Amazon.Com, Inc. [email protected]

Equity Research Consumer | E-commerce

November 16, 2016 Ryan Domyancic +1 312 364 5412 Update Report (16-098) [email protected]

Bhavan Suri +1 312 364 5341 Amazon.com, Inc. [email protected]

Comprehensive Pricing Survey Underscores the Value of Prime Stock Rating: Outperform Company Proile: Aggressive Growth We randomly selected 100 items from 32 retailers to compare their in-store assortment and pricing with Amazon. We concluded that Amazon’s assortment remains Symbol: AMZN (NASDAQ) strong, the Prime eligible selection has increased signiicantly since 2014, and its Price: $719.07 (52-Wk.: $474–$847) Prime eligible selection is priced at a discount to brick-and-mortar retailers. Market Value (bil.): $347 Long-Term EPS Growth Rate: 20% Prime eligible selection priced at a 4% discount to physical retailer locations. Dividend/Yield: None Our 2016 pricing survey found items sold by Amazon or by third-party sellers that Fiscal Year End: December utilized Fulillment by Amazon (FBA) were priced at a 4% discount to identical items in physical retail locations. For our comparison, we did not include shipping cost, because Prime eligible items ship for free as part of Amazon’s Prime program Estimates 2015A 2016E 2017E or if the order value exceeds $49. Revenue (bil.) $107 $137 $168 EBITDA (bil.) $10.8 $15.3 $21.3 Majority of Prime eligible overlapping items were same price or less expensive EPS $1.25 $4.88 $9.37 than physical retail locations. For Prime members and order values that exceed the $49 free shipping threshold, we found that 67% of Prime eligible overlapping Valuation items were the same price or less expensive on Amazon versus retail stores. For EV/Revenue 3.2x 2.5x 2.1x items that have a retail price greater than $25, we found 77% of Prime eligible items EV/EBITDA 32.1x 22.7x 16.2x were the same price or less expensive on Amazon. P/E NM NM 82.1x

Amazon’s item overlap reached 46% in our 2016 survey. Identical item overlap Trading Data with retailers in our study increased to 46%, up from 44% in 2013 and 2014. We Shares Outstanding (mil.) 485 excluded Prime Pantry products from our overlap; if included, Amazon’s overlap Float (mil.) 390 would have been about 2 percentage points higher in 2016. Average Daily Volume 4,457,333

Prime eligible overlap increases 50%. Our survey found that 31% of products Financial Data in retail stores were Prime eligible on Amazon, up from 20% in 2014. First-party Market Value (bil.) $349 and third-party FBA items were both proportionately responsible for the increase. Total Debt (bil.) $16 Cash and Cash Equivalents (bil.) $18 Reiterate Outperform rating on Amazon. We reiterate our Outperform rating on Enterprise Value (bil.) $347 Amazon. Our survey demonstrates that Prime item selection has grown considerably and the majority of Prime eligible overlapping items on Amazon are less expensive versus retail stores. We expect the Prime program to drive strong unit growth as Prime membership increases and Prime member order frequency increases.

Amazon is one of the largest global e-commerce companies and provides businesses cloud computing services.

Please refer to important disclosures on pages 63, 64, and 65. Analyst certifi cation is on page 63. William Blair or an affi liate does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the fi rm may have a confl ict of interest that could affect the objectiv- ity of this report. Investors should consider this report as a single factor in making an investment decision. William Blair

Contents

Report Summary and Conclusions ...... 3

Survey Process Overview ...... 6

Analyzing Amazon’s Selection ...... 7

Analyzing Amazon’s Prices ...... 12

First-Party Gross Margin Expanding Despite Competitive Prices ...... 16

Retail Website Offering Versus Brick-and-Mortar Store ...... 16

Screening Retailers’ “Amazon Risk” ...... 18

Changes in Overlap by Retailer ...... 22

Assessment of Retailers’ Risk by Retail Segment ...... 23

Appendix A ...... 24

Appendix B ...... 31

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Report Summary and Conclusions

This report, along with overlap data from similar reports published in 2012, 2013, and 2014, compares the product assortment and pricing of leading U.S. hardlines retailers, mass-merchants, drugstores, and specialty retailers with that available at Amazon.com.

Our research objective was to evaluate the consumer value proposition of Amazon’s e-commerce offering by extensively surveying its relative price and selection. Using this data, we were also able to evaluate which retailers face a relatively higher risk of disruption by Amazon.

For this study, we randomly selected 100 items from 32 retailers’ in-store assortment (3,200 total store items) and compared the product selection and pricing with that of Amazon. Combined with select data from previously published reports, our data set contains nearly 12,000 SKUs for overlap comparisons and 3,200 SKUs for pricing comparisons.

Key Conclusions for Amazon.com

• Identical item overlap increased to 46%, with largest increases at $200-plus price point. Our study revealed that Amazon has 46% of the items (1,464 of 3,200) found at surveyed retail stores, up from 44% in 2014. Overlap for items $200 or more increased considerably, reaching 67% in 2016 (190 of 283 items), up from 52% in 2014 (122 of 235 items). For supporting details about overlap, see the section titled Analyzing Amazon’s Selection, on pages 7-11.

