephone Bill n.a. 6.5% 4.6% Cash on Delivery 1.6% 1.4% Installments 1.3% Other 2.6% 2.8% Note: excludes C2C purchases via online marketplaces; figures for products may not add up to 100% due to rounding; figures for services might not add up to 100% due to rounding and/or answers missing Survey: based on a survey of 8,437 respondents in 2015 and 8,957 in 2016 Source: Bevh, January 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends In share of B2C E-Commerce sales of top online shops in Germany, “Invoice” accounted for 30.5% in 2016, up from 28.9% in 2015. Germany: Breakdown of B2C E-Commerce Product Sales by Payment Methods, in %, 2015 & 2016 2015 2016 Note: includes sales of top 1,000 online shops selling physical goods and E-books (pure play and omnichannel) estimated at EUR 32.7 billion in 2015 and EUR 35.5 billion in 2016; when Amazon is not included (22% share in 2016), the share of direct debit declines to 4.2% both in 2015 and in 2016, ranking the method 7th. Survey: based on a panel of 76 online shops in 2016 and 106 in 2017 which together generated EUR 12.1 billion and EUR 17.6 billion of sales, respectively Source: EHI Retail Institute, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends “Paydirekt”, an online payment method offered by several German banks, was used by 9% of online shoppers in 2016. Germany: Payment Methods Used in Online Shopping, in % of Online Shoppers, 2016 in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible Survey: based on a survey of 1,166 Internet users of whom 1,114 were online shoppers Source: BITKOM, January 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 57% of online shoppers in Germany reported “Late delivery” among the problems encountered with online purchase in 12 months to Q Germany: Problems Encountered with Online Purchases, in % of Online Shoppers, Q1 2016 in % of Online Shoppers Note: refers to purchases made within the previous 12 months; *fraud refers to e.g. no goods/services received, credit card fraud or other fraud Source: Federal Statistical Office, December 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Nearly every online shopper in Germany made a purchase from Amazon and 58% start their online product search at this marketplace. Germany: B2C E-Commerce Player Overview, June 2017 Amazon plays a central role in the German B2C E-Commerce competition landscape. The company was known to 99.9% of online shoppers surveyed by IFH/ECC Koeln in 2016 and 97.4% of respondents purchased from Amazon. In addition, a March 2017 survey revealed that 45.2% of Amazon buyers purchase online mainly from Amazon and 9.4% exclusively from Amazon. Furthermore, 58% of online shoppers started the research for their purchase at Amazon, regardless of whether they completed the purchase on this platform or not. Among heavy smartphone users, this share increases to two-thirds. 83% of online shoppers who start their purchase journey with Amazon used this initial search to inform themselves about prices and 65% to check product reviews. In 2016, Amazon had net sales of USD 14,148 million in Germany, up from USD 11,816 million in 2015, including product sales and service fees, such as from the marketplace. Euromonitor International estimated that more than 60% of merchandise value sold on Amazon was from third-party merchants. As of May 2017, Amazon.de was the 5th most visited website in Germany, with 400 million total visits, followed by eBay.de in a distant 6th rank with 235 million visits, according to Similarweb. eBay’s classifieds platform eBay-Kleinanzeigen ranked 9th with 108 million visits and Otto.de was the last shopping portal ranked among the top 50 websites in Germany, in 30th place with 27.5 million visits. In a rank of online shops in Germany by 2015 sales, which excludes marketplace sales, EHI Retail Institute and Statista placed Otto.de as the second largest shop in Germany in 2015 with an estimated EUR 2.3 billion of sales, behind Amazon with above three times as much, EUR 7.8 billion. According to the official records of the Otto Group, its global E-Commerce sales reached EUR 7 billion in FY 2016/2017 ended 28 February 2017, EUR 0.5 billion more than a year ago. How much of this amount was generated domestically, was not revealed. Clothing retailer Zalando, ranked third by EHI and Statista, posted revenues of EUR 1,952 million in Germany, Austria and Switzerland in 2016, up by +17.2% from 2015, and EUR 1,699 in the rest of Europe, up by +32.2%. Online groceries is a fast evolving competitive field in Germany. According to HDE and GFK, the online share of retail sales of groceries reached 1% in 2016, adding 0.4 compared to By 2015 results, 2 online food specialists made it to the rank of the 100 largest online shops in Germany for the first time. These were subscription-based groceries deliverer Hellofresh.de with EUR 84.5 million revenues and wine trader Hawesko.de with EUR 91.5 million. One of the major supermarket chains, Rewe announced in 2016 its goal to reach online sales of EUR 800 million within the next 3 years, as cited by Focus.de. Furthermore, Amazon launched its Amazon Fresh service in Berlin and Potsdam in May 2017, in cooperation with delivery company DHL, Handelsblatt reports. Source: IFH/ECC Koeln, June 2017, September 2016; Amazon, 2017; Otto Group, 2017, Zalando, 2017; HDE, GFK, March 2017; EHI Retail Institute, September 2016; Euromonitor, December 2016; Similarweb, June 2017; Rewe, Focus.de, December 2016; Handelsblatt, May 2017; EHI Retail Institute, Statista, September 2016;

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends B2C E-Commerce sales of Internet pure players in Germany increased by +20.6% to EUR 7.6 billion in 2016. Germany: Breakdown of B2 E-Commerce Sales by Player Types, in EUR million, 2015 & 2016 in EUR million 2015 2016 Change, in % Online Marketplace (e.g. eBay, Amazon, etc.) 24,950 26,728 +7.1% Multichannel Seller 13,976 16,617 +18.9% Internet Pure Player 6,308 7,605 +20.6% Manufacturer 1,082 1,194 +10.4% Shopping Clubs 340 373 +9.7% Not Categorized 245 223 -8.9% Note: includes VAT, excludes services, excludes C2C purchases via online marketplaces Survey: estimates are based on the results of a survey of 40,000 respondents conducted throughout the year Source: Bevh, January 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Amazon (EUR 7.8 billion) was by far the largest online shop in Germany in 2015, followed by Otto.de (EUR 2.3 billion). Germany: Top 10 Online Shops, by Sales, in EUR million, 2015 in EUR million Note: all revenues except for Notebooksbilliger.de, Bonprix.de and Alternate.de are estimates based on regression analysis Definition: B2C E-Commerce sales generated in 2015 in Germany, net of returns, excluding VAT; if a company had multiple online shops, they were ranked separately; marketplace revenues of Amazon were not included Source: EHI Retail Institute, Statista, iBusiness, September 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 45.2% of Amazon shoppers in Germany purchased online mainly from Amazon and 9.4% exclusively from Amazon, as of March 2017. Germany: Breakdown of Frequency of Buying from Amazon, in % of Amazon Buyers, by Electronics, Sports and Hobby, Clothes and Total, March 2017 in % of Amazon Buyers Note: the figures for the answer “as an exception” were stated only for “Clothing”, for other categories they were calculated assuming the 100% total Survey: based on a survey of 1,500 consumers, conducted in March 2017; the base of respondents for this question varied from 55 to 522; the answers for “Homeware and Garden” category were not presented due to the base of respondents being to small Source: ECC/IFH Koeln, June 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends M-Commerce sales in France are projected to reach USD 17.6 billion (EUR 15.8 billion) in 2020, accounting for 35% of retail E-Commerce. France: M-Commerce Sales, in USD billion, and M-Commerce Share of Retail E-Commerce Sales, in %, f in USD billion in % of Retail E-Commerce Sales Note: converted by the source at the exchange rate of USD 1 = EUR 0.9; the same exchange rate was applied in the action title Definition: products or services purchased online via mobile devices, regardless of the method of payment or fulfillment; includes purchases via tablet; excludes travel and event tickets; includes B2C and C2C Source: eMarketer, February 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends In Q1 2017, the M-Commerce share of B2C E-Commerce sales in France reached 27%, up from 22% in Q France: M-Commerce Share of B2C E-Commerce Sales, in %, Q & Q1 2017 Q1 2016 Q1 2017 Definition: M-Commerce sales via smartphone and tablets excluding application downloads and sales on marketplaces Source: Fevad, May 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Security risks, plus lack of adaptation of sites or payments to mobile were the top 3 barriers to M-Commerce among Internet users in France. France: Top 3 Barriers to M-Commerce, in % of Internet Users, February 2016 in % of Internet Users Note: does not add up to 100% due to multiple answers possible Survey: based on a survey of 1,002 Internet users, ages 18+ Source: Bing, Microsoft, March 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 46% of Internet users in France made online purchases cross-border in June 2016, up from 45% in June 2015. France: Cross-Border Online Shopper Penetration, in % of Internet Users in France, June 2015 & June 2016 June 2015 June 2016 Definition: Internet users who have made a purchase from France on a foreign website or from a foreign seller Source: Fevad, Mediametrie, July 2015, 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 93% of multi-channel shoppers in France were interested in checking prices and promotions of store-based merchants online, in July 2016. France: Interest in Web-to-Store Services, in % of Multi-Channel Shoppers, July 2016 Very Interested Somewhat Interested Total Interested Check the price of the merchant’s products or services, or promotions 43% 50% 93% Obtain the contact details of the point of sale (address, phone number, opening hours) 34% 55% 89% Order or reserve products online and receive them in the merchant’s outlet (click-and-collect) 35% 52% 87% Obtain specific information about the merchant’s products or services 28% 59% Find the store closest to where you are located (via geolocation) 29% 84% Contact the merchant by mail for a quote or request information 25% 80% Access reviews from other users 79% Get directions to the merchant 24% 53% 77% Make an appointment 51% 74% Receive information from a merchant you regularly visit (newsletter, promotions, rewards, etc.) 19% 72% Survey: based on a survey of 2,034 Internet users; ages 18-64; question asked: “Here is a list of possible services on the Internet that could facilitate your purchases in the local stores. For each, please indicate your level of interest?”; base of respondents to this question were 1,768 shoppers who purchased in at least one product category from store and online Source: Mappy, BVA, November 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 48% of individuals in France who purchased over the Internet, researched in-store and purchased online, as of July 2016. France: Cross-Channel Shopping Patterns, in % of Internet Users, July 2016 Behavior Base All Fully Digital: research online, purchase online Among individuals who purchased at least one category online 96% Showrooming: research in-store, buy online 48% Full Store: research in-store, purchase in-store Among individuals who bought at least one product category in-store 71% ROPO: research online, purchase in-store 91% Note: does not add up to 100% due to shopping behavior varying by category Survey: based on a survey of 2,034 Internet users; ages 18-64 Source: Mappy, BVA, November 2016

In % of Year-on-Year Change
Sales & Shares Delivery Products Users & Shoppers Players Payment Trends FEVAD projects B2C E-Commerce sales of French websites to amount to EUR 85.9 billion in 2017, including travel. France: B2C E-Commerce Sales, in EUR billion, and Year-on-Year Change, in %, f in EUR billion In % of Year-on-Year Change Note: based on information gathered from the main merchant sites and on the aggregate amount of transactions processed by the main payment service companies on behalf of 182,000 websites in 2015 and 200,000 in 2016 Definition: transaction value processed on French E-Commerce websites, including products and services, such as travel Source: FEVAD, January 2016, January 2017; FEVAD cited by E-Commerce Nation, February 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends eMarketer expects online retail spending by French shoppers, excl. travel, to amount to USD 50.2 billion (EUR 45.2 billion) by 2020. France: Retail E-Commerce Sales, in USD billion, and Share of Total Retail Sales, in %, f in USD billion in % of Total Retail Sales Note: the exchange rate applied in the action title is exchange rate applied by the source: USD 1 = EUR 0.9 Definition: products or services purchased online via any devices, regardless of the method of payment or fulfillment; excludes travel and event tickets Source: eMarketer, December 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Between 2011 and 2016, Internet penetration in France experienced a growth of 8 percentage points and reached 88% in 2016. France: Internet Penetration, in % of Individuals, in % of Individuals Definition: Internet use in the previous 12 months; ages 16-74 Source: Eurostat, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Online shopper penetration in France increased from 67% of Internet users in 2011 to 75% in 2016, according to Eurostat. France: Online Shopper Penetration, in % of Internet Users, in % of Internet Users Definition: individuals who ordered goods or services over the Internet for private use in the previous year; ages 16-74 Source: Eurostat, April 2017

in % of Total Retail Sales in the Category
Sales & Shares Delivery Products Users & Shoppers Players Payment Trends With EUR 18.7 billion of sales, “Tourism” was by far the largest B2C E-Commerce category in France in 2015. France: B2C E-Commerce Sales, by Product Category, in EUR billion, and Share of Total Retail Sales in the Respective Category, in %, 2015 Category B2C E-Commerce Sales, 2015 in EUR billion in % of Total Retail Sales in the Category Tourism 18.7 43% Clothing 4.2 15% Cultural products (physical and digital) 3.0 39% Household high-tech equipment 2.8 21% Household electronic equipment 1.3 17% Sport goods (footwear, textile, equipment) 1.1 10% Furniture 12% Shoes 1.0 11% Health and beauty 0.7 8% Home textile 25% Toys and games 22% Watches and jewelry 0.4 7% Source: Fevad, June 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 21% of online shoppers in France purchased “Food/Groceries” online in 2016, compared to 57% buying “Clothing and Sports Goods”. France: Product Categories Purchased Online, in % of Online Shoppers, 2016 in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible Definition: individuals who purchased online in the previous 12 months; ages 16-74 Source: Eurostat, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 59% of online shoppers in France purchased “Apparel” online, 60% from a major retailer and 37% from convenience store, as of July 2016. France: Product and Service Categories Purchased Online vs. In-Store, in % of Online Shoppers, July 2016 Category Type Category Online Major Retailer Convenience Store Largely E-Commerce Culture 63% 46% 21% Travel 62% 19% 15% Apparel 59% 60% 37% Electronics 57% 44% 12% Cross-Channel Footwear 52% 34% Appliances 38% Healthy & Beauty 35% 56% 40% Furniture 33% 54% 20% Jewelry & Accessories 31% 30% 25% Largely Physical Commerce Sporting Goods 26% 45% 16% DIY, Gardening 23% Grocery 71% 75% Automotive 29% Services 53% Survey: based on a survey of 1,593 online shoppers aged between years old, conducted in July 2016; question asked: “During the past 12 months, for the following categories of products or services: indicate whether you bought or paid for them in a convenience store, a major retailer and / or on the Internet?” Source: Mappy, BVA, November 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The share of online shoppers in France paying via “Online Payment Service” increased from 38% in June 2015 to 42% in June 2016. France: Payment Methods Used in E-Commerce, in % of Online Shoppers, June 2015 & June 2016 in % of Online Shoppers Note: for June 2015, only the top 3 answers were ranked Source: Fevad, Mediametrie, June 2015, June 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Less than 1% of online shoppers in France preferred to pay with mobile wallets such as Google Wallet or Apple Pay in 2016. France: Breakdown of Payment Methods Preferred in E-Commerce, in % of Online Shoppers, 2016 Note: *e.g. Sofinco, Cofinoga, CETELEM, etc. Survey: based on a survey of 1,000 respondents, ages 18+ Source: Toluna, Webloyalty, March 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 10% of online shoppers in France already used delivery through premium subscription in March 2016 and a further 40% planned to. France: Delivery Methods Used, in % of Online Shoppers, by Have Used and Haven’t Used But Plan to, March 2016 in % of Online Shoppers Source: FEVAD and LSA Commerce & Consumption, March 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The competitive landscape in France is dominated by large players, mainly by marketplaces, such as Amazon and Cdiscount. France: Overview of B2C E-Commerce Players, June 2017 The competitive E-Commerce landscape in France is dominated by large players, with 0.5% of online shops accounting for 61% of the market’s turnover in 2016, and 4.5% for 84%, according to Fevad cited by JDN. The major players mostly include companies operating under the marketplace business model, according to Euromonitor International, with Amazon leading both in terms of monthly visits and the market share, estimated at 11% on the global brand owner basis (GBO). Other prominent players include online pure-plays such as Cdiscount, Zalando and Spartoo and store-based retailers Fnac, Darty and Auchan. According to Similarweb, Amazon.fr had 159 million visits and ranked as the 6th most visited website in France, as of May Furthermore, the website ranked first by unique monthly visitors in Q1 2017, with 23.5 million, as measured by Mediametrie. Amazon is not only the top shopping destination for French digital buyers, but also the starting point for product research and price checking. According to a December 2016 survey by FEVAD and CB Expert cited by CB Expert, a quarter (26%) of online shoppers in France started their online product search at Amazon, and 16% were subscribed to Amazon Premium. Euromointor reports that the Amazon Premium program, launched in the summer of 2015, has bolstered not only the number of new customers, but also the loyalty of the existing customer base by offering special deals and free one-day delivery. The closest competitor of Amazon is Cdiscount in terms of website popularity, a French online retailer and marketplace owned by Groupe Casino through its Cnova unit. In May 2017, this website had over 55 million non-unique visits and ranked as the 16th most visited website in France, as reported by Similarweb. Cdiscount France generated GMV of EUR 3 billion in 2016, up from EUR 2.7 billion in EBIT turned from the negative EUR 4.1 million into positive EUR 4.6 million over the same period. According to the company’s website it owned over 300,000 square meters of warehouse space and had 8.2 million active customers. Store-based retailer Fnac Darty, ranked third among the top B2C E-Commerce websites in France in Q1 2017, according to Fevad and Mediametrie, with an average of 13 million monthly unique visitors to Fnac.com and 8 million to Darty. According to Fnac Darty, 16% of the group’s revenues were generated online in 2016, including France and other markets. Both Fnac.com and Darty.com achieved steady growth from their respective marketplaces during 2016 which also saw a +40% increase during Q Besides the online marketplaces, Fnac Darty also sees a rapid growth of omnichannel orders, which accounted for 44% of Internet orders in Q The company’s omnichannel offering is comprised of the click&collect service for Darty.com and Fnac.com, click&collect 1-hour service (for items available in-store), click&mag (online order of items not available in-store, placed by a seller, to be delivered to the customers’ location of choice), free delivery to a Fnac store, and others. Source: Fevad cited by JDN, April 2017; Euromonitor International, December 2016; Similarweb, June 2017; FEVAD and Mediametrie, May 2017; Cnova, February 2017; FEVAD and Mediametrie, May 2017; Fnac darty Group, April 2017 130

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Large online merchants in France accounted for less than 0.5% of the total B2C E-Commerce website number but for 61% of sales in 2016. France: Online Merchants’ Share of Total B2C E-Commerce Websites and B2C E-Commerce Market Sales, by Annual B2C E-Commerce Turnover Size, in %, 2016 B2C E-Commerce Turnover Size Share of Websites Share of Market Sales Less than EUR 100,000 per year 79% 3% Between EUR 100,000 and EUR 1 million per year 16% 13% Between EUR 1 million and EUR 10 million per year 4% 23% More than EUR 10 million per year 0.5% 61% Note: may not add up to 100% due to rounding Source: Fevad cited by JDN, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Amazon ranked as the top E-Commerce website in terms of average unique monthly visitors (23.5 millions) in France in Q France: Top 15 E-Commerce Websites, by Total Number of Unique Visitors per Month, in thousands, and Devices Used for Access, in % of Unique Visitors, in Q1 2017 Rank Website Total Number of Unique Visitors per Month Devices Used for Access, in % of Unique Visitors Desktop Mobile Phone Tablet 1 Amazon 23,499 64.0% 46.8% 27.6% 2 Cdiscount 16,659 67.8% 36.9% 20.3% 3 Fnac 13,267 60.7% 37.1% 19.1% 4 Voyages-Sncf.com 12,124 51.1% 45.1% 20.6% 5 Vente-privee 11,867 43.5% 52.4% 29.6% 6 eBay 11,576 62.1% 34.5% 18.6% 7 Groupon 11,179 38.6% 52.9% 25.2% 8 Carrefour 10,257 52.3% 40.7% 9 Booking.com 9,344 52.7% 37.0% 22.6% 10 E.Leclerc 9,127 53.1% 37.5% 21.9% 11 La Redoute 8,747 61.7% 29.1% 12 Leroy Merlin 8,490 60.4% 31.6% 19.2% 13 ShowRoomPrive 8,435 41.6% 47.5% 25.3% 14 Darty 8,005 32.0% 18.1% 15 PriceMinister 7,915 59.0% 34.1% 17.1% Note: the websites are ranked by total number of visits per month; ages 15+; does not add up to 100% due to multiple answers possible Source: FEVAD and Mediametrie, May 2017

in % of Click-and-Collect Users
Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Darty (22%), Decathlon (16%), Boulanger (16%) and FNAC (16%) were leading among the Click-and-Collect services in France in July 2016. France: Retailers Used for Click-and-Collect Services, in % of Click-and-Collect Users, July 2016 in % of Click-and-Collect Users Note: does not add up to 100% due to shopping behavior varying by category Survey: based on a survey of 2,034 Internet users; ages 18-64; the base of respondents for this question were click-and-collect users (598) Source: Mappy, BVA, November 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Russia’s B2C E-Commerce market is expected to maintain strong growth potential through 2020. Russia: B2C E-Commerce Market Overview and International Comparisons, July 2017 Russia’s B2C E-Commerce market was the fourth largest in Europe by 2016 sales, behind the UK, Germany, France, and sharing the rank with Spain, according to Ecommerce Europe. In terms of the growth rate, Russia was ahead of all Western European countries, except for Italy, according to Forrester. Following the moderation of growth in 2015, when online sales increased by +16%, the rapid growth rate resumed in 2016, reaching +23%, as consumers adapted to the economic downturn and normalized their consumption online, according to Data Insight. Other growth accelerators include the expansion of mobile which reached 16% of B2C E-Commerce sales and over 30% for larger online stores. Moreover, Russian consumers are becoming more experienced with Internet usage and have a wider access to bank cards as major means of online payment. According to a survey by NAFI, the share of adult population in Russia who own a plastic card for receiving payroll, pension or scholarship funds, increased from 39% in 2011 to 63% in In addition, new online shoppers continued to emerge, as the share of active Internet user penetration grew to 73% and online shopper penetration to 23% of population aged in 2016, according to the Federal State Statistics Office. Online shopper demographics in Russia are skewed towards younger, urban and female consumers. Women accounted for 58% of all online shoppers in 2016, year-olds for 55%, and urban population for 86%. Overall, more than two-thirds of population have not yet made purchases over the Internet, but 11% planned to start, according to a 2016 survey by Levada Center and Data Insight. Within this segment, 54% live in small cities and villages, 62% believe that they only have enough money for food and clothes, 42% are above 40 years old and 63% use the Internet daily. Among the existing online buyers, further growth is projected to stem from more frequent online purchases. An important trend on the Russian online retail market is the rise of cross-border purchases, especially from Chinese sellers. The share of cross-border imports in total B2C E-Commerce sales of goods in Russia increased from 29% in 2015 to 33% in 2016, according to the industry association AKIT. 52% of cross-border spending and 90% of shipments were from China. Overall, Russia’s B2C E-Commerce growth potential remains strong, as the online share of total retail sales (around 4%) is below the double-digit shares in advanced E-Commerce markets, as reported by the Higher School of Economics. Due to this fact, the country is projected to maintain online retail growth rate at above +20% per year and double the sale between 2016 and 2020. Source: Ecommerce Europe cited by Niche Hunt, June 2017; Forrester, March 2017; Federal State Statistics Service, 2017; AKIT, Russian Post, June 2017; Data Insight, March 2017; Levada Center cited by Data Insight, March 2017; Higher School of Economics, March 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends M-Commerce accounted for 16% of B2C E-Commerce sales of products in Russia in 2016. Russia: M-Commerce Share of B2C E-Commerce Sales, in %, 2016 Note: 16% is the total for the market (out of RUB 800 billion); according to the source for the majority of largest online stores this share is more than 30% Definition: online retail sales of material goods only; cross-border imports are excluded Source: Data Insight, March 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 58% of mobile shoppers in Russia made their latest purchase on smartphone through a mobile app, as of 2016. Russia: Breakdown of Latest Mobile Purchase by Purchase Made Through App and Browser, in % of Mobile Shoppers, in %, 2016 Note: refers to the last purchase via smartphone Survey: based on a survey of 2,823 online shoppers who own a smartphone; the base of respondents for this question were 22% online shoppers who made their last purchase through a smartphone; the time of the survey was not revealed Source: PayPal, Data Insight, March 2017

in % of Total B2C E-Commerce Sales
Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The share of cross-border sales in Russia’s B2C E-Commerce more than doubled from 15% in 2011 to 33% in 2016. Russia: B2C E-Commerce Sales, in RUB billion, and Breakdown by Domestic and Cross-Border Imports, in %, 2011 – 2016 RUB 330 billion RUB 405 billion RUB 544 billion RUB 713 billion RUB 760 billion RUB 920 billion RUB 1.15 trillion in % of Total B2C E-Commerce Sales Note: the 2017 percentage share was calculated from the forecast of cross-border imports and total sales projected by the source for 2017 Definition: online retail sales of material and non-material goods Source: AKIT, June 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends China accounted for 52% of cross-border spending of online shoppers in Russia in 2016, and for 90% of shipments. Russia: Breakdown of Cross-Border Online Spending and Number of Shipments by Country, in %, 2016 Spending Shipments Definition: spending in foreign online stores on purchases of goods such as electronics, appliances, clothing and shoes, car parts, cosmetics and perfumes, goods for home, sports goods and others Source: AKIT (Association of Companies of Internet Trade), Russian Post, GfK, Admitad, J’son & Partners, June 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends According to three different sources, B2C E-Commerce sales in Russia grew by more than +20% in 2016. Russia: B2C E-Commerce Sales, in RUB billion, by Five Comparative Estimates, 2014 – 2016, and Forecasts, in RUB billion, 2017f, 2020f & 2021f Source 2014 2015 2016 2017f 2018f 2019f 2020f 2021f Definition Higher School of Economics n.a. 1,000 2,000 Online retail sales volume RBC 868.5 892.4 944.3 B2C E-Commerce segment sales, including products and paid services (paid services valued at RUB billion in 2014 and RUB billion in 2016), excludes purchases of coupon discounts AKIT 713 760 920 1,150 retail E-Commerce sales defined as the retail sale of material goods (without services) by sellers or their agents over the Internet and via other distant sales channels, such as call centers, mobile applications, etc.; includes domestic sales and cross-border imports Forrester* 693.2 862.8 Online retail sales, including B2C and C2C transactions Data Insight 560 650 800 Domestic online sales of material goods Euromonitor International 1,200 Internet retailing excluding tax defined as sales of goods and digital content to the general public via the Internet; sales from businesses to consumers via online shopping malls and marketplaces are included; B2B and C2C transactions are excluded Note: *converted from EUR 9.4 billion (2015) and EUR 11.7 billion (2016) using the average exchange rate for 2016: RUB 1 = EUR Source: Higher School of Economics, March 2017; Data Insight, March 2017; Forrester, March 2017, March 2016; AKIT, June 2017; RBC cited by New Retail, March 2017; Euromonitor International, January 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Moscow accounted for 30.9% of domestic and 32.0% of cross-border B2C E-Commerce sales in Russia in 2016. Russia: Breakdown of B2C E-Commerce Sales by Regions, by Domestic and Cross-Border, in %, 2016 Domestic Cross-Border Note: *Others include accessories and gifts, pet goods, office supplies, construction materials, goods for home renovation, accessories, books and others; may not add up to 100% due to rounding Definition: retail E-Commerce sales defined as the retail sale of material goods (without services) by sellers or their agents over the Internet and via other distant sales channels, such as call centers, mobile applications, etc. Source: AKIT (Association of Companies of Internet Trade), Russian Post, GfK, Admitad, J’son & Partners, June 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends B2C E-Commerce accounted for approximately 4% of the total retail sales in Russia in 2016. Russia: B2C E-Commerce Share of Total Retail Sales, in %, 2016e Note: the number is an approximation (reported as “around 4%”); the rate might refer to 2015 or 2016 (not specified by the source, reported in present tense) Source: Higher School of Economics, March 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Internet penetration in Russia increased from 61.4% in 2013 to 71.5% in 2016, with the number of Internet users reaching 78.8 million. Russia: Number of Active Internet Users, in millions, and Penetration, in % of Population, in % of Population in millions Note: ages 15-72 Definition: active Internet users defined as individuals aged who access the Internet daily, almost daily or no less than once a week during the previous 3 months Survey: based on surveys conducted in October 2013, October-November 2014, November-December 2015 and October-November 2016 Source: Federal State Statistics Service, 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 23.1% of individuals in Russia aged made purchases over the Internet in 2016, an equivalent of 25.4 million people. Russia: Number of Online Shoppers, in millions, and Penetration, in % of Population, in millions in % of Population Note: ages 15-72 Definition: individuals aged who used the Internet for purchasing goods and/or services in the previous 12 months Survey: based on surveys conducted in October 2013, October-November 2014, November-December 2015 and October-November 2016 Source: Federal State Statistics Service, 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Online shopper penetration on Internet users in Russia was the highest among year-old females living in urban areas (48.9%), as of 2016. Russia: Online Shopper Penetration by Age Group, by Gender and Location Type, in % of Internet Users in the Respective Group, 2016 Total (15-72) All Location Types (Total) 30.2% 22.3% 36.1% 39.5% 37.8% 33.2% 30.4% 27.6% 24.0% 18.6% 14.7% Male 26.7% 19.8% 32.0% 33.7% 28.0% 26.5% 24.1% 20.4% 16.8% 13.5% Female 33.4% 25.0% 40.3% 45.3% 42.3% 37.9% 33.9% 30.6% 26.9% 19.9% 15.5% Urban 33.1% 25.1% 39.6% 43.6% 40.8% 36.0% 30.8% 15.1% 29.6% 38.1% 29.5% 27.1% 22.8% 18.2% 14.0% 27.9% 43.0% 48.9% 45.4% 37.0% 33.8% 21.0% 15.9% Rural 19.7% 23.6% 24.2% 25.9% 21.9% 18.8% 16.5% 14.9% 13.9% 12.7% 16.3% 13.0% 18.0% 18.9% 22.5% 16.9% 15.4% 13.6% 12.1% 11.8% 11.6% 23.1% 17.4% 29.9% 30.5% 29.4% 19.1% 17.2% Definition: individuals aged who used the Internet for purchasing goods and/or services in the previous 12 months as a share of individuals in the respective groups who used the Internet in the previous 12 months Survey: based on survey conducted in October-November 2016 Source: Federal State Statistics Service, 2017