• Prime eligible overlapping items increased 50% from 2014. We found that 31% of surveyed retail items were Prime eligible on Amazon, a signiicant increase from 20% in 2014. First-party and third-party FBA items each accounted for about 5 percentage points of the increase. Exhibit 3, on page 7, summarizes item overlap across Amazon’s three seller types.

• Prime eligible items priced 4% below physical retail locations. Our pricing survey found that prices on Prime eligible items were 4% lower, on average, than the prices offered in physical retail locations. For supporting details about pricing, see the section titled Analyzing Amazon’s Prices, on pages 12-15.

– For third-party items fulilled by the seller (non-FBA), which accounted for 15 percentage points of the 46% overlap, prices were 10% higher than prices offered in physical retail locations. For this comparison, we used a landed cost (which includes applicable shipping) because consumers cannot qualify for free shipping.

– Combining all three seller types, prices on Amazon were 2% higher than physical retail locations, on average. The slight premium is driven by third-party non-FBA sellers. For our survey, we matched identical items. For most items, we suspect a consumer could ind a comparable (but not identical) irst-party or third-party FBA product to purchase rather than a third-party non-FBA product that is slightly more expensive.

– We suspect that items sold on a irst-party and third-party FBA basis were more in line with ofline retailers as sellers compete for the buy box, or default seller position, on Prime items.

– In addition, we believe irst-party and third-party FBA items are sold more frequently than third-party items. An Amazon survey found that more than 71% of FBA seller respondents reported their unit sales increased by more than 20% on Amazon since joining FBA; when a seller joins FBA their wares become eligible for Prime and super saver shipping. Therefore, we believe investors should focus more on the pricing comparisons with Prime eligible products rather than all products.

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• We believe ϔirst-party gross margin continues to expand despite low prices. While we acknowledge that there are a lot of assumptions, we believe Amazon’s gross margin from irst-party product sales steadily increased from 2013 through 2015. We believe Amazon has managed to expand margins by driving more volume through its fulillment infrastructure. Further, as Amazon becomes a bigger customer of both product and shipping vendors, it could be beneiting from more favorable pricing terms. Our gross margin framework is on page 16.

• Reiterate Outperform rating on Amazon. We continue to believe that Amazon’s cloud computing business and retail business are addressing large markets, and we expect each will continue to grow as its addressable market expands. Further, as addressed in this report, we found that items sold on a irst-party basis and by third-party sellers that utilized FBA (Prime eligible selection) are priced at a discount to brick-and-mortar retailers. As more consumers join Prime, and ind Amazon’s Prime eligible selection is priced at a discount to brick-and- mortar retailers, they could shift more spending to Amazon. Consumer demand continues to strengthen on Amazon as paid order unit growth has reaccelerated, and Amazon continues to increase its share of the U.S. e-commerce market.

Exhibit 1 Amazon Price Comparison to Retail Stores Item Price Comparison by Retailer (100 Items / Store; 3,200 Total Items) Average Retail Box Price Average Amazon Price (Discount) / Premium Item Overlap of Overlapping Items 1P 3P FBA 3P Best Buy 89% $373 -3% -25% 0% ULTA Salon 86% $29 -12% -4% -2% hhgregg 83% $507 -3% 3% 12% Hibbett Sports 72% $42 -4% 2% 4% O'Reilly Automotive 72% $27 -8% -21% -16% The Home Depot 65% $109 1% 1% 28% Office Depot 62% $70 -12% -27% -15% Staples 61% $74 -23% 19% 9% Bed Bath & Beyond 58% $87 -2% -4% 40% Cabela's 57% $156 -2% 4% 4% Sears 53% $246 -5% -13% 11% Tractor Supply Company 50% $54 7% -3% 3% Walgreens 50% $12 -18% 3% 35% Dick's Sporting Goods 49% $126 4% -17% 8% Target 47% $107 -13% -17% -1% CVS 45% $13 -27% 6% 31% Costco 44% $173 11% 32% 9% Lowe's 44% $164 0% 12% 4% Williams-Sonoma 43% $128 -6% -6% -2% Wal-Mart 38% $99 0% 62% 11% Kohl's 37% $95 -23% -40% -20% Macy's 36% $124 -20% 1% -24% Party City 35% $10 9% 10% 41% J. C. Penney 32% $69 -8% -25% 21% Dillard's 30% $60 -13% 5% 17% Michaels 29% $20 -23% -24% -35% T.J. Maxx 23% $26 64% 41% 74% Ollie's 21% $33 34% 49% 62% Big Lots 19% $18 23% 25% 117% Dollar General 14% $7 33% 60% 72% Dollar Tree 10% $9 16% 1% 47% Five Below 10% $5 1% 63% 97% 2016 Price Weighted Average 46% $123 -4% -6% 10% Note: Listing featured in "buy box" was selected. 1P and 3P FBA prices exclude shipping cost due to Prime and super saver shipping. 3P prices include applicable shipping cost as it is unavoidable. Sales tax is excluded from all prices. Sources: Company websites, store visits, and William Blair

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Assessment of Retailers’ E-commerce Performance

• Screening “Amazon risk” for retailers. Combining item overlap and price difference igures collected from our survey with qualitative evaluations of the “shopping experience,” we rank which half of surveyed retailers face an above-average risk of e-commerce disruption and which half face a below-average risk in exhibit 2.