Internet User Penetration Online Shopper Penetration
Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Both the Internet penetration and online shopper penetration rates in Russia were the highest in the North-Western Federal District in 2016. Russia: Internet User Penetration, in % of Population, and Online Shopper Penetration, in % of Population and in % of Internet Users, by Federal Districts, 2016 Federal Districts Internet User Penetration Online Shopper Penetration in % of Population in % of Internet Users Central 77.0% 25.6% 33.3% North-Western 80.8% 27.7% 34.3% Southern 77.2% 24.3% 31.5% North-Caucasian 74.4% 13.6% 18.2% Volga 74.0% 20.2% 27.3% Ural 79.5% 26.6% 33.5% Siberian 73.7% 19.3% 26.1% Far Eastern 77.6% 33.7% Total (All Federal Districts) 76.4% 23.1% 30.2% Note: ages 15-72 Definition: Internet usage in the pervious 12 months; purchase of products and/or services for private use over the Internet in the previous 12 months Survey: based on survey conducted in October-November 2016 Source: Federal State Statistics Service, 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends “Household appliances” was the largest product category both in domestic and cross-border B2C E-Commerce sales in Russia in 2016. Russia: Breakdown of B2C E-Commerce Sales by Product Categories, by Domestic and Cross-Border, in %, 2016 Domestic Cross-Border Note: *Others include accessories and gifts, pet goods, office supplies, construction materials, goods for home renovation, accessories, books and others Definition: retail E-Commerce sales defined as the retail sale of material goods (without services) by sellers or their agents over the Internet and via other distant sales channels, such as call centers, mobile applications, etc. Source: AKIT (Association of Companies of Internet Trade), Russian Post, GfK, Admitad, J’son & Partners, June 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends “Clothing, shoes, sports goods” was the most popular category purchased by Russia’s online shoppers both in 2015 and in 2016. Russia: Product Categories Purchased Online, in % of Online Shoppers, 2015 & 2016 in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible Survey: based on surveys conducted between November and December 2015 and October and November 2016; ages 15-72 Source: Federal State Statistics Service, April 2016, 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The share of online shoppers in Russia paying by “Bank Card” continued to increase in 2016, while “Cash on Delivery” declined. Russia: Payment Methods Used in Online Shopping, in % of Online Shoppers, in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible *SMS payment defined as “payment from the mobile phone account, including via SMS” in the 2016 survey Survey: based on surveys conducted between November and December 2015 and October and November 2016; ages 15-72 Source: Federal State Statistics Service of the Russian Federation, April 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 54.9% of online shoppers in Russia preferred to pick their orders from the nearest distribution point, as of 2016. Russia: Preferred Delivery Methods in E-Commerce, in % of Online Shoppers, in % of Online Shoppers Note: does not add up to multiple answers possible Survey: based on a survey of 3,000 online shoppers in November 2016 Source: RBC cited by Retail Loyalty, March 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Online shoppers in smaller cities (67%) were more likely to choose delivery by Russian Post than shoppers in Moscow (37%) in Oct Russia: Delivery Methods Used When Buying from Russian Online Stores, in % of Online Shoppers, by Location Type, October 2016 Moscow Moscow Region Cities 800,000+ Cities 500,000+ Cities 100,000+ Self Pick-Up 64% 72% 71% 61% Russian Post 37% 41% 47% 62% 67% Standard Courier Delivery 59% 46% 36% 34% Express Courier Delivery 10% 6% 5% 3% Locker (“Postamat”) 18% 26% 16% 15% Note: does not add up to 100% due to multiple answers possible Survey: based on a survey of 2,525 online shoppers who purchased from Russian online stores; question asked: “Which of the following delivery methods have you used at least once in the previous 12 months when buying goods in Russian online stores?” Source: GfK, Yandex.Market, December 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Chinese E-Commerce platform AliExpress became the top destination for Russian online shoppers in major product segments. Russia: B2C E-Commerce Player Overview, July 2017 According to AKIT, there were around 40,000 online stores in Russia, with the top 100 generating approximately 70% of the market’s total sales. The largest online retailer in Russia by 2016 results was online fashion store Wildberries. According to estimates from Data Insight and Ruward, Wildberries.ru generated online sales of RUB 45.6 billion in 2016, up +43%, rising to the first rank ahead of the online mass merchant Ulmart.ru (RUB 38.8 billion). According to another ranking, compiled by Infoline Analytika and cited by Kommersant, Wilberries overtook E-Commerce sales leadership from Ulmart already in H1 2016, with revenues of RUB 17.2 billion compared to RUB 16.7 billion, respectively, excluding VAT. Along with being the largest, Wildberries also remains one of the most reserved online retailers in the country, with little information disclosed publicly, according to RBC. Forbes estimated the company’s value at USD 419 million in 2016, reporting that 1 million users place 100,000 orders at Wildberries every day. The company operates over 650 self pick-up points, including 76 in Belarus and 17 in Kazakhstan. Around half of all orders purchased at Wildberries are returned. While the abovementioned rankings only consider revenues of online stores registered in Russia, Chinese E-Commerce companies have also seen rapid growth in popularity among Russian online shoppers. According to 2016 consumer survey by RBC, AliExpress was the top destination for purchases of clothing and shoes (63.8%), goods for children (58.0%) and electronics (36.7%), ahead of all Russian competitors. Due to difficult economic conditions faced by Russian consumers in 2015/2016, factors such as low pricing and wide product range influence the online shoppers’ choice of E-Commerce platforms more. 88% of online buyers surveyed by RBC associated AliExpress with a wide product range and 92% with low prices. As reported by Kommersant, Alibaba Group could have found a new partner for expanding on the Russian market, the country’s largest bank Sberbank. A joint venture in the field of cross-border E-Commerce could be launched by the two companies in 2017, although these plans were not confirmed officially. An emerging competition field in Russian B2C E-Commerce is online groceries. This was the fastest growing product segment among the top 300 online shops in Russia in 2016, up by +63% compared to 2015, according to Data Insight and Ruward. The largest online grocery retailer Utkonos.ru increased its revenues by +63% to RUB 15.1 billion, according to the estimates from Data Insight and Ruward. The largest food retailer in Russia, X5 Retail Group, started testing its own online shop Perekrestok.ru in April 2017, as reported by Kommersant. The second largest retail chain, Magnit, has not yet launched an E-Commerce channel, but has established electronic terminals in its selected hypermarkets, which could potentially be integrated with online sales in the future, Vedomosti reports citing Infoline Analytics. Source: AKIT cited by Lenta, May 2017; Data Insight, Ruward, April 2017; Data Insight, March 2017; Forbes, RBC, February 2017; Infoline cited by Kommersant, October 2016; Kommersant, January 2017, April 2017; Infoline cited by Vedomosti, May 2017; Forbes, February 2017,

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The top online shop in Russia in terms of 2016 E-Commerce sales was online clothing retailer Wildberries.ru (RUB 45.6 bil. / EUR 0.6 bil.). Russia: Top 20 Online Shops, Ranked by Sales, incl. E-Commerce Sales, in RUB million, Number of Orders, in thousands, Average Check, in RUB, Y-o-Y Change, and Main Product Category, 2016 (1 of 2) Rank Online Shop E-Commerce Sales Number of Orders Average Check Main Product Category in RUB million Y-o-Y Change in thousands in RUB 1 WILDBERRIES.RU 45,600 +43% 29,000 +37% 1,570 +4% Clothing, Shoes and Accessories 2 ULMART.RU 38,800 +6% 7,820 4,970 0% Mass Merchant 3 CITILINK.RU 31,600 +30% 3,230 +16% 9,790 +12% 4 MVIDEO.RU 25,900 +27% 1,900 +21% 13,620 +5% Electronics and Appliances 5 ELDORADO.RU 23,200 +38% 3,900 +56% 5,960 -12% 6 LAMODA.RU 22,300 +39% 5,870 +33% 3,800 7 OZON.RU 18,000 +20% 5,700 +24% 3,160 -3% 8 EXIST.RU 17,800 +3% 6,100 -8% 2,920 Auto Parts and Auto Electronics 9 SVYAZNOY.RU 15,400 1,460 -15% 10,550 +9% 10 KUPIVIP.RU 15,100 -9% 1,400 -21% 10,760 +15% Definition: E-Commerce sales generated by each respective online shop in 2016, including VAT; Methodology: the ranking includes Russian online stores which were active (i.e. received and fulfilled orders) as of December Foreign online stores were included if they operated in Russia through a Russian legal entity and have a separate domain or sub-domain for Russian customers. Marketplaces and pure B2B sellers were not included. The ranking covers online shops and not companies. If several online shops have the same owner and share the same technical platform for numbering orders, they were ranked together; in all other cases, such shops were ranked separately. The ranking was compiled based on a regular monitoring of the number of orders in 3,000 online stores, data provided by the stores, information openly published by the stores, click stream analysis, monitoring of the traffic to 70,000 stores based on panels and rankings, and benchmarking (conversion, average check, share of orders fulfilled) by product groups. Where possible, the following types of orders were excluded: placed through catalogues and telephone off site, placed via the terminals in-store, placed by customers from other countries. Source: Data Insight, Ruward, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Among the 20 largest online shops in Russia in terms of sales in 2016, the only food specialist retailer was Utkonos.ru. Russia: Top 20 Online Shops, Ranked by Sales, incl. E-Commerce Sales, in RUB million, Number of Orders, in thousands, Average Check, in RUB, Y-o-Y Change, and Main Product Category, 2016 (2 of 2) Rank Online Shop E-Commerce Sales Number of Orders Average Check Main Product Category in RUB million Y-o-Y Change in thousands in RUB 11 UTKONOS.RU 15 100 63% 2 980 66% 5 050 -1% Food 12 BONPRIX.RU 13 700 22% 3 240 13% 4 240 8% Clothing, Shoes and Accessories 13 DNS-SHOP.RU 13 600 2% 1 070 -9% 12 660 Electronics and Appliances 14 KOMUS.RU 11 700 -6% 997 -18% 11 740 14% Office Supplies 15 ONLINETRADE.RU 11 200 1 670 55% 6 710 -27% Mass Merchant 16 PETROVICH.RU 9 540 34% 731 31% 13 050 3% Goods for Home and Renovation 17 HOLODILNIK.RU 8 940 16% 351 18% 25 470 -2% 18 VSEINSTRUMENTI.RU 8 700 1 090 56% 7 970 0% 19 TEHNOSILA.RU 7 910 24% 905 19% 8 740 5% 20 MEDIAMARKT.RU 7 460 17% 556 13 410 12% Definition: E-Commerce sales generated by each respective online shop in 2016, including VAT; Methodology: the ranking includes Russian online stores which were active (i.e. received and fulfilled orders) as of December Foreign online stores were included if they operated in Russia through a Russian legal entity and have a separate domain or sub-domain for Russian customers. Marketplaces and pure B2B sellers were not included. The ranking covers online shops and not companies. If several online shops have the same owner and share the same technical platform for numbering orders, they were ranked together (DNS-Shop.ru includes Technopoint.ru; Tehnosila.ru includes Tshok.ru); in all other cases, such shops were ranked separately. The ranking was compiled based on a regular monitoring of the number of orders in 3,000 online stores, data provided by the stores, information openly published by the stores, click stream analysis, monitoring of the traffic to 70,000 stores based on panels and rankings, and benchmarking (conversion, average check, share of orders fulfilled) by product groups. Where possible, the following types of orders were excluded: placed through catalogues and telephone off site, placed via the terminals in-store, placed by customers from other countries. Source: Data Insight, Ruward, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Aliexpress.ru (22.2 million) was by far the most visited online shop in Russia in January 2017. Russia: Top 15 Online Shops by Number of Unique Visitors, in thousands, January 2017 in thousands Definition: several visits by one user were counted as one unique visitor Source: TNS cited by AKIT, June 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends M-Commerce accounted for an estimated 31% of B2C E-Commerce sales in Spain in 2016, more than double the 15% in 2015. Spain: M-Commerce Share of B2C E-Commerce Sales, in %, 2015 & 2016e 2015 2016e Source: El Observatorio Cetelem, July 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Mobile shopper penetration in Spain reached one-half of all online shoppers in 2016, up from 35% in 2015. Spain: Mobile Shopper Penetration, in % of Online Shoppers, 2015 & 2016 2015 2016 Survey: based on a survey of 2,219 online shoppers from Spain, conducted in 2016; question asked “Have you made an online purchase via your mobile device (smartphone or tablet) in the last 12 months?“ Source: El Observatorio Cetelem, December 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The value of E-Commerce export transactions from Spain exceeded both the import transactions and domestic transactions in Q Spain: Breakdown of E-Commerce Transaction Value, by Exports, Imports and Domestic, in EUR million, Q – Q3 2016 E-Commerce Transaction Value, in EUR million Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Exports 1,528.4 1,587.1 1,639.2 1,884.6 1,908.9 1,995.1 2,103.6 2,339.7 2,387.6 2,549.1 2,633.6 Imports 603.4 658.4 716.5 658.3 809.9 960.9 1,016.8 772.7 850.1 939.3 983.0 Domestic 1,446.9 1,648.1 1,747.1 1,773.4 1,736.9 1,989.9 2,182.2 2,196.8 2,176.3 2,459.6 2,550.2 Definition: E-Commerce transactions carried out using bank payment cards corresponding to the collaborating Spanish card payment entities: Sermepa-Servired, Sistema 4B and Confederación Española de Cajas de Ahorro (CECA-Sistema Euro 6000), including all the e-commerce transactions carried out through virtual points of sale that have Spain as their point of origin and/or destination and whose payment is carried out through the card payment networks mentioned Source: Spain's National Authority for Markets and Competition (CNMC), April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The number of E-Commerce import transactions to Spain increased from 4.6 million in Q to 7.3 million in Q Spain: Breakdown of E-Commerce Transaction Number, by Exports, Imports and Domestic, in millions, Q – Q3 2016 E-Commerce Transaction Number, in millions Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Exports 35.3 31.4 32.0 37.8 37.7 36.5 39.3 48.2 49.8 50.9 54.8 Imports 3.6 4.2 4.6 4.3 4.7 5.7 6.3 5.4 6.8 7.3 Domestic 20.0 21.0 21.1 25.5 25.3 27.3 28.0 33.0 32.5 34.9 35.5 Definition: E-Commerce transactions carried out using bank payment cards corresponding to the collaborating Spanish card payment entities: Sermepa-Servired, Sistema 4B and Confederación Española de Cajas de Ahorro (CECA-Sistema Euro 6000), including all the e-commerce transactions carried out through virtual points of sale that have Spain as their point of origin and/or destination and whose payment is carried out through the card payment networks mentioned Source: Spain's National Authority for Markets and Competition (CNMC), April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 24% of online shoppers in Spain researched products online and purchased them offline, as of May 2016. Spain: Breakdown of Online Shoppers by Research and Purchase Channels, in %, May 2016 Survey: based on a survey of 705 online shoppers Source: IAB, Elogia, June 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends In 2015, B2C E-Commerce sales in Spain amounted to EUR 20.8 billion, up by +27.6% from 2014. Spain: B2C E-Commerce Sales, in EUR billion, and Year-on-Year Change, in %, in % Year-on-Year Change In EUR billion Note: calculated by the source based on the number of online shoppers and average spending per shopper Definition: includes online spending on products and services, such as tourism and tickets Survey: based on a survey of 3,080 individuals; calculated by the source based on the number of online shoppers and average annual online spending (e.g. in 2015: 80.8% Internet penetration, 64.3% online shopper penetration (20.4 million people) average annual spending EUR 1,016, total B2C E-Commerce sales: EUR 20,745 million Source: National Statistics Institute (INE) cited by The National Observatory for Telecommunications and the Information Society, November 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends In the first three quarters of 2016, B2C E-Commerce sales in Spain reached EUR 17.5 billion, up by +19% from the same period in 2015. Spain: B2C E-Commerce Sales, in EUR billion, and Year-on-Year, in %, Q – Q3 2016 In EUR billion in % Year-on-Year Change Note: data is based on online transactions processed through Sermepa-Servired, Sistema 4B and the Confederación Española de Cajas de Ahorro on a quarterly basis with Spain as the point of origin and/or destination Definition: includes retail purchases of products, services and travel at virtual point of sale; also incudes purchases directly from the manufacturer’s website in cases where such purchases could not be differentiated from retail purchases; includes cross-border transactions (exports, imports) and domestic transactions (within Spain) Source: Comisión Nacional de los Mercados y la Competencia (CNMC), April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The online share of total retail sales of products in Spain is projected to increase from 3.5% in 2015 to 4.8% in 2017. Spain: B2C E-Commerce Share of Total Retail Sales, in %, f in % of Total Retail Sales Definition: Online retail sales of goods: retail sales defined as sales of merchandise to final consumer, online defined as sales where the transaction is made over the Internet or at a distance; sales made using mobile phones and tablets are included; fuel for vehicles, prepared food in cafes and restaurants, tickets, holiday bookings, gambling and insurance services are excluded Source: Centre for Retail Research, March 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Internet penetration in Spain increased by +12 percentage points between 2011 and 2016, reaching 81% of individuals in 2016. Spain: Internet Penetration, in % of Individuals, in % of Individuals Definition: Internet use in the previous 12 months; ages 16-74 Source: Eurostat, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Online shopper penetration grew from 67% of Internet users in Spain in 2011 to 75% in 2016. Spain: Online Shopper Penetration, in % of Internet Users, in % of Internet Users Definition: individuals who ordered goods or services, over the Internet, for private use, in the previous year Source: Eurostat, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends “Travel and Holiday Accommodation” (57%) was the product category most purchased by online shoppers in Spain in 2016. Spain: Product Categories Purchased Online, in % of Online Shoppers, 2016 in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible Definition: individuals who purchased online in the previous 12 months; ages 16-74 Source: Eurostat, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends More than one-half (55%) of online shoppers in Spain made purchases of “Fashion” products over the Internet in 2016. Spain: Products Purchased Online, in % of Online Shoppers, 2016 in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible; refers to purchases made in the previous 12 months Survey: based on a survey of 2,219 consumers Source: Cetelem, Nielsen, December 2016 168