• Historically, below-average-risk retailers outperform above-average-risk retailers. Since we published the July 2011 pricing report, the basket of below-average e-commerce risk stocks has underperformed the S&P 500 by 14% points while the above-average risk basket has underperformed the S&P 500 by 53% points. The basket was updated each time a new pricing report published October 2012, April 2013, October 2013, and September 2014.

• Companies with a lower-than-average risk proile have an assortment of lower-dollar-value items; proprietary offerings; smaller-format locations offering convenience; and an experiential shopping that make the in-store visit more compelling.

Exhibit 2 Assessment of Relative Risk of Share Loss to Amazon Summary of Assessment of Relative Risk of Share Loss to Amazon Above-Average Risk Below-Average Risk

Office Depot Wal-Mart Kohl's ULTA Salon Best Buy Walgreens Staples Williams-Sonoma Target Party City Macy's Lowe's Hibbett Sports Tractor Supply Company Sears Big Lots J. C. Penney The Home Depot Michaels Dollar Tree O'Reilly Automotive Ollie's Bed Bath & Beyond T.J. Maxx Dillard's Costco Dick's Sporting Goods Dollar General CVS Five Below

Note: We surveyed Cabela's and hhgregg but did not include them in our rankings. Sources: Company websites, store visits, and William Blair

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Survey Process Overview

To gain insight into Amazon and retailers, we have conducted a comprehensive pricing analysis. We visited 32 retail stores and randomly selected 100 items at each retail store. We then compared the items and their prices with the retailer’s website and Amazon. Below we outline several aspects of our survey process.

• Where did you go? We visited 32 retail locations, mostly in the Greater Chicago area, and randomly selected 100 items from each store. We previously surveyed the selection overlap at 29 of the 32 retailers, and 18 of the 32 are included in the S&P 500.

• How were the items selected? When visiting the stores, we attempted to select an assortment of items from each aisle and various shelf positions.

• What constitutes an identical item? During a store visit, we recorded various attributes of each item, including the item name, brand, color, style, weight, count, model number, etc. We then attempted to locate the identical item on the retailer’s website and on Amazon. The item had to be the exact same on Amazon for us to include it as an identical item.

– In appendix B, beginning on page 31, we list the 100 comparable items we randomly selected from the 32 retailers. We also list the in-store price and the Amazon price. Most of the item names have been abbreviated for presentation. Therefore, while an item in the appendix may be listed as “Clopay Value Non-Insulated Garage Door,” we took all other factors not listed, such as the size and model number, to determine if the identical item was on Amazon.

• Was shipping cost included? It depends. For items sold on a irst-party and third-party FBA basis, we did not include shipping. For items sold on a third-party basis and fulilled by the seller, we included shipping cost.

– For irst-party and third-party FBA items, we excluded shipping cost because we believe a consumer is usually not paying for shipping. Consumers would avoid shipping costs on these items because they are a Prime member or they qualify for free shipping when the order exceeds $49.

– For third-party fulilled by seller items, the consumer must always pay the shipping cost. Prime members and baskets in excess of $49 do not qualify for free shipping. Therefore, we believe it should be viewed as part of the price of an item.

• Was sales tax included? No, we did not include sales tax for either Amazon or retail items. We only added applicable shipping cost (as discussed above) to the price of online items. Amazon collects sales tax in 29 states, which covers 85% of the U.S. population. Therefore, we are no longer taking the sales tax savings into consideration.

• How did you analyze add-on and Amazon Pantry items? To accurately relect Amazon’s selection, we included items on Amazon that were part of its add-on program. We did not include items that were part of its Prime Pantry program.

• Did you exclude anomalies or ϐilter the results? If the item on Amazon was more than 200% of the price found in the store, we recorded it as being unavailable on Amazon. This decreased the retailer’s overlap with Amazon, a positive for the retailer and a negative for Amazon. Oc- casionally a third-party seller on Amazon was listing items for illogical prices (a box of Fruit Loops for $22.00).

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• How did you treat companies with multiple brands or lines of business? Many of the companies on the list operate more than one chain of stores. For example, The TJX Companies operates T.J. Maxx, Marshalls, and HomeGoods, among others. Other companies engage in lines of business in addition to selling retail products. For example, Walgreens has a pharmacy business. For the purposes of this exercise, we surveyed only a company’s lagship store. The only exceptions we made were when determining e-commerce risk for Williams-Sonoma (due to its furniture brands) and O’Reilly Automotive (due to its commercial business).

Analyzing Amazon’s Selection

We selected 100 items randomly from 32 retail stores. We found that 1,464 of the 3,200 randomly selected retail items (46%) were available on Amazon. We summarize our selection indings in exhibit 3. In the following sections, we outline overlap by in-store price point and by retailer.

• Our 2016 survey found that 46% of store items were available for purchase on Amazon. In previous surveys, we found the aggregate retail overlap with Amazon was 44% in 2014, 44% in 2013, and 45% in 2012.

• Our 2016 survey found that 31% of store items were Prime eligible, up from 20% of store items in 2014. First-party and third-party FBA items each accounted for about 5 percentage points of the increase.

Exhibit 3 Amazon Product Assortment Comparison to Retail Stores Item Overlap by Amazon Seller Channel 2012 2013 2014 2015 2016 Number of Retailers 28 28 29 NA 32 Items Samples per Retailer 100 100 100 NA 100 Total Store Items 2,800 2,800 2,900 NA 3,200

Number of Items Available on Amazon.com: First-Party 607 568 447 NA 680 Third-Party, FBA 120 114 121 NA 318 Third-Party, Non-FBA 546 560 705 NA 466 Number of Items Available on Amazon.com 1,273 1,242 1,273 NA 1,464

Percent of Items Available on Amazon.com: First-Party 22% 20% 15% NA 21% Third-Party, FBA 4% 4% 4% NA 10% Third-Party, Non-FBA 20% 20% 24% NA 15% Percent of Items Available on Amazon.com 45% 44% 44% NA 46%

Percent of Items 1P or 3P FBA 26% 24% 20% NA 31%

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Analyzing Amazon’s Item Overlap by Price Range Identical-item overlap increased from 44% in 2014 to 46% in 2016. As shown in exhibit 4, there were slight shifts across the different price ranges. Price ranges represent the brick-and-mortar retailer price of an item.

• Low overlap in $0 to $25 price category. As with previous years, overlap remains the lowest among items $0 to $25 at 37%, up from 35% in 2014.

– Part of the low overlap is due to the inclusion of three off-price stores: Dollar General, Dollar Tree, and Five Below. As shown in exhibit 1, on page 4, these three stores had the lowest item overlap with Amazon. The stores had 299 of 300 selected products in the range of $0 to $25 and the overlap was only was 11%. Excluding these stores, the overall overlap for the $0 to $25 category would be 42%, still well below other price categories.

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Exhibit 4 Amazon Product Assortment Comparison to Retail Stores Item Overlap by Retail Price Point (100 Items / Store; 3,200 Total Items)

41% 51% > $500 40% 63% 57% 60% $200 - $500 60% 70% 64% 65% $100 - $200 59% 61% 55% 53% $25 - $100 55% 53% 37% 34% $0 - $25 35% 37% 45% 44% Total 44% 46%

0% 10% 20% 30% 40% 50% 60% 70% 80%

2012 2013 2014 2016

Retail Store Items 2012 2013 2014 2015 2016 $0 - $25 1,535 1,481 1,584 NA 1,780 $25 - $100 726 789 832 NA 886 $100 - $200 253 256 249 NA 251 $200 - $500 187 168 136 NA 166 > $500 99 106 99 NA 117 Total 2,800 2,800 2,900 NA 3,200

Items Overlap on Amazon 2012 2013 2014 2015 2016 $0 - $25 566 504 547 NA 652 $25 - $100 397 417 458 NA 469 $100 - $200 162 166 146 NA 153 $200 - $500 107 101 82 NA 116 > $500 41 54 40 NA 74 Total 1,273 1,242 1,273 NA 1,464

% Overlap 2012 2013 2014 2015 2016 $0 - $25 37% 34% 35% NA 37% $25 - $100 55% 53% 55% NA 53% $100 - $200 64% 65% 59% NA 61% $200 - $500 57% 60% 60% NA 70% > $500 41% 51% 40% NA 63% Total 45% 44% 44% NA 46%

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Analyzing Amazon’s Identical-Item Overlap by Retailer In exhibit 5, we summarize item overlap by retailer and the seller type on Amazon.

Exhibit 5 Amazon Product Assortment Comparison to Retail Stores Item Overlap by Retailer (100 Items/Store; 3,200 Total Items) Amazon Seller Types Item Overlap 1P 3P FBA 3P Best Buy 89% 50% 21% 18% ULTA Salon 86% 41% 27% 18% hhgregg 83% 36% 13% 34% Hibbett Sports 72% 26% 17% 29% O'Reilly Automotive 72% 52% 4% 16% The Home Depot 65% 14% 11% 40% Office Depot 62% 36% 13% 13% Staples 61% 31% 9% 21% Bed Bath & Beyond 58% 23% 14% 21% Cabela's 57% 37% 3% 17% Sears 53% 19% 11% 23% Tractor Supply Company 50% 32% 7% 11% Walgreens 50% 13% 14% 23% Dick's Sporting Goods 49% 21% 9% 19% Target 47% 24% 11% 12% CVS 45% 15% 11% 19% Costco 44% 11% 17% 16% Lowe's 44% 25% 3% 16% Williams-Sonoma 43% 26% 13% 4% Wal-Mart 38% 15% 6% 17% Kohl's 37% 14% 12% 11% Macy's 36% 19% 4% 13% Party City 35% 9% 14% 12% J. C. Penney 32% 19% 7% 6% Dillard's 30% 13% 8% 9% Michaels 29% 16% 8% 5% T.J. Maxx 23% 9% 8% 6% Ollie's 21% 11% 8% 2% Big Lots 19% 9% 4% 6% Dollar General 14% 5% 3% 6% Dollar Tree 10% 5% 3% 2% Five Below 10% 4% 5% 1% 2016 Average 46% 21% 10% 15% Note: Listing featured in "buy box" was selected. 1P and 3P FBA prices exclude shipping cost due to Prime and super saver shipping. 3P prices include applicable shipping cost as it is unavoidable. Sales tax is excluded from all prices. Sources: Company websites, store visits, and William Blair