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends “Debit card” was the payment method most used by online shoppers in Spain in 2016, while usage of “PayPal” declined compared to 2015. Spain: Payment Methods Used in Online Shopping, in % of Online Shoppers, 2015 & 2016 in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible Survey: based on a survey of 1,512 consumers, ages 18+; conducted online in November 2015, and 2,219 consumers in 2016 Source: Cetelem, Nielsen, December 2016

Acceptable Delivery Time
Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 66% of Spain’s online shoppers considered expected delivery in less than 5 days and 76% preferred home delivery, as of May 2016. Spain: Breakdown of Acceptable Delivery Time and Preferred Locations for Receiving Orders, in % of Online Shoppers, May 2016 Acceptable Delivery Time Preferred Locations Note: may not add up to 100% due to rounding Survey: based on a survey of 705 online shoppers aged between 16 and 60 years old, conducted in May 2016; questions asked “What do you consider as an acceptable delivery time for receiving your orders placed online?” Source: IAB Spain and Elogia, June 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The top three E-Commerce websites in Spain by number of unique visitors in May 2016 were Amazon, Aliexpress and El Corte Inglés. Spain: Top 10 E-Commerce Websites, by Number of Unique Visitors, in millions, May 2016 in millions Source: eShow Magazine cited by Marketing4eCommerce, May 2017

in % of B2C E-Commerce Sales
Sales & Shares Delivery Products Users & Shoppers Players Payment Trends M-Commerce sales in Italy reached EUR 3.3 billion in 2016, accounting for 17% of total B2C E-Commerce sales. Italy: M-Commerce Sales, in EUR billion, and M-Commerce Share of B2C E-Commerce Sales, in %, 2015 & 2016 in EUR billion in % of B2C E-Commerce Sales Note: the source’s projection for the next 3 years: EUR 6.7 billion – EUR 7.7 billion Source: Digital Innovation Observatories of the School of Management of Politecnico di Milano, March 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Cross-border B2C E-Commerce imports to Italy are expected to rise from EUR 5.3 billion in 2016 to EUR 5.9 billion in 2017. Italy: Breakdown of B2C E-Commerce Sales by Domestic and Cross-Border Imports, in EUR billion, 2012 – 2017f in EUR billion Note: includes products and services, such as travel; the values for 2012 and 2013 are calculated based on the total value and the percentage share of the categories reported by the source Definition: Domestic B2C E-Commerce: sales of Italian websites to Italian customers; Cross-Border Imports: sales of websites without operations in Italy to customers in Italy Source: Osservatori.net, School of Management del Politecnico di Milano, May 2016; Osservatori.net, School of Management del Politecnico di Milano and Netcomm cited by IAB, May 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends B2C E-Commerce sales in Italy are projected to increase by +16% to EUR 23.1 billion in 2017. Italy: B2C E-Commerce Sales, in EUR billion, f in EUR billion in % Year-on-Year Change Definition: incudes sales of products, travel, insurance and other services; domestic and cross-border spending of Italian online shoppers Source: Osservatori.net, School of Management del Politecnico di Milano and Netcomm cited by IAB, May 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends B2C E-Commerce’s share of total retail sales in Italy is projected to increase from 5.0% in 2016 to 5.6% in 2017. Italy: B2C E-Commerce Share of Retail Sales, in %, 2016 & 2017f 2016 2017f Note: includes sales of products and services Source: Osservatori.net, School of Management del Politecnico di Milano and Netcomm, May 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Internet penetration in Italy increased by +14 percentage points between 2011 and 2016, reaching 71% of individuals in 2016. Italy: Internet Penetration, in % of Individuals, in % of Individuals Definition: Internet use in the previous 12 months; ages 16-74 Source: Eurostat, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Online shopper penetration in Italy reached 41% of Internet users in 2016, up from 27% in 2011. Italy: Online Shopper Penetration, in % of Internet Users, in % of Internet Users Definition: individuals who ordered goods or services, over the Internet, for private use, in the previous year; ages 16-74 Source: Eurostat, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends One-quarter (25%) of online shoppers in Italy were aged between 35 and 44 years old, forming the largest age group as of Q Italy: Breakdown of Online Shoppers by Age Group, in %, Q1 2017 Source: Netcomm, 2017