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In exhibit 6, we summarize the dollar overlap by retailer. The dollar overlap (52%) exceeds the item overlap (46%) since item overlap is greater among higher-ticket items.

Exhibit 6 Amazon Product Assortment Comparison to Retail Stores Dollar Overlap by Retailer (100 Items/Store; 3,200 Total Items) Dollar Amazon Seller Types Overlap 1P 3P FBA 3P Best Buy 94% 59% 8% 26% Office Depot 88% 52% 13% 22% Staples 83% 46% 14% 23% ULTA Salon 83% 39% 19% 24% Target 76% 61% 7% 7% hhgregg 75% 21% 4% 50% Hibbett Sports 74% 25% 15% 34% Bed Bath & Beyond 72% 21% 19% 32% O'Reilly Automotive 70% 53% 4% 13% Costco 65% 28% 7% 30% Dick's Sporting Goods 62% 35% 8% 20% Wal-Mart 62% 33% 3% 25% CVS 61% 30% 13% 18% Cabela's 60% 38% 1% 21% Kohl's 57% 16% 17% 25% Walgreens 54% 17% 18% 19% Party City 53% 9% 20% 24% Sears 51% 17% 3% 31% The Home Depot 51% 5% 5% 42% Williams-Sonoma 47% 29% 11% 7% Lowe's 45% 27% 1% 17% Tractor Supply Company 44% 31% 6% 8% Michaels 39% 17% 16% 6% Dillard's 36% 14% 8% 14% J. C. Penney 32% 10% 6% 16% Macy's 32% 18% 1% 13% Ollie's 24% 18% 3% 2% Dollar General 22% 7% 7% 9% T.J. Maxx 21% 8% 7% 6% Dollar Tree 20% 12% 5% 3% Big Lots 14% 8% 4% 2% Five Below 12% 4% 6% 1% 2016 Average 52% 25% 9% 18% Note: Listing featured in "buy box" was selected. 1P and 3P FBA prices exclude shipping cost due to Prime and super saver shipping. 3P prices include applicable shipping cost as it is unavoidable. Sales tax is excluded from all prices. Sources: Company websites, store visits, and William Blair

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Analyzing Amazon’s Prices

We compared Amazon’s pricing to retail stores for the 1,464 overlapping items in two different ways. First, we calculated the percent of overlapping items that were less expensive on Amazon. Second, we calculated the average price difference of an item on Amazon compared with a retail store.

Percent of Overlapping Items Less Expensive on Amazon We found that 67% of Prime eligible items were the same price or less expensive on Amazon versus physical retail stores. But only 35% of third-party items were the same price or less expensive on Amazon versus physical retail stores. In total, 56% of overlapping items were the same price or less expensive on Amazon versus physical retail stores.

Exhibit 7 Amazon Price Comparison to Retail Stores Number of Items Same Price or Less Expensive on Amazon by Retailer (100 Items / Store; 3,200 Total Items) As a Percent of Overlapping Items Total 1P 3P FBA 3P 1P + 3P FBA Best Buy 84% 92% 86% 61% 90% Williams-Sonoma 84% 81% 92% 75% 85% Michaels 83% 88% 75% 80% 83% Macy's 81% 84% 50% 85% 78% Office Depot 77% 89% 77% 46% 86% Kohl's 76% 86% 83% 55% 85% Staples 74% 97% 56% 48% 88% Cabela's 74% 81% 67% 59% 80% ULTA Salon 71% 93% 52% 50% 76% Dick's Sporting Goods 69% 71% 89% 58% 77% Target 68% 88% 55% 42% 77% O'Reilly Automotive 64% 73% 100% 25% 75% J. C. Penney 63% 68% 86% 17% 73% Sears 62% 84% 73% 39% 80% Hibbett Sports 58% 65% 47% 59% 58% hhgregg 57% 83% 38% 35% 71% Dillard's 53% 85% 50% 11% 71% Bed Bath & Beyond 50% 78% 50% 19% 68% Dollar Tree 50% 60% 67% 0% 63% Lowe's 48% 68% 33% 19% 64% CVS 47% 87% 36% 21% 65% Walgreens 46% 92% 43% 22% 67% Tractor Supply Company 38% 34% 57% 36% 38% Wal-Mart 37% 60% 33% 18% 52% The Home Depot 28% 57% 18% 20% 40% Five Below 20% 50% 0% 0% 22% Party City 20% 44% 21% 0% 30% Big Lots 16% 33% 0% 0% 23% Ollie's 10% 18% 0% 0% 11% T.J. Maxx 9% 11% 13% 0% 12% Costco 7% 9% 0% 13% 4% Dollar General 0% 0% 0% 0% 0% 2016 Average 56% 74% 50% 35% 67% Note: Listing featured in "buy box" was selected. 1P and 3P FBA prices exclude shipping cost due to Prime and super saver shipping. 3P prices include applicable shipping cost as it is unavoidable. Sales tax is excluded from all prices. Sources: Company websites, store visits, and William Blair

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We found Amazon prices were more competitive on items priced $25 and higher.

– For items priced above $25, Amazon’s Prime eligible selection was the same price or less expensive 77% of the time (416 items less expensive out of 537 overlapping items).

– Adding in third-party selection, 67% of items priced over $25 were the same price or less expensive on Amazon versus physical retail stores (544 items less expensive out of 812 overlapping items).

Exhibit 8 Amazon Price Comparison to Retail Stores Percent of Items Same Price or Less Expensive on Amazon Versus Retailer by Price Range Overlapping Items on Amazon

Price Range 1P 3P FBA 3P Total 1P & 3P FBA $0 - $25 287 174 191 652 461 $25 - $100 231 98 140 469 329 $100 - $200 70 28 55 153 98 $200 - $500 60 15 41 116 75 +$500 32 3 39 74 35 Total 680 318 466 1,464 998

Number of Items Same Price or Less Expensive on Amazon Price Range 1P 3P FBA 3P Total 1P & 3P FBA $0 - $25 183 65 35 283 248 $25 - $100 197 62 68 327 259 $100 - $200 53 20 29 102 73 $200 - $500 46 11 16 73 57 +$500 25 2 15 42 27 Total 504 160 163 827 664

Percent of Items Same Price or Less Expensive on Amazon Price Range 1P 3P FBA 3P Total 1P & 3P FBA $0 - $25 64% 37% 18% 43% 54% $25 - $100 85% 63% 49% 70% 79% $100 - $200 76% 71% 53% 67% 74% $200 - $500 77% 73% 39% 63% 76% +$500 78% 67% 38% 57% 77% Total 74% 50% 35% 56% 67% Note: Listing featured in "buy box" was selected. 1P and 3P FBA prices exclude shipping cost due to Prime and super saver shipping. 3P prices include applicable shipping cost as it is unavoidable. Sales tax is excluded from all prices. Sources: Company websites, store visits, and William Blair

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Average Price Difference Between Amazon and Retail Stores On average, we found Amazon’s prices on its Prime eligible selection (1P and 3P FBA) to be 4% less expensive than the identical in-store item at the 32 surveyed retailers. Items by third-party sellers that did not use FBA were priced at a 10% premium, on average, to in-store items.

Exhibit 9 Amazon Price Comparison to Retail Stores Item Price Comparison by Retailer (100 Items / Store; 3,200 Total Items) Average Amazon Price (Discount) / Premium Average Retail Box Price of Item OverlapOverlapping Items 1P 3P FBA 3P 1P + 3P FBA Bed Bath & Beyond 58% $87 -2% -4% 40% -3% Best Buy 89% $373 -3% -25% 0% -5% Big Lots 19% $18 23% 25% 117% 24% Cabela's 57% $156 -2% 4% 4% -2% Costco 44% $173 11% 32% 9% 15% CVS 45% $13 -27% 6% 31% -17% Dillard's 30% $60 -13% 5% 17% -6% Dollar General 14% $7 33% 60% 72% 47% Dick's Sporting Goods 49% $126 4% -17% 8% 1% Dollar Tree 10% $9 16% 1% 47% 11% Five Below 10% $5 1% 63% 97% 37% The Home Depot 65% $109 1% 1% 28% 1% hhgregg 83% $507 -3% 3% 12% -2% Hibbett Sports 72% $42 -4% 2% 4% -1% J. C. Penney 32% $69 -8% -25% 21% -15% Kohl's 37% $95 -23% -40% -20% -32% Lowe's 44% $164 0% 12% 4% 0% Macy's 36% $124 -20% 1% -24% -19% Michaels 29% $20 -23% -24% -35% -23% Office Depot 62% $70 -12% -27% -15% -15% Ollie's 21% $33 34% 49% 62% 36% O'Reilly Automotive 72% $27 -8% -21% -16% -9% Party City 35% $10 9% 10% 41% 10% Sears 53% $246 -5% -13% 11% -6% Staples 61% $74 -23% 19% 9% -13% Target 47% $107 -13% -17% -1% -14% T.J. Maxx 23% $26 64% 41% 74% 54% Tractor Supply Company 50% $54 7% -3% 3% 6% ULTA Salon 86% $29 -12% -4% -2% -10% Walgreens 50% $12 -18% 3% 35% -8% Wal-Mart 38% $99 0% 62% 11% 5% Williams-Sonoma 43% $128 -6% -6% -2% -6% 2016 Price Weighted Average 46% $123 -4% -6% 10% -4%

We also compare Amazon’s prices relative to all retail stores by item price range. We summarize the results below and in exhibit 10, on page 15.