in % of B2C E-Commerce Sales
Sales & Shares Delivery Products Users & Shoppers Players Payment Trends B2C E-Commerce sales in Italy are projected to have an even split by products (50%) and services (50%) for the first time in 2017. Italy: Breakdown of B2C E-Commerce Sales by Products and Services, in %, f in % of B2C E-Commerce Sales Definition: incudes sales of products, travel, insurance and other services; domestic and cross-border spending of Italian online shoppers Source: Osservatori.net, School of Management del Politecnico di Milano and Netcomm cited by IAB, May 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends “Food & Groceries” (+37%) is projected to be the fastest growing product category in Italian B2C E-Commerce in 2017. Italy: B2C E-Commerce Sales by Category, by Products and Services, in EUR million, 2016 & 2017f in EUR million 2016 2017f Change in % Products Informatics and Electronics 2,933 3,695 +26% Clothes 1,913 2,384 +23% Publishing 678 798 +18% Home Living & Furnishing 669 847 +27% Food & Groceries 593 812 +37% Other Products 2,422 3,031 +25% Services Tourism 8,588 9,347 +9% Insurance 1,228 1,297 +6% Other Services 872 927 Definition: incudes domestic and cross-border spending of Italian online shoppers Source: Osservatori.net, School of Management del Politecnico di Milano and Netcomm cited by IAB, May 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends In Italy, “Travel and Holiday Accommodation” (41%) was the product category most purchased by online shoppers in 2016. Italy: Product Categories Purchased Online, in % of Online Shoppers, 2016 in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible Definition: individuals who purchased online in the previous 12 months; ages 16-74 Source: Eurostat, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 60% of online shoppers in Italy paid by PayPal, compared to 20% paying by “Credit card”, as of October 2016. Italy: Breakdown of Payment Methods Used in Online Shopping, in % of Online Shoppers, October 2016 Survey: based on a survey of 1,038 respondents, conducted in October 2016; the results relate to respondents who said they shop online at least once a year Source: Idealo, Survey Sampling International, January 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 38% of online shoppers in Italy preferred their purchases to be delivered with BRT, as of October 2016. Italy: Breakdown of Preferred Courier Services, in % of Online Shoppers, October 2016 Note: does not add up to 100% due to rounding Survey: based on a survey of 1,038 online shoppers, conducted in October 2016 Source: Idealo Magazine and Survey Sampling International (SSI), January 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends In June 2017, the top E-Commerce websites in Italy by number of unique visitors were eBay (50 mil.) and Amazon (47 mil.). Italy: Top 10 E-Commerce Websites, by Number of Unique Monthly Visitors*, in millions, June 2017 in millions Note: *total number of unique visitors from Italy estimated by the source based on Google data Source: Casaleggio Associati, June 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 59% of B2C E-Commerce sales in Italy is projected to stem from online pure-plays, incl. “Aggregators” (39%) and “Online retailers” (20%). Italy: Breakdown of B2C E-Commerce Sales by Player Type, in %, 2017f Note: Italian websites; includes products and services, domestic and export sales Source: Osservatori.net, School of Management del Politecnico di Milano and Netcomm cited by IAB, May 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Tablets and smartphones increased their combined share of online purchases in the Netherlands from 16% in Q to 19% in Q Netherlands: Breakdown of Online Purchases by Device, in %, Q & Q1 2017 Q1 2016 Q1 2017 Note: may not add up to 100% due to rounding Source: Thuiswinkel, GfK, Post.nl, June 2016, 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 26% of individuals in the Netherlands made cross-border purchases online in 2016, up from 23% in 2015. Netherlands: Cross-Border Online Shopper Penetration, in % of Individuals, 2015 & 2016 2015 2016 Definition: individuals who purchased goods or services from foreign websites Survey: based on a survey of 5,000 consumers Source: Thuiswinkel.org, GfK, Post.nl, April 2016, 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Cross-border spending of online shoppers in the Netherlands increased by +24% to EUR 637 million in 2016. Netherlands: Cross-Border Online Spending, in EUR million, in EUR million +32% +24% Definition: includes purchases of goods and services Survey: based on a survey of 5,000 consumers Source: Thuiswinkel.org, GfK, Post.nl, March 2015, April 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends B2C E-Commerce sales in the Netherlands, incl. travel, are expected to exceed EUR 24 billion in 2017, an increase of +20% from 2016. Netherlands: B2C E-Commerce Sales, in EUR billion, 2013 – 2017f in EUR billion in % Year-on-Year Change Definition: online spending by online shoppers in the Netherlands, incl. spending on products and services at domestic and international providers; products accounted for EUR billion in 2016up by +25% from 2015, and services, such as travel and event tickets, for EUR 9.15 billion, up by +19% from 2015 Source: Thuiswinkel, GfK, Ecommerce Foundation, March 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Players In the Netherlands, the B2C E-Commerce share of total retail sales increased from 8.9% in 2015 to 11.3% in 2016. Netherlands: B2C E-Commerce Share of Total Retail Sales, in %, 2015 & 2016 2015 2016 Definition: online share of total consumer spending on goods Source: Statistics Netherlands (CBS), Thuiswinkel, March 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Internet penetration in the Netherlands remained stable at 94% of population since 2013. Netherlands: Internet Penetration, in % of Individuals, in % of Individuals Definition: Internet use in the previous 12 months Source: Eurostat, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Online shopper penetration in the Netherlands reached 79% of Internet users in 2016, up by +5 percentage points from 2011. Netherlands: Online Shopper Penetration, in % of Internet Users, in % of Internet Users Definition: individuals who ordered goods or services over the Internet for private use in the previous year Source: Eurostat, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends “Clothes, Sports Equipment” (70%) was the product category most purchased by online shoppers in the Netherlands in 2016. Netherlands: Product Categories Purchased Online, in % of Online Shoppers, 2012 & 2016 in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible; *e.g., furniture, washing machine, toys Definition: individuals aged 12+ who made at least one online purchase in 12 months prior to the survey Source: Statistics Netherlands (CBS), November 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends “iDEAL” (57%) remained the payment method most used by online shoppers in Netherlands, followed by “Credit Card” (12%) in 2016. Netherlands: Breakdown of Online Purchases by Payment Methods, in %, 2015 & 2016 2015 2016 Note: the total number of online purchases was 142 million in 2015 and 174 million in 2016 Source: Thuiswinkel, GfK, iDEAL, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends “Cost” (53%) was the most important factor related to the delivery process for online shoppers in the Netherlands in June 2016. Netherlands: Top Three Most Important Factors Related to the Delivery Process, in % of Online Shoppers, June 2016 in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible Survey: based on an online survey of more than 12,000 respondents, aged between 15 and 79 across selected countries of Europe, with a base of approximately 1,200 per country; conducted between March and June 2016; “How important are the following delivery factors when you shop online?” Source: PostNord, Nepa, December 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Bol.com (EUR 730 million) was the largest online retailer in the Netherlands by 2015 revenues. Netherlands: Top 10 B2C E-Commerce Companies by Revenues, in EUR million, 2015 in EUR million Note: includes retail companies only; travel companies were ranked separately Source: Twinkle, Centre for Market Insights, September 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 36% of Internet users in Switzerland shopped online using their mobile devices, as of June 2016. Switzerland: Mobile Shopper Penetration, in % of Internet Users, June 2016 Survey: based on a survey of 3004 Internet users (1000 from Germany, 1009 from Austria and 995 Switzerland), conducted between May and June 2016 Source: Federal Association of the Digital Economy (BVDW), IAB Austria, IAB Switzerland cited by Werbewoche, October 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Cross-border online purchases by Swiss online shoppers amounted to CHF 1.3 billion (EUR 1.2 billion) in 2016, up by +18% from 2015. Switzerland: Cross-Border Online Spending, in CHF billion, 2015 & 2016 +18% in CHF billion Note: the exchange rate applied in the action title is the average for 2016: CHF 1 = EUR 0.917; Definition: B2C and C2C purchases; excludes purchases from foreign stores which are delivered to pick-up stations abroad (CHF 250 million in 2016) Source: VSV, Swiss Post, GfK, February 2017, March 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Total online spending of Switzerland’s shoppers reached CHF 8.05 billion (EUR 7.38 billion) in 2016. Switzerland: Retail E-Commerce Sales, Traditional Mail-Order Sales, and Sales from Cross-Border E-Commerce Purchases Delivered to Pick-Up Station Abroad, in CHF billion, * in CHF billion 2013 2014 2015 2016* Retail E-Commerce (B2C, C2C, domestic and cross-border) 5.35 5.90 6.45 7.80 Sales from Cross-Border E-Commerce Purchases Delivered to Pick-Up Station Abroad 0.20 0.25 Traditional Mail-Order 0.90 0.80 0.75 n.a.* Note: *from 2016 on, no differentiation is made between online and traditional mail-order; the exchange rate applied in the action title is the average for 2016: CHF 1 = EUR 0.917; Definition: excludes services, travel, software downloads, gambling and mobile services Source: VSV, Swiss Post, GfK cited by Carpathia AG, March 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The E-Commerce share of total retail sales in Switzerland is projected to increase from 15.3% in 2016 to 20.0% in 2019. Switzerland: Retail E-Commerce Share of Total Retail Sales, in %, 2016 & 2019f 2016 2019f Note: for food and near -food segment, the share was 1.9% in 2016 Definition: includes B2C and C2C non-food purchases of goods, includes cross-border spending; excludes services Source: VSV, Swiss Post, GfK, February 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 89% of individuals in Switzerland used the Internet at least once during 6 months to September 2016. Switzerland: Internet Penetration, in % of Individuals, September 2016 Definition: Individuals aged 14+ who used the internet in the 6 months prior the survey Source: Swiss Federal Statistical Office, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends According to a 2016 survey, nearly all Internet users in Switzerland (97%) made purchases online. Switzerland: Online Shopper Penetration, in % of Internet Users, 2016 Survey: based on a survey of 2,000 Internet users aged between 14 and 69, conducted in 2016 Source: Futurecom, January 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Electronics and appliances (CHF 1.8 bil. / EUR 1.7 bil.) was the leading category by B2C E-Com. and mail-order sales in Switzerland in 2016. Switzerland: B2C E-Commerce and Mail Order Sales, by Product Category, in CHF billion, in CHF billion Note: the exchange rate applied in the action title is the average for 2016: CHF 1 = EUR 0.917 Definition: B2C online and mail order spending, excluding cross-border and C2C Source: VSV, Swiss Post, GfK cited by Carpathia AG, March 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 80% of product revenues of Switzerland’s E-Commerce and mail order sellers were paid by “Invoice” in 2016, compared to 81% in 2015. Switzerland: Breakdown of Product Sales of E-Commerce and Mail Order Companies by Payment Methods, in %, 2015 & 2016 2015 2016 Note: includes only VSV industry association members Source: VSV, Swiss Post, GfK cited by Carpathia AG, March 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The convenience of “Home delivery” was one of the top motivations for shoppers in Switzerland to make purchases online in 2016. Switzerland: Reasons for Shopping Online, incl. Delivery-Related, in % of Online Shoppers, 2016 in % of Online Shoppers Survey: based on a survey of 2,000 Internet users aged between 14 and 69 years old, conducted in 2016 Source: Futurecom, January 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Digitec.ch was the largest online shop in Switzerland with estimated revenues of CHF 704 million (EUR 646 million) in 2016. Switzerland: Top 10 Online Shops by Revenues, in CHF million, 2016 in CHF million Note: estimated by the source based on available publications and annual survey by EHI/Statista and iBusiness; the figures for Amazon.de (.com, .fr, .it were counted separately), Nespresso.ch, Brack.ch and Exlibris.ch are internal ad-hoc estimations which are subject to later verifications Source: Carpathia, GfK, February 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 29% of consumers in Sweden crossed multiple channels in their last purchase in 2016 and spent +65% more than single-channel shoppers. Sweden: Overview of Omnichannel Shoppers, incl. Share of Consumers Who Crossed Multiple Channels in Their Last Purchase, Share of Consumers Who Did Webrooming, Share of Online Shoppers Who Did Showrooming, in %, Average Spending by Consumers Who Crossed Multiple Channels, and Average Spending by Consumers Who Used a Single Channel, in SEK, Q4 2016 June 2016 Share of Consumers Who Crossed Multiple Channels in Their Last Purchase 29% Share of Consumers Who Did Webrooming in Their Last Purchase 45% Share of Online Shoppers Did Showrooming in Their Last Purchase 14% Average Spending on the Last Purchase by Consumers Who Crossed Multiple Channels SEK 1,568 Average Spending on the Last Purchase by Consumers Who Used a Single Channel SEK 953 Survey: based on 12 monthly surveys with 1,000 respondents in each, conducted in 2016, ages 18-79; questions related to omnichannel were asked in Q4 2016 Source: PostNord, Svensk Digital Handel, HUI Research, February 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Mobile shopper penetration in Sweden increased from 42% of Internet users in 2015 to 51% in 2016. Sweden: Mobile Shopper Penetration, in % of Internet Users, 2015 & 2016 2015 2016 Survey: based on an online survey of over 2,000 Internet users from Sweden; conducted by YouGov in Q2 2016; question asked: “Have you been shopping with a mobile or tablet in the last 3 months?” Source: DIBS, December 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 44% of online shoppers in Sweden made cross-border online purchases in a year to October 2016. Sweden: Cross-Border Online Shopper Penetration, in % of Online Shoppers, October 2016 Definition: online shoppers who shopped domestically and cross-border or cross-border only in the past 12 months Survey: based on a survey of 28,000 Internet users in 32 markets, including Sweden, conducted between August and October 2016; question asked: “Thinking about shopping online, which of the following countries or regions’ websites have you purchased from in the past 12 months?”; the base of respondents to this question were 18,000 online shoppers, incl. 586 in Sweden Source: Ipsos, PayPal, November 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends B2C E-Commerce sales in Sweden are projected to reach SEK 67.7 billion (EUR 7.2 billion) and account for 8.8% of retail sales in 2017. Sweden: B2C E-Commerce Sales, in SEK billion, and Share of Total Retail Sales, in %, 2010 – 2017f in SEK billion in % of Total Retail Sales Note: the exchange rate applied for the conversion of the title is the average for 2016: SEK 1 = EUR Definition: B2C E-commerce is defined as sales of goods over the Internet for home delivery, collected at a collection point or picked up in the store, warehouse or local distribution center; excludes services (such as travel, hotel booking and concert tickets), purchases in-store reserved over the Internet, downloading files (incl. music, movies, applications), B2B sales and C2C sales Survey: based on a survey of 354 companies selling goods over the Internet; conducted in January 2017 Source: PostNord, Svensk Digital Handel and HUI Research, February 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends During the period from 2011 to 2016, Internet penetration in Sweden remained above 90%, reaching 95% in 2016. Sweden: Internet Penetration, in % of Individuals, in % of Individuals Definition: Internet use in the previous 12 months; ages 16-74 Source: Eurostat, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Online shopper penetration in Sweden increased by 5 percentage points between 2011 and 2016, reaching 80% of Internet users in 2016. Sweden: Online Shopper Penetration, in % of Internet Users, in % of Internet Users Definition: individuals who ordered goods or services, over the Internet, for private use, in the previous year; ages 16-74 Source: Eurostat, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends “Consumer Electronics” (SEK 12.2 bill. / EUR 1.3 bill.) was the B2C E-Commerce sector with the highest revenues in Sweden in 2016. Sweden: B2C E-Commerce Sales, by Segment, in SEK billion, 2016, and Growth, in %, Compared to 2015 +11% +8% +10% +29% +26% +28% +23% in SEK billion Note: the exchange rate applied for the conversion of the title is the average for 2016: SEK 1 = EUR Survey: based on a survey of 354 companies selling goods over the Internet; conducted in January 2017 Source: PostNord, Swedish Digital Trend and HUI Research, February 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends “Travel and Holiday Accommodation” (69%) ranked as the top product category purchased online in Sweden in 2016. Sweden: Product Categories Purchased Online, in % of Online Shoppers, 2016 in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible Definition: individuals who purchased online in the previous 12 months; ages 16-74 Source: Eurostat, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The ability to select from different payment options was important to 78% of online shoppers in Sweden, as of Q Sweden: Factors Important at the Time of Payment, in % of Online Shoppers, Q4 2016 in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible Survey: based on 12 monthly surveys with 1,000 respondents in each, conducted in 2016, ages 18-79; the respondents to this question were online shoppers (95% of all respondents); this question was asked in Q4 2016 Source: PostNord, Svensk Digital Handel, HUI Research, February 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The share of online shoppers in Sweden preferring to pay by card increased from 26% in Q to 35% in Q Sweden: Breakdown of Payment Methods Preferred in E-Commerce, in % of Online Shoppers, Q , Q in % of Online Shoppers Q3 2011 Q3 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016 Invoice 43% 38% 36% 35% 37% Bank Account Card or Credit Card 26% 23% 32% Direct Payment via Bank 24% 25% 20% 19% PayPal, Payson, etc. 3% 9% 8% 5% 7% Cash on Delivery 4% 2% 1% Other 0% Survey: based on monthly surveys with 1,000 respondents in each as of 2016, ages 18-79; questions asked: “Which one of the following ways would you prefer to spend when you pay for a product that you purchased on the internet”; the base of respondents to this question were online shoppers (95% of all respondents in 2016) Source: PostNord, Svensk Digital Handel, HUI Research, February 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Collection from a distribution point was the most preferred delivery option among online shoppers in Sweden in June 2016. Sweden: Preferred Delivery Methods, in % of Online Shoppers, June 2016 Note: *distribution points are e.g. for DHL, PostNord or Schenker Survey: based on a survey of 89,223 consumers in the Nordic countries, aged between 18 and 79 years old, with a base of 19,122 respondents in Sweden; conducted between February 2016 and January 2017; question asked: “What would your preferred delivery method have been if you had been able to choose one of the following options?”; this question was asked in June 2016 Source: PostNord and TNS Sifo, March 2017 221

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 49% of online shoppers in Sweden were willing to wait between 2 and 3 business days for delivery, as of June 2016. Sweden: Breakdown of Maximum Expected Delivery Time, in % of Online Shoppers, June 2016 Survey: based on a survey of 89,223 consumers in the Nordic countries, aged between 18 and 79 years old, with a base of 19,122 respondents in Sweden; conducted between February 2016 and January 2017; question asked: “Think back to your most recent online purchase of a product or products. What were your expectations concerning delivery time, i.e. the maximum number of days you were prepared to wait??”; this question was asked in June 2016 Source: PostNord and TNS Sifo, March 2017 222

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Among the pure-play online retailers in Sweden, Dustin/Dustin Home was the largest by 2016 revenues (SEK 8.7 billion). Sweden: Top 20 Online Pure-Play Retailers by Revenues, in SEK million, 2016 in SEK million Note: the list includes only online pure-play retailers and was compiled in March 2017 based on latest available financial reports (regardless of the fiscal year end) Source: Ehandel Index, March 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Amazon.com had 15.7 million total visits from Sweden in Q1 2017, while Amazon.co.uk had 7.1 million and Amazon.de 2.6 million. Sweden: Top 10 Foreign E-Commerce Websites by Number of Total Visits, in millions, Q1 2017 in millions Note: non-unique visitors during Q1 2017 Source: CupoNation cited by Ecommerce News, May 2017

Among domestic shopping websites in Sweden, Ikea.com had
Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Among domestic shopping websites in Sweden, Ikea.com had the largest number of visits in Q (8.9 million). Sweden: Top 10 Domestic E-Commerce Websites by Total Visits, in millions, Q1 2017 in millions Note: non-unique visitors during Q1 2017 Source: CupoNation cited by Ecommerce News, May 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends In Belgium, smartphones saw their share of online spending rise from 3% in Q to 5% in Q Belgium: Breakdown of Online Spending by Device, in %, Q & Q1 2017 Q1 2016 Q1 2017 Note: the category “other” was not originally in the source; was added for the sum to reach 100% Source: BeCommerce, GfK, Post.nl, Worldline, Google, June 2016, 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Smartphone (19%) was the third major device used by online shoppers in Belgium to make purchases over the Internet in 2016. Belgium: Devices Used for Online Shopping, in % of Online Shoppers, 2016 in % of Online Shoppers Note: tablet was ranked fourth, overtaken by smartphone in 2016, but no specific figure was revealed for this device Source: BeCommerce, June 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 32% of online shoppers in Belgium stated that their online purchases were “mainly” or “totally” a replacement for previous offline purchases. Belgium: Breakdown of Perception of the Extent to Which Online Purchases Substitute Offline Purchases, in % of Online Shoppers, 2013 2014 2015 2016 2017 Not at all, these are new / extra purchases 16% 12% 14% 15% 13% Not really, these are mainly new / extra purchases 21% 23% 22% These are as often new / extra purchases as replacement of previous offline purchases 32% 33% 30% Rather, these are mainly replacements of previous offline purchases 25% 24% Totally, these are replacements of previous offline purchases 6% 7% 8% Note: may not add up to 100% due to rounding Survey: based on a survey of 1,805 respondents, ages 15-70, who made online purchases in the previous 12 months; question asked “To what extent do these purchases via the Internet replace offline purchases?“; the 2017 survey was conducted between March 25 and April 6, 2017 Source: Comeos, June 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends In 2016, B2C E-Commerce sales in Belgium showed grew by +10% from the previous year, reaching EUR 9.1 billion, including services. Belgium: B2C E-Commerce Sales, in EUR billion, 2015 & 2016 in EUR billion +10% Definition: online spending on products and services via all devices; includes travel Source: Becommerce, PostNL, Worldline, Google and GfK, March 2017, March 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The online share of total consumer spending on products and services in Belgium increased from 14% in 2015 to 16% in 2016. Belgium: Online Share of Total Consumer Spending, in %, 2016 2015 2016 Note: refers to the total spending on products and services; for product spending the online share was 7% in 2015 and 8% in 2016, for services: 59% in 2015 and 63% in 2016 Survey: based on consumer panel surveys Source: Becommerce, PostNL, Worldline, Google and GfK, March 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The Internet penetration rate in Belgium increased from 83% of individuals in 2011 to 87% in 2016. Belgium: Internet Penetration, in % of Individuals, in % of Individuals Definition: Internet use in the previous 12 months; ages 16-74 Source: Eurostat, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 65% of Internet users in Belgium made purchases online in 2016, up from 53% in 2011. Belgium: Online Shopper Penetration, in % of Internet Users, in % of Internet Users Definition: individuals who ordered goods or services over the Internet for private use in the previous year; ages 16-74 Source: Eurostat, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The product category most purchased by online shoppers in Belgium in 2016 was “Clothes, Sports Goods” (55%). Belgium: Product Categories Purchased Online, in % of Online Shoppers, 2016 in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible Definition: individuals who purchased online in the previous 12 months; ages 16-74 Source: Eurostat, April 2017

in % of Total Spending in Each Category
Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 85% of consumer spending on the “Non-packaged Airline Tickets and Accommodation” category in Belgium in 2016 was online. Belgium: Top 5 Categories by Online Share of Total Spending, in %, 2016 in % of Total Spending in Each Category Source: Becommerce, PostNL, Worldline, Google and GfK, March 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Credit card’s share of online purchases in Belgium declined from 51% in Q to 49% in Q1 2017, while Bancontact’s share grew. Belgium: Breakdown of Online Purchases by Payment Methods, in %, Q & Q1 2017 Q1 2016 Q1 2017 Note: payment methods included in “Others” are e.g. gift cards and loyalty cards Survey: based on continuous tracking of retail panels and consumers, supplemented with additional consumer research Source: BeCommerce, GfK, Worldline, Google, Post.nl, June 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Due to change between 2011 and 2017, debit cards are used nearly equally as credit cards to pay online by shoppers in Belgium. Belgium: Breakdown of Payment Methods Used in E-Commerce, in % of Online Shoppers, April 2017, and Change Compared to 2016 and 2011 April 2017 Change 2017 vs 2016 Change 2017 vs 2011 Online – Credit card (Visa, MasterCard, American Express...) 32% 0% -11% Online – Bank card (Bancontact/Mister Cash) 28% -2% +13% Online – PayPal 11% -1% +4% Mobile app - My bank's app 5% +2% n.a. Offline – Bank transfer 4% -4% -15% Mobile app - PayPal 3% Offline – By card (credit card, bank card) at the point of sale +1% Mobile app - Credit card Offline – Cash at the point of sale 2% Offline – Cash at the door Online – Other Offline – Other 1% Offline – By card (credit card, bank card) at the door Survey: based on a survey of 1,805 respondents, ages 15-70, who made online purchases in the previous 12 months; question asked “How did you pay for it?“; the 2017 survey was conducted between March 25 and April 6, 2017 Source: Comeos, June 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends In Belgium, nearly one out of two online shoppers (44%) expected free delivery as of April 2017, up by +26% from the 2011 level. Belgium: Breakdown of the Amount that Online Shoppers Are Willingness to Pay for Delivery, in % of Online Shoppers, April 2017, and Change Compared to 2016 and 2011 April 2017 Change 2016 vs 2017 Change 2011 vs 2017 For free 44% +10% +26% Less than EUR 4.00 20% +2% -3% EUR 4.00 to EUR 7.50 -8% -11% EUR 7.50 to EUR 10.00 7% +6% -7% More than EUR 10.00 10% -10% -4% Survey: based on a survey of 1,805 respondents, ages 15-70, who made online purchases in the previous 12 months; question asked “How much are you willing to pay for the delivery of the products you buy online?“; the 2017 survey was conducted between March 25 and April 6, 2017 Source: Comeos, June 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends With estimated revenues of EUR 946 million during 12 months to October 2016, Amazon was the largest online retailer in Belgium. Belgium: Top 10 Online Retailers by Revenue, 2015/2016 Rank Online Retailer 1 Amazon (EUR 946 million) 2 AliExpress 3 Apple 4 Zalando 5 Cool Blue 6 Bol.com 7 Colruyt 8 Proximus 9 3Suisses 10 Telenet Note: refers to the period November 2015 to October 2016; the full ranking included top 100 B2C online retailers, excluding travel, finance and insurance, with a total turnover of EUR 3.7 billion during the reviewed 2015/2016 period; the top 10 retailers generated EUR 2.3 billion revenues, up by +53% the sales figures were revealed for Amazon only Source: BeCommerce, November 2016; BeCommerce cited by eCommerce News, November 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 14% of online shoppers in Belgium surveyed in Q made their latest online purchase from Bol.com and 12% from Amazon. Belgium: Breakdown of Last Online Purchase by Online Shop, in % of Online Shoppers, Q2 2016 Online Shop in % of Online Shoppers Bol.com 14% Amazon 12% Zalando 8% Zooplus 6% Colruyt 5% AliExpress Coolblue 3% Vente - Exclusive Ebay Vanden Borre 2% 3Suisses Yves Rocher Media Markt Groupon La Redoute Wish Fnac 1% Proximus Orange (Mobilstar) Apple Don’t Know/ No Answer I Didn’t Buy a Physical Product Online Source: BeCommerce cited by ING Belgium, November 2016

in % of Year-on-Year Change
Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Online purchases via smartphone in Austria reached EUR 530 million in a year to April 2017, up by +26% year-on-year. Austria: M-Commerce Sales, in EUR million, and Year-on-Year Change, in %, 12 Months to April in EUR million in % of Year-on-Year Change Note: the figure for each year is represented by the period of the study, which goes from May to April (12 months) Definition: total spending on online shopping via smartphones, including spending with domestic and foreign sellers Source: Austrian Retail Association and SME Research Austria, June 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 21% of individuals aged 15+ in Austria made purchases via smartphones in 12 months to April 2017, up from 18% a year ago. Austria: Mobile Shopper Penetration, in % of Individuals, 12 Months to April 2016 & 2017 12 Months to April 2016 12 Months to April 2017 Note: *the figure for each year is represented by the period of the study, which goes from May to April (12 months) Definition: individuals who purchase via smartphone Survey: based on a survey of 2,000 individuals aged 15+ ,conducted in May April 2016 and May 2016 – April 2017 Source: Austrian Retail Association and SME Research Austria, June 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Austria’s B2C E-Commerce sales increased from EUR 3.3 billion in 2015 to EUR 3.4 billion in 2016. Austria: B2C E-Commerce Sales, in EUR billion, 2015 & 2016 +4% in EUR billion Definition: gross annual turnover in the Austrian Internet retail; the numbers are rounded Source: Austrian Federal Economic Chamber (WKÖ), SME Research Austria, January 2017, 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends B2C E-Commerce sales in Austria reached around 5% of total retail sales in 2016. Austria: B2C E-Commerce Share of Total Retail Sales, in %, 2016 Note: reported by the source as “nearly” 5%; total retail sales do not include gas stations Source: Austrian Federal Economic Chamber (WKÖ), SME Research Austria, January 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Between 2011 and 2016, the Internet penetration rate in Austria increased by +5 percentage points and reached 85% in 2016. Austria: Internet Penetration, in % of Individuals, in % of Individuals Definition: Internet use in the previous 12 months; ages 16-74 Source: Eurostat, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 68% of Internet users in Austria made purchases online in 2016, up from 56% in 2011. Austria: Online Shopper Penetration, in % of Internet Users, in % of Internet Users Definition: individuals who ordered goods or services over the Internet for private use in the previous year; ages 16-74 Source: Eurostat, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends In 2016, “Clothes, Sports Goods” (65%) was the leading product category purchased by online shoppers in Austria. Austria: Product Categories Purchased Online, in % of Online Shoppers, 2016 in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible Definition: individuals who purchased online in the previous 12 months; ages 16-74 Source: Eurostat, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends “Invoice after delivery” was both the most known and the most used payment method among Austria’s online shoppers in January 2017. Austria: Awareness and Usage of Payment Methods in E-Commerce, in % of Online Shoppers, January 2017 in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible Survey: based on a survey of 1,000 respondents, ages 18+, conducted in January 2017; question asked “Which of the following payment methods for purchases over the Internet do you know?“; the base of respondents for this question were 877 individuals who purchased online in the previous 6 months Source: Gallup, Post, January 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends As of September 2016, “Free Delivery” (42%) was the most important aspect for online shoppers in Austria related to delivery. Austria: Most Important Aspects Related to Delivery, in % of Internet Users, September 2016 in % of Internet Users Note: does not add up to 100% due to multiple answers possible Survey: based on an online survey 2,300 respondents aged ; conducted between August and September 2016 Source: Austrian Retail Association, Menonthemoon, Evolaris, Payment Services Austria, Premedia, November 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends In 2015, Amazon.de was the largest online shop in Austria with estimated revenues of EUR million. Austria: Top 10 Online Shops by Revenues, in EUR million, 2015 in EUR million Note: the figures are mainly based on Statista estimations Source: EHI Retail Institute, Statista, November 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The discrepancy between website visitors and buyers among online shops in Austria was the highest for store-based retailers in Jan Austria: Online Shops, by Share of Internet Users Who Visited and Who Purchased, in %, January 2017 in % of Internet Users Survey: based on a survey of 1,000 respondents, ages 18+, conducted in January 2017; question asked “Which of the following websites do you know / on which have you purchased?“; the base of respondents for this question were all 1,000 Internet users (among whom 877 shopped online in the previous 6 months) Source: Gallup, Post, January 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Younger generation and M-Commerce are bolstering the growth of online shopping in Poland. Poland: B2C E-Commerce Overview and International Comparisons, July 2017 Poland was the sixth largest EU country in terms of population (37.9 million), according to Eurostat. With rising private consumption and a low unemployment rate, Poland’s economy is expected to recover from a slowdown in 2016 and reach a GDP growth rate of +3.3% in 2017, as reported by the World Bank. While Poland has experienced a stable growth in both Internet and online shopper penetration rates, its B2C E-Commerce market is still classified as emerging, as it lagged behind in these metrics when compared to the advanced European markets in 2016, according to Eurostat data. However, the E-Commerce market volume has stayed on a healthy growth path over the last years. Along with other Central and Eastern European markets, Poland outpaces Western Europe in B2C E-Commerce growth, with a sales increase of +25% in 2016, compared to the region’s average of +15%, according to Ecommerce Europe. McKinsey expects the value of online purchases in Poland to grow at CAGR of +16% between 2016 and 2020, to reach PLN 62 billion or 12% of total retail sales. Euromonitor International notes that the expansion of E-Commerce in Poland comes at the expense of offline retail. However, there is also a potential synergy between the two channels. 58% of Internet users in Poland surveyed by McKinsey in purchased products from the same category both online and offline, while another survey, from e-Commerce Polska and Mobile Institute, revealed that 72% of multiple device owners have purchased the same brand across multiple channels, including online and offline. According to Gemius, younger consumers are the driving force of Polish E-Commerce. This statement is supported by data from the Central Statistical Office, according to which online shopper penetration was the highest among the age groups (56.8%) and (67.8%). These two groups also ranked first by mobile Internet usage penetration, with 75.3% and 51.6%, respectively. The latter trend stimulates the development of M-Commerce, with under 34 year-olds leading in usage of smartphones for shopping and related activities, according to a 2016 survey from e-Commerce Polska and Mobile Institute. It is important to highlight that 2 of the 3 most cited problems encountered by online shoppers in Poland when purchasing online in 2016 were related to delivery, including “Long wait for product delivery” ranking first (35%) and “High delivery cost” (33%), according to a survey by Gemius. Among the European countries surveyed by PostNord in 2016, Poland had the highest share of online shoppers who said that it was important for them to have a fast delivery of maximum 3 days (56%). Regarding payment preferences, 33% of online shoppers preferred “Direct payment through my bank”, also the highest rate among the countries in PostNord’s survey. Source: Eurostat, April 2017, July 2016; World Bank, April 2017; Ecommerce Europe, June 2017; McKinsey, September 2016; McKinsey cited by Wiadomosci Handlowe, September 2016; Gemius, e-Commerce Polska, June 2016; Central Statistical Office, December 2016; e-Commerce Polska, Mobile Institute, November 2016; Polish Post, April 2017; Post Nord, December 2016

in % of Multi-Device Internet Users
Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The share of multi-device Internet users in Poland who carry out shopping-related activities via smartphone increased to 45% in 2016. Poland: Devices Used for Shopping-Related Activities, in % of Multi-Device Internet Users, 2015 & 2016 in % of Multi-Device Internet Users Survey: based on an online survey of 2,611 Internet users aged 15+, conducted in October 2016; question asked: “Which of the following devices do you use for shopping purposes, such as looking for inspiration, deals, making a purchase?”; the base of respondents for this question were 934 Internet users who used more than one device Source: e-Commerce Polska, Mobile Institute, November 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends “Laptop” (57%) was the device most used for payment when multi-device Internet users in Poland shopped digitally, as of October 2016. Poland: Devices Used on Various Stages of Purchase, by Decision, Purchase and Payment, in % of Multi-Device Internet Users, October 2016 Laptop PC Smartphone Tablet Decision 60% 35% 17% Purchase 58% 33% 32% 16% Payment 57% 29% 15% Note: does not add up to 100% due to multiple answers possible Survey: based on an online survey of 2,611 Internet users aged 15+, conducted in October 2016; question asked: “On Which device do you decide to purchase? / Make a purchase? / Make payments?”; the base of respondents for this question were 934 Internet users who used more than one device Source: e-Commerce Polska, Mobile Institute, November 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends McKinsey predicts Polish B2C E-Commerce sales a CAGR of +16% between 2016 and 2020, to reach PLN 62 billion (EUR 14 billion). Poland: B2C E-Commerce Sales, in PLN billion, 2016e & 2020f CAGR +16% in PLN billion Note: the exchange rate applied in the action title is the average for 2016: PLN 1 = EUR 0.229; McKinsey analysis based on Euromonitor International, Forrester, and Mintel Source: McKinsey cited by Wiadomosci Handlowe, September 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends According to McKinsey, B2C E-Commerce could reach a share of 12.0% of total retail sales in Poland by 2020, up from 7.7% estimated in 2016. Poland: B2C E-Commerce Share of Total Retail Sales, in %, 2016e & 2020f 2016e 2020f Note: McKinsey analysis based on Euromonitor International, Forrester, and Mintel Source: McKinsey cited by Wiadomosci Handlowe, September 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Centre for Retail Research projected B2C E-Commerce sales in Poland at EUR 7.1 billion in 2017, or 4.3% of the total retail sales. Poland: B2C E-Commerce Sales, in EUR billion, and Share of Total Retail Sales, in %, 2015 – 2017f in EUR billion in % of Total Retail Sales Note: *the figures for 2015 and 2016 were reported by the original source in GBP, and converted to EUR at the exchange rate used by the original source for 2017 GBP 1 = EUR Definition: online retail sales: retail sales defined as sales of merchandise to final consumer, online defined as sales where the transaction is made over the internet or at a distance; sales made using mobile phones and tablets are included; fuel for vehicles, prepared food in cafes and restaurants, tickets, holiday bookings, gambling and insurance services are excluded Source: Centre for Retail Research, March 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Internet penetration in Poland increased from 59.3% of individuals aged in 2012 to 71.7% in 2016. Poland: Internet Penetration, in % of Individuals, in % of Individuals Definition: ages 16-74; Internet use in the previous 12 months Source: Eurostat, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 41.9% of individuals aged in Poland made purchases over the Internet in 2016, up from 30.3% in 2012. Poland: Online Shopper Penetration, in % of Individuals, in % of Individuals Definition: individuals ordering or purchasing goods or services over the Internet for private use in the last 12 months; ages16-74 Source: Central Statistical Office of Poland, December 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends “Clothes, sports goods” (62.5%) was the product category most purchased by online shoppers in Poland in 2016. Poland: Product Categories Purchased Online, in % of Online Shoppers, 2015 & 2016 in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible *includes furniture, vehicles, household appliances, garden goods, hobby goods, tools, toys, jewelry, works of art and collectibles Definition: individuals aged purchasing goods or services in the last 12 months for private use Source: Central Statistical Office of Poland, December 2016 262