– Amazon’s Prime eligible selection to be priced at a discount at all price ranges above $25.

– Overlapping Prime eligible items were priced at a 5% premium to retail stores for items priced under $25.

– Items by third-party sellers that did not use FBA were priced at a premium across all price ranges.

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Exhibit 10 Amazon Price Comparison to Retail Stores Amazon Price (Discount) / Premium Versus Retail Stores by Price Range Overlapping Items on Amazon Price Range 1P 3P FBA 3P Total 1P & 3P FBA $0 - $25 287 174 191 652 461 $25 - $100 231 98 140 469 329 $100 - $200 70 28 55 153 98 $200 - $500 60 15 41 116 75 +$500 32 3 39 74 35 Total 680 318 466 1,464 998

Price Weighted Amazon Premium / (Discount) Price Range 1P 3P FBA 3P Total 1P & 3P FBA $0 - $25 -1% 14% 43% 15% 5% $25 - $100 -9% -5% 9% -2% -7% $100 - $200 -7% -8% 7% -2% -7% $200 - $500 -1% -17% 17% 4% -4% +$500 -3% -3% 6% 2% -3% Total -4% -6% 10% 2% -4% Note: Listing featured in "buy box" was selected. 1P and 3P FBA prices exclude shipping cost due to Prime and super saver shipping. 3P prices include applicable shipping cost as it is unavoidable. Sales tax is excluded from all prices. Sources: Company websites, store visits, and William Blair

Bhavan Suri +1 312 364 5314 15 William Blair

First-Party Gross Margin Expanding Despite Competitive Prices

Our survey found that prices on irst-party items were consistently lower than brick-and-mortar retailers. Despite Amazon’s discount, we believe irst-party gross margins have consistently ex- panded over the past several years. We believe Amazon has managed to expand irst-party gross margins by driving more volume through its fulillment infrastructure. Further, as Amazon becomes a bigger customer of both product and shipping vendors, it could be beneiting from more favorable pricing terms.

Exhibit 11 Amazon Gross Margin Decomposition (William Blair Estimates) 2013 2014 2015 2016E 2017E Comments

Revenue from product sales (1P sales) $59,382 $68,263 $77,177 $93,199 $105,306 •Gross profit from first-party sales is our plug number after Gross profit $9,411 $11,746 $15,011 $17,921 $19,832 making gross margin assumptions for other revenue categories. Gross margin 15.8% 17.2% 19.5% 19.2% 18.8%

Revenue from referral fees (3P sales) $6,668 $8,133 $9,804 $13,408 $16,643 •Amazon collects a referral fee of 12.5% (estimate) of every sale Gross profit $6,334 $7,726 $9,314 $12,737 $15,811 a third party completes on its site. Gross margin 95.0% 95.0% 95.0% 95.0% 95.0% •We believe this revenue carriers high gross margin.

Revenue from FBA $2,206 $3,722 $6,204 $9,748 $14,081 •We assume about half of FBA revenue is for fulfillment cost and Gross profit $1,103 $1,861 $3,074 $4,821 $7,141 the other half is for shipping cost. Gross margin 50.0% 50.0% 49.6% 49.5% 50.7% •Only shipping expense included in cost of net revenues.

Revenue from Amazon Prime $1,520 $2,589 $4,373 $6,082 $7,915 •Assume Prime membership revenue does not generate gross Gross profit $0 $0 $0 $0 $0 profit because of the shipping expense and original content Gross margin 0.0% 0.0% 0.0% 0.0% 0.0% expense, both of which are included in cost of net revenues.

Revenue from AWS $3,108 $4,644 $7,880 $12,291 $17,191 •Majority of costs associated with AWS are included in the Gross profit $2,952 $4,412 $7,486 $11,676 $16,331 “technology and content” expense line, not cost of net revenues. Gross margin 95.0% 95.0% 95.0% 95.0% 95.0%

Revenue from other sources $1,569 $1,637 $1,569 $2,562 $6,457 • Tough to estimate what margin rate should be. Gross profit $471 $491 $471 $769 $1,937 Gross margin 30.0% 30.0% 30.0% 30.0% 30.0%

Consolidated net revenue $74,453 $88,988 $107,007 $137,289 $167,593 Y/Y growth 21.9% 19.5% 20.2% 28.3% 22.1% Cost of net revenues $54,182 $62,752 $71,651 $89,365 $106,540 Gross profit $20,271 $26,236 $35,356 $47,924 $61,053 Gross margin 27.2% 29.5% 33.0% 34.9% 36.4%

Sources: William Blair estimates

Retail Website Offering Versus Brick-and-Mortar Store

In exhibit 12, on page 17, we compared retailers’ in-store selection with their e-commerce offering. On average, we found about 69% of in-store items on a retailer’s website. Further, assuming minimum free shipping thresholds were reached, those items on the retailer’s website were nearly the same price as in the store. The price parity is similar to our indings from our 2014 survey.