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends “Electronic Transfer” was the most popular payment method used by Polish consumers in E-Commerce in both 2015 (22%) and 2016 (27%). Poland: Payment Methods Used in E-Commerce, in % of Individuals, 2015 & 2016 in % of Individuals Note: does not add up to 100% due to multiple answers possible; ages 16-74 Source: Central Statistical Office of Poland, December 2016 263

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Services like PayU, Prezelewy24 and Dotpay were used by 48% of online shoppers in Poland in H Poland: Payment Methods Used in Online Shopping, in % of Online Shoppers, 6 Months to December 2016 in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible Survey: based on a survey of 2,051 Internet users, conducted in November-December 2016; question asked “Which payment methods have you used to pay for products purchased online in the previous 6 months?“; the base of respondents for this question were 839 online shoppers Source: Gemius, e-Commerce Polska, NBP, Visa, January 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends As of April 2016, the delivery method most often used by online shoppers in Poland was “Delivery via Courier Directly to Home/Work”. Poland: Delivery Methods Used in E-Commerce, in % of Online Shoppers, April 2016 in % of Online Shoppers Survey: based on a survey of 1,500 Internet users aged 15+, conducted in April 2016; question asked: “Which of the following delivery methods do you use most often when shopping online?”; base of respondents for this question: 722 online shoppers Source: Gemius, e-Commerce Polska, June 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends More than two-thirds (68%) of online shoppers in Poland were willing to wait for a maximum of 3-5 days for delivery, as of June 2016. Poland: Breakdown of Maximum Acceptable Delivery Time, in % of Online Shoppers, June 2016 Note: may not add up to 100% due to rounding Survey: based on an online survey of approximately 1,200 respondents; conducted between March and June 2016; question asked: “When you order a product online, what are your expectations of the delivery time, i.e., what is the maximum number of days it should take for you to receive the product?” Source: Postnord, Nepa, December 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Allegro Group dominates the B2C E-Commerce market in Poland with a value share of 37% in 2016. Poland: B2C E-Commerce Player Overview, July 2017 There were over 20,000 online stores on the Polish market as of 2016, according to Bisnode. This is an increase from 2,800 in and 14,500 in Within the next five to six years, the number could reach between 25,000 and 30,000. The Allegro Group is the largest B2C E-Commerce player in Poland, with a value share of 37% in 2016, according to Euromonitor International. Besides this leader, the online retail market is largely fragmented with other market players holding insignificant individual market shares. South Africa-based Naspers Ltd. acquired Allegro in 2008 for around USD 1.5 billion, Bloomberg reports. In October 2016, it agreed to sell its shares in Allegro, including the online marketplace Allegro.pl and the price comparison business Ceneo.pl, for USD billion to Cinven Ltd, Premira and Mid Europa Partners. The deal was closed in January According to Nasper’s reports, Allegro had revenues of USD 321 million in FY 2016 ended 31 March 2016, up from USD 313 million in FY In the first half of the FY 2017 ended 30 September 2016, it had revenues of USD 193 million, up by +30% year-on-year. According to Similarweb, with million total visits in May 2017, Allegro.pl was the 5th most visited website in the country, and a survey by Gemius revealed that Allegro was the top website that 56% of Internet users in the country associated with online shopping, as of April 2016. Naspers-owned online classifieds website OLX.pl is another popular online shopping destination among Poland’s Internet users. It ranked second after Allegro in the Gemius survey, spontaneously named by more than a quarter (28%) of Internet users when asked to list three websites that they associated with online shopping. Local companies also face competition from foreign E-Commerce players, such as Amazon, eBay and Aliexpress. The latter ranked fourth among the most visited online shopping websites in Poland after Allegro, OLX and Ceneo, according to Similarweb. For its part, Amazon is taking advantage of Poland’s proximity to Germany, its largest international market, and the lower wages in the country. The company plans to open its fifth logistics center in Poland in Q4 2017, Reuters reports. Amazon announced that it created more than 2,500 new jobs in Poland in 2016 and invested more than PLN 3 billion in its Polish operations since While Amazon does not have a separate country website for Poland, it launched the Polish version of its Amazon.de website at the end of 2016, according to Business Insider. Customers in Poland purchasing from this website could choose free shipping in 3-5 days for all orders above EUR 39, and use the Polish language customer service. Source: Bisnode, January 2017; Euromonitor International, December 2016; Bloomberg, October 2016; Naspers, November 2016, January 2017; Similarweb, June 2017; Gemius, June 2016; Reuters, February 2017; Business Insider, October 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Allegro (69%) was the top E-Commerce website associated by Internet users in Poland with shopping online, as of April 2016. Poland: Top 15 E-Commerce Websites Most Associated with Online Shopping, in % Internet Users, April 2016 in % of Internet Users Note: does not add up to 100% due to multiple answers possible; respondents could select up to 3 answers Survey: based on a survey of 1,500 Internet users aged 15+; conducted in April 2016; respondents were asked to name 3 online shopping websites that came to their minds first (spontaneous answer) Source: Gemius, e-Commerce Polska, June 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends In May 2017, Allegro.com was the most visited E-Commerce website in Poland, ranking 5th among all websites in the country. Poland: Top 5 E-Commerce Websites, by Total Website Visits, in millions, Poland’s Share of Total Visits, in %, and Estimated Number of Website Visits from Poland, in millions, May 2017 Rank Among All Websites in Poland Website Category Total Website Visits*, in millions Poland’s Share of Website Visits, in % Estimated Number of Website Visits from Poland, in millions 5 Allegro.pl Online Auctions and Marketplace 197.0 90.51% 178.3 8 Olx.pl Online Classifieds 112.0 94.12% 105.4 24 Ceneo.pl Online Price Comparison and Marketplace 36.9 91.83% 33.9 26 Aliexpress.com Online Marketplace 633.9 3.77% 23.9 56 Zalando.pl Online Clothing Retailer 10.8 95.69% 10.3 Note: the table includes all websites categorized in the “shopping” category from the top 50 websites in Poland ranked by website visits from desktop and mobile; *total website visits include non-unique visits to the website from any country; the website rank is as of June 2017, while traffic data is from May 2017 Source: Similarweb, June 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Turkey ranks among the top emerging markets worldwide, with rapid E-Commerce growth rate spurred by improved connectivity. Turkey: B2C E-Commerce Overview and International Comparisons, July 2017 As of 2017, Turkey ranks among the top emerging markets worldwide, sharing the sixth rank with Mexico and Russia, according to Credit Suisse. Compared to 2016, the country lost 2 positions due to weakening consumer confidence as the national currency lost in value compared to USD and EUR and geopolitical risks persisted. However, in terms of E-Commerce, Turkey remained on the growth path and is even predicted to outpace Mexico and Indonesia in online retail sales volume by 2025. The fact that Turkey’s B2C E-Commerce market has not yet reached its full potential is confirmed by its online share of total retail sales, at 3.5% in 2016, significantly lower the 8.5% share estimated for the global sales, according to TÜBİSAD, ETİD, and Euromonitor. As of 2016, 59% of the country’s population aged had Internet access, less than in other Eastern and South European countries such as Romania (66%) and Bulgaria (62%), according to Eurostat. Online shopper penetration among Internet users in Turkey (29%) was above these two countries, significantly below the advanced Western European markets, such as the UK (87%). Due to a difference in methodology, the Turkish Statistical Institute reports slightly higher figures for both indicators, and a robust growth in the period from 2011 to 2016. According to the industry associations TÜBİSAD and ETİD, increasing digital literacy and trust in online shopping, as well as improvements in the payments and return process, are among the main incentives that Turkey’s E-Commerce market requires to boost its growth. On the regulation side, a positive development in 2016 was the establishment of the E-Commerce Assembly under the Union of Chambers and Commodity Exchanges, bringing together Turkey’s major E-Commerce companies, governmental bodies that regulate E-Commerce and E-Commerce industry associations. A year earlier, on May 2015, the law on the Regulation of Electronic Commerce entered into force, meeting some of the sector’s needs, although further amendments are needed as the industry continues to evolve. In addition, the issues concerning consumer data security are monitored by the Personal Data Protection Board, established in 2017. One of the factors stimulating the development of E-Commerce in Turkey is the relatively developed card payment sector. According to BKM, the ratio of the number of credit cards to total population reached 73% in There were 117 million bank cards and 59 million credit cards in circulation in 2016, with 40.8% and 4.3% of them, respectively, used for making payments online. On the other hand, the logistics infrastructure and delivery services require improvement in order enable the E-Commerce industry in Turkey to live up to its potential. According Turkish Statistical Institute, “Speed of delivery longer than indicated” was considered the most important problem encountered by 45% of online shoppers in Q Source: Credit Suisse, March 2017; TÜBİSAD, ETİD, Euromonitor, BCG, Gittigidiyor, April 2017; BKM, April 2017; Eurostat, April 2017; Turkish Statistical Institute, August 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends “Smartphone” was used by nearly two-thirds (65%) of online shoppers in Turkey for making purchases over the Internet in January 2017. Turkey: Devices Used in Online Shopping, in % of Online Shoppers, January 2017 in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible Survey: based on an online survey of 600 respondents conducted in January 2017, ages 15-65 Source: PureMind cited by eTicaret Cagi, March 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends M-Commerce’s share of total online retail sales in Turkey is projected to rise from 19% in 2016 to nearly one-half (49%) in 2021. Turkey: M-Commerce Share of Retail E-Commerce Sales, in %, 2012, 2016 & 2021f in % of Retail E-Commerce Sales Source: TÜBİSAD, ETİD, Euromonitor, BCG, Gittigidiyor, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 81% of online shoppers surveyed in Turkey in February 2017 stated that they preferred to buy on domestic websites and 19% on foreign. Turkey: Breakdown of Online Shopping Preference, by Domestic and Foreign Online Stores, in % of Online Shoppers, February 2017 Survey: based on a survey of 1,237 individuals, aged between 15 and 55+, of whom 10% shopped online; the exact date of the survey was not revealed Source: PayU, GfK, February 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends “Pure online retail” (TRY 11.3 bil./EUR 3.4 bil.) outpaced online sales of “Holiday and travel” (TRY 10.1 bil./EUR 3.0 bil.) in Turkey in 2016. Turkey: E-Commerce Sales by Segment, in TRY billion, 2015 & 2016 30.8 24.7 Total +24% in TRY billion +30% +13% +33% Note: exchange rate applied for the conversion of the action title is the average for 2016: TRY 1 = EUR 0.299 Definition: B2C and C2C E-Commerce sales of products and services made through the online channel; delivery and payment can take place online or offline; includes sales of pure online retailers and online sales of multichannel retailers or marketplaces with physical presence in Turkey; excludes online travel, online betting, B2B E-Commerce, telephone, fax, call center, and other channels other than online Source: Etid, TüBiSAD, Deloitte, ComScore, cited by Webrazzi, May 2017 275

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Online retail sales in Turkey, excluding travel services, increased by +31.6% to TRY 17.5 billion (EUR 5.2 billion) in 2016. Turkey: Retail E-Commerce Sales, in TRY billion, and Year-on-Year Change, in %, in % Year-on-Year Change in TRY billion Note: exchange rate applied in the action title is the average for 2016: TRY 1 = EUR 0.299 Definition: B2C and C2C E-Commerce sales of products and services made through the online channel; delivery and payment can take place online or offline; includes sales of pure online retailers and online sales of multichannel retailers or marketplaces with physical presence in Turkey; excludes online travel, online betting, B2B E-Commerce, telephone, fax, call center, and other channels other than online Source: TÜBİSAD, ETİD, Euromonitor, BCG, Gittigidiyor, April 2017

E-Commerce Sales, in TRY billion Year-on-Year Change, in %
Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Online marketplaces in Turkey generated a sales volume of TRY 5.2 billion (EUR 1.6 billion) in 2016, up by +38% from 2015. Turkey: Retail E-Commerce Sales by Segment, by Pure Online Retail and Multichannel Retail, in TRY billion, and Year-on-Year Change, in %, 2016 E-Commerce Sales, in TRY billion Year-on-Year Change, in % Multichannel Retail Electronics 2.4 +33% Clothing & Shoes 1.2 +39% Home & Decor 0.7 +25% Entertainment & Culture 0.4 +23% Other 1.6 +24% Total Multichannel Retail 6.2 +30% Pure Online Retail Marketplaces 5.2 +38% Multiple Category 2.6 +18% Private Shopping Clubs +43% Specialized Online Shops 0.8 Total Online Retail 11.3 Total Retail E-Commerce 17.5 +32% Note: exchange rate applied for the conversion of the action title is the average for 2016: TRY 1 = EUR 0.299 Definition: B2C and C2C E-Commerce sales of products and services made through the online channel; delivery and payment can take place online or offline; includes sales of pure online retailers and online sales of multichannel retailers or marketplaces with physical presence in Turkey; excludes online travel, online betting, B2B E-Commerce, telephone, fax, call center, and other channels other than online Source: ETID, TÜBİSAD, Deloitte, ComScore, cited by Webrazzi, May 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends E-Commerce in Turkey more than doubled its share of total retail sales from 1.7% in 2012 to 3.5% in 2016. Turkey: E-Commerce Share of Total Retail Sales, in %, 2012 & 2016 2012 2016 Note: the share was calculated by the source based on the E-Commerce sales volume reported by TÜBİSAD and ETİD (including online retail sales of pure online retailers and multichannel retailers, B2C and C2C) and the total retail sales figure reported by Euromonitor (excludes unregistered retail, automotive, petrol and catering services) Source: TÜBİSAD, ETİD, Euromonitor, BCG, Gittigidiyor, April 2017 278

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Internet penetration in Turkey increased from 45.0% of individuals aged in 2011 to 61.2% in 2016. Turkey: Internet Penetration, in % of Individuals, in % of Individuals Note: Internet usage at any time in the past; in 2016, 58.3% used within the previous 3 months, 1.1% between 3 months and 1 year ago, and 1.7% more than one year ago Survey: based on a survey of households and individuals, ages 16-74, conducted in Q1 of each year Source: Turkish Statistical Institute, August 2016 279

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Internet penetration in Turkey varied by age group, with having the highest (84.3%) and year-olds (8.8%) the lowest rates in 2016. Turkey: Internet Penetration, by Age Group and Gender, in % of Individuals in Each Group, Q1 2016 Age Group Total Male Female 84.3% 92.0% 76.5% 78.8% 86.7% 70.7% 65.4% 77.2% 53.5% 41.3% 51.8% 30.6% 21.0% 28.9% 13.3% 8.8% 12.5% 5.8% Note: Internet usage within the previous 3 months Survey: based on a survey of households and individuals, ages 16-74, conducted in Q1 2016 Source: Turkish Statistical Institute, August 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends In 2016, 34.1% of Internet users in Turkey purchased goods or services over the Internet, up from 18.6% in 2011. Turkey: Online Shopper Penetration, in % of Internet Users, in % of Internet Users Definition: Internet users aged who purchased goods or services over the Internet for private purposes Survey: based on a survey of households and individuals, ages 16-74, conducted in Q1 of each year Source: Turkish Statistical Institute, August 2016 281

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends “Clothes, sports goods” (60%) was the product category most purchased by online shoppers in Turkey in a year to March 2016. Turkey: Product Categories Purchased Online, in % of Online Shoppers, by Gender, 12 Months to March 2016 in % of Online Shoppers Total Male Female Clothes, sports goods 60.0% 51.7% 71.3% Travel arrangements (e.g. transport tickets, car rent, etc.) 29.7% 34.4% 23.4% Household goods (e.g. furniture, toys, excl. consumer electronics) 25.8% 26.7% 24.5% Electronic equipment (incl. camera) 21.0% 29.9% 8.8% Food or groceries 19.8% 17.5% 22.9% Books, magazines, newspapers (including e-books) 19.4% 18.9% 20.1% Holiday accommodation (hotel etc.) 16.9% 18.5% 14.6% Tickets for events 14.7% 16.6% 12.1% Telecommunication services (e.g. TV, broadband subscriptions, fixed line or mobile phone) 12.4% 15.8% 7.7% Computer hardware 11.4% 16.4% 4.6% Films, music 6.8% 8.4% Video games software and other computer software and upgrades 6.1% 8.5% 2.9% E-learning material 3.9% 3.1% Medicine 3.0% 2.8% Other 0.6% 0.4% 1.0% Note: does not add up to 100% due to multiple answer possible Definition: products and services bought/ordered over the Internet between April 2015 and March 2016 Survey: based on a survey of households and individuals, ages 16-74, conducted in Q1 2016 Source: Turkish Statistical Institute, August 2016 282

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Besides “Clothing”, other popular online shopping categories in Turkey included “Electronics” and “Transportation tickets”, as of Jan Turkey: Product Categories Purchased Online, in % of Online Shoppers, January 2017 in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible Survey: based on an online survey of 600 respondents conducted in January 2017, ages 15-65 Source: PureMind cited by eTicaret Cagi, March 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 83% of online shoppers in Turkey preferred to make “Online payment by credit card”, as of January 2017. Turkey: Payment Methods Used in E-Commerce, in % of Online Shoppers, January 2017 in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible Survey: based on an online survey of 600 respondents conducted in January 2017, ages 15-65 Source: PureMind cited by eTicaret Cagi, March 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Domestic E-Commerce transactions with bank cards in Turkey reached TRY 63.5 billion (EUR 19.0 billion) in 2016. Turkey: Number of Domestic E-Commerce Transactions with Bank Cards, in millions, and Value, in TRY million, Q – Q1 2017 Number, in millions Value, in TRY million Q1 2015 52.9 11,505.91 Q2 2015 12,060.55 Q3 2015 55.4 14,069.60 Q4 2015 58.4 13,046.85 Year 2015 219.7 50,682.91 Q1 2016 64.4 14,638.60 Q2 2016 63.6 15,369.66 Q3 2016 61.2 16,478.04 Q4 2016 67.3 16,992.58 Year 2016 256.5 63,478.88 Q1 2017 72.6 19,135.64 Note: currency exchange rate used in the title is the average rate for 2016: 1 TRY = EUR Survey: domestic E-Commerce transactions with domestic bank cards; includes services, airlines, telecommunications, travel, grocery, clothing and others; may not add up to total due to rounding Source: Bankalararası Kart Merkezi (BKM), July 2017 285 285

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The value of cross-border E-Comm. transactions made with bank cards issued in Turkey amounted to TRY 5.4 billion (EUR 1.6 billion) in 2016. Turkey: Number of Cross-Border E-Commerce Transactions with Domestic Bank Cards, in millions, and Value, in TRY million, Q – Q1 2017 Number, in millions Value, in TRY million Q1 2015 10.4 1,030.15 Q2 2015 9.9 1,116.14 Q3 2015 9.7 1,166.64 Q4 2015 11.3 1,288.15 Year 2015 41.2 4,601.09 Q1 2016 12.2 1,366.38 Q2 2016 12.6 1,419.75 Q3 2016 11.9 1,257.47 Q4 2016 13.6 1,361.02 Year 2016 50.4 5,404.61 Q1 2017 1,419.93 Note: currency exchange rate used in the title is the average rate for 2016: 1 TRY = EUR Survey: international transactions with domestic cards; includes services, airlines, telecommunications, travel, grocery, clothing and others; may not add up to total due to rounding Source: Bankalararası Kart Merkezi (BKM), July 2017 286 286

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends “Speed of delivery longer than indicated” (44.9%) ranked first among the problems encountered by online shoppers in Turkey 2016. Turkey: Problems Encountered When Shopping Online, in % of Online Shoppers, by Gender and Total, 12 Months to March 2016 Total Male Female Speed of delivery longer than indicated 44.9% 24.3% 24.1% Wrong or damaged goods/services delivered 42.1% 15.5% 9.0% Technical failure of websites during ordering or payment 24.2% 43.2% 47.4% Complaints and redress were difficult or no satisfactory response after complaint 19.7% 6.7% 8.4% Difficulties in finding information concerning guarantees and other legal rights 12.9% 42.9% 40.7% Problems with fraud encountered (e.g. no goods/services received at all, misuse of credit card details etc.) 10.6% 12.5% 7.8% Final costs higher than indicated (e.g. Higher delivery costs, unexpected transaction fee) 7.4% 21.0% 17.8% Foreign retailer did not sell to the country 5.3% 6.5% 3.5% Other 2.7% 1.9% 3.9% Note: relates to the period April 2015 – March 2016; does not add up to 100% due to multiple answers possible; ranked by total Survey: based on a survey among Internet users aged 16-74, conducted in Q1 2016 Source: Turkish Statistical Institute, August 2016 287

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends In July 2016, 39% of online shoppers in Turkey reported late delivery, and 28% had to wait for delivery because the time was not specified. Turkey: Problems Encountered At The Moment of Delivery, in % of Online Shoppers, July 2016 in % of Online Shoppers Survey: based on a survey of 301 online shoppers and 100 online retailers, conducted in 2016 Source: Ipsos and Bukoli cited by Campaign Turkey, August 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends The B2C E-Commerce competition landscape in Turkey is led by three major marketplaces. Turkey: B2C E-Commerce Player Overview, July 2017 The B2C E-Commerce competition landscape in Turkey is led by three online marketplaces: Hepsiburada.com, N11.com and Gittigidiyor.com. These three websites occupied the top 3 positions in terms of online shoppers’ share in 2016, as revealed by different surveys conducted by PureMind and Ipsos. Furthermore, they were the three most visited E-Commerce websites in June 2017, aside from the online classifieds website Sahibinden.com, according to Similarweb. Out of the three, Hepsiburada.com, operated by D-Market Elektronik Hizmetler, was the largest by online retail value share (12%) in 2016, according to Euromonitor International. According to one of the company's investors, the Abraaj Group, Hepsiburada’s short- to-medium term strategy involves developing tis marketplace through increasing the number of sellers and utilizing a new warehouse. Hepsiburada launched a marketplace platform in addition to its online retailing business after receiving investment from Abraaj Group in 2015, according to Euromonitor International, with the marketplace share of the company’s total sales reaching 40%. Furthermore, Hepsiburada announced plans to increase the number of employees in Turkey by +30% in 2017, adding 500 new staff. At the same time, SK Group, which operates N11.com in partnership with Dogus Group, reported that its platform was ahead of Hepsiburda in terms of the gross merchandise volume both in 2015 and in N11’s GMV reached USD 563 million in 2016, up from USD 458 million in The number of registered users increased from 6 million to 8 million and the number of sellers from 38,000 to 62,000. eBay’s Gittigidiyor had 17 million registered users and over 45,000 sellers, according to the company. In 2016, it reported a growth of +33% and expected a +45% growth in % of traffic and 40-45% of sales stemmed from mobile and the company planned to increase these rates further. While the top competitors report growth, the Turkish market has also seen several closures over the recent years. The private shopping segment was among those affected the most, despite having attracted significant investments. According to Webrazzi, online clothing stores with private shopping club models which closed since 2013 include Otto Group’s Limango, VIPDukkan.com backed by investors such as ePlanet Capital, and most recently, Markafoni, acquired by Naspers in Markafoni was closed in June 2017, with Naspers reporting that despite its initial success, the platform was not scaling enough in order to be sustainable in a demanding economic environment. Source: PureMind cited by eTicaret Cagi, March 2017; Ipsos and Bukoli cited by Milliyet, July 2016; Euromonitor International, December 2016; TÜBİSAD, ETİD, TÜİK, Euromonitor, BCG, Gittigidiyor, April 2017; The Abraaj Group, December 2016; Hürriyet, Marach 2017; SK Planet, March 2017; Gittigidiyor, April 2107; Webrazzi, June 2017; Naspers, June 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 68% of online shoppers in Turkey purchased from Hepsiburada.com, as of January 2017. Turkey: E-Commerce Websites Purchased from, in % of Online Shoppers, January 2017 in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible; the respondents were asked which E-Commerce websites they usually purchase from Survey: based on an online survey of 600 respondents conducted in January 2017, ages 15-65 Source: PureMind cited by eTicaret Cagi, March 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Behind Hepsiburada.com (67%), the most preferred E-Commerce websites in Turkey were Gittigidiyor.com (60%) and N11.com (57%). Turkey: Preferred E-Commerce Sites, in % of Online Shoppers, July 2016 in % of Online Shoppers Survey: based on a survey of 301 online shoppers and 100 online retailers, conducted in 2016 Source: Ipsos and Bukoli cited by Milliyet, July 2016

Rank Among All Websites in Turkey Total Website Visits, in millions
Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 3 out of the top 4 most visited shopping websites in Turkey in June 2017 were online marketplaces. Turkey: Top 4 E-Commerce Websites, by Total Website Visits, in millions, incl. Rank Among All Websites in Turkey and Category, June 2017 Rank Among All Websites in Turkey Website Category Total Website Visits, in millions 5 Sahibinden.com Online Classifieds 105.16 16 Hepsiburada.com Online Mass Merchant and Marketplace 57.96 17 N11.com Online Marketplace 56.14 21 Gittigidiyor.com 52.25 Note: the table includes all websites categorized in the “shopping” category from the top 50 websites in Turkey, ranked by total (non-unique) website visits from desktop and mobile Source: Similarweb, July 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 52% of Internet users in Portugal used their mobile devices to research products and compare prices when shopping in March 2016. Portugal: Shopping-Related Activities Performed via Mobile Devices, in % of Internet Users, March 2016 in % of Internet Users Note: does not add up to 100% due to multiple answers possible Survey: based on a survey of 30,000 respondents in 63 countries, including Portugal Source: Nielsen, October 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 87% of online shoppers in Portugal had made cross-border online purchases in 12 months to October 2016. Portugal: Cross-Border Online Shopper Penetration, in % of Online Shoppers, October 2016 Definition: online shoppers who shopped domestically and cross-border or cross-border only in the past 12 months Survey: based on a survey of 28,000 Internet users in 32 markets, including Portugal, conducted between August and October 2016; question asked: “Thinking about shopping online, which of the following countries or regions’ websites have you purchased from in the past 12 months?”; the base of respondents to this question in Portugal were 562 online shoppers Source: Ipsos, PayPal, November 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 45% of online purchases made by shoppers from Portugal were cross-border, as reported in October 2016. Portugal: Cross-Border Share of Online Purchases, in %, October 2016 Source: ACEPI and IDC, October 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Total online spending of shoppers in Portugal, including domestic and cross-border, is projected to reach EUR 9.2 billion by 2025. Portugal: B2C E-Commerce Sales, in EUR billion, 2012 – 2025f in EUR billion in % Year-on-Year Change Definition: total online purchase volume by Portuguese online shoppers, includes cross-border purchases Source: ACEPI and IDC, October 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends B2C E-Commerce accounted for an estimated 5.0% of total retail sales in Portugal in 2016, up from 3.9% in 2015. Portugal: B2C E-Commerce Share of Retail Sales, in %, 2015 & 2016e 2015 2016e Source: CTT cited by Hipersuper, December 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Internet penetration in Portugal increased by +13 percentage points from 2011, reaching 71% of individuals in 2016. Portugal: Internet Penetration, in % of Individuals, in % of Individuals Definition: Internet use in the previous 12 months; ages 16-74 Source: Eurostat, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends In Portugal, online shopper penetration increased from 31% of Internet users in 2011 to 43% in 2016. Portugal: Online Shopper Penetration, in % of Internet Users, in % of Internet Users Definition: individuals who ordered goods or services, over the Internet, for private use, in the previous year; ages 16-74 Source: Eurostat, April 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Besides “Travel and holiday accommodation”, “Clothes, sports goods” was another top category in Portuguese E-Commerce in 2016. Portugal: Product Categories Purchased Online, in % of Online Shoppers, 2016 in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible Definition: individuals who purchased online in the previous 12 months; ages 16-74 Source: Eurostat, April 2017

in % of Banked Internet Users
Sales & Shares Delivery Products Users & Shoppers Players Payment Trends “Multibanco” (53%) was the top payment method used by digital consumers with a bank account in Portugal in July 2016. Portugal: Payment Methods Used in E-Commerce, in % of Banked Internet Users, July 2016 in % of Banked Internet Users Note: does not add up to 100% due to multiple answers possible Survey: based on an online survey of 1,370 banked Internet users aged 15+, conducted in July 2016 Source: SIBS cited by Santander, March 2017

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends 75% of online shoppers in Portugal preferred their purchase to be delivered to their home, as reported in September 2016. Portugal: Preferred Delivery Options, in % of Online Shoppers, September 2016 in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible; the survey details were not revealed Source: Landmark Global, September 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends eBay was the leading foreign E-Commerce website purchased from by 54% of online shoppers in Portugal in October 2016. Portugal: Foreign E-Commerce Websites Purchased From, in % of Online Shoppers, October 2016 in % of Online Shoppers Note: does not add up to 100% due to multiple answers possible Survey: based on a survey of Internet users; survey details were not revealed Source: ACEPI and IDC, October 2016

Sales & Shares Delivery Products Users & Shoppers Players Payment Trends Amazon ranked first among retail website properties in Portugal in terms of the number of unique visitors in March 2017. Portugal: Top 3 Retail Website Properties, by Number of Unique Visitors, in thousands, March 2017 in thousands Note: the number of visits from different websites in the retail category owned by the same company were grouped together in this ranking; when looking at individual websites the top 3 were Aliexpress.com, Fnac.pt and Gearbest.com; other individual top websites included Worten.pt, Followprice.co, eBay.com, Lightinthebox.com, Continente.pt, Ikea.com and Kuantokusta.pt Source: ComScore cited by ACEPI, June 2017

WESTERN EUROPE B2C E-COMMERCE MARKET 2017 PUBLICATION DATE: JULY 2017

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WESTERN EUROPE B2C E-COMMERCE MARKET 2017 PUBLICATION DATE: JULY 2017

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