• Of the 32 retailers we surveyed, 27 had a searchable e-commerce offering. T.J. Maxx has an e-commerce offering but consumers cannot search by brand name, so we were not able to compare in-store items with online items. Dollar Tree, Five Below, Hibbett Sports, and Ollie’s Bargain Discount do not have e-commerce offerings.

• Of the 27 retailers that had an e-commerce offering, we found the average online overlap with the physical store was 69 items.

• If we assume a consumer purchased multiple items, triggering free or ixed price shipping in many cases, the average item was 0.1% more expensive online than in the store.

16 Ryan Domyancic, CFA +1 312 364 5412 William Blair

Exhibit 12 Retail Website Comparison to Retail Store Retail Website (Discount) / Premium to Retail Store

Item Overlap Box Price Shipping Landed Price

Walgreens 59 -7% 0% -7% Target 62 -7% 1% -6% The Home Depot 54 -6% 2% -5% Macy's 70 -6% 2% -4% CVS 66 -4% 0% -4% Office Depot 72 -3% 0% -3% Williams-Sonoma 94 -2% 0% -2% Kohl's 74 -2% 0% -2% Sears 77 -4% 2% -2% Lowe's 69 -1% 0% -1% ULTA Salon 98 0% 0% 0% Tractor Supply Company 54 0% 1% 0% hhgregg 89 0% 0% 0% Big Lots 44 0% 0% 0% Best Buy 98 1% 0% 1% Bed Bath & Beyond 80 1% 0% 1% Party City 84 1% 0% 1% Staples 68 2% 0% 2% Costco 22 0% 2% 2% Wal-Mart 53 -2% 4% 2% O'Reilly Automotive 85 0% 3% 3% Dillard's 74 -1% 4% 3% Michaels 37 -1% 5% 3% J. C. Penney 86 4% 0% 4% Dick's Sporting Goods 84 0% 5% 5% Dollar General 29 6% 0% 6% Cabela's 82 1% 6% 7% Average 69 -1% 1% 0% Retailers with No Current E-commerce T.J. Maxx NA NA NA NA Ollie's NA NA NA NA Hibbett Sports NA NA NA NA Dollar Tree NA NA NA NA Five Below NANANANA

Note: Shipping charges are usually a result of extra charges for large items or if retailer does not offer free shipping. Company Notes: T.J. Maxx: For the purposes of this analysis, excluded because consumers cannot search e-commerce offering by brand. Sources: Company websites, store visits, and William Blair

Bhavan Suri +1 312 364 5314 17 William Blair

Screening Retailers’ “Amazon Risk”

We updated our assessment of individual retailers’ risk of increased competition from Amazon based on the following weighted factors: 20% product overlap, 40% relative pricing, and 40% “shopping experience.”

In general, companies that we view as facing a lower-than-average competitive threat from Amazon (and other online competitors) tend to have lower-dollar-value items or perishable items; proprietary offerings; smaller-format locations offering convenience; or an experiential shopping that make the physical store visit more appealing.

Conversely, companies that we estimate face a larger competitive threat from Amazon skew toward higher-ticket, branded items that consumers are able to easily price compare.

Exhibit 13 Assessment of Relative Risk of Share Loss to Amazon Item Price Comparison by Retailer (100 Items / Store; 3,200 Total Items) Risk Ranking Item Avg. Retail Price of Avg. Amazon.com Price (Discount) / Premium per Item 2016 2014 2013 2012 Company Name Overlap Overlapping Items 1P and 3P FBA Items All Items (1P, 3P FBA, 3P) Above-Average Risk for Share Loss to Amazon 1 AAAOffice Depot 62% $69.53 ($9.91) -15% ($10.49) -15% 2 AAAKohl's 37% $95.00 ($23.88) -32% ($25.04) -26% 3 AAABest Buy 89% $372.96 ($18.50) -5% ($14.71) -4% 4 AAAStaples 61% $73.87 ($10.96) -13% ($5.27) -7% 5 AAATarget 47% $106.64 ($17.86) -14% ($13.41) -13% 6 AABMacy's 36% $123.81 ($22.44) -19% ($26.25) -21% 7 BBAHibbett Sports 72% $42.20 ($0.54) -1% $0.50 1% 8 AAASears 53% $245.71 ($10.36) -6% $10.30 4% 9 AAAJ. C. Penney 32% $69.09 ($6.35) -15% $2.10 3% 10 ---Michaels 29% $19.85 ($4.79) -23% ($4.99) -25% 11 BBBO'Reilly Automotive 72% $26.85 ($2.47) -9% ($2.73) -10% 12 AAABed Bath & Beyond 58% $87.40 ($2.42) -3% $13.96 16% 13 B--Dillard's 30% $59.52 ($3.19) -6% $1.45 2% 14 AAADick's Sporting Goods 49% $126.17 $0.79 1% $3.57 3% 15 BBBCVS 45% $13.19 ($2.72) -17% ($0.35) -3% Below-Average Risk for Share Loss to Amazon 16 BBBWal-Mart 38% $98.61 $4.98 5% $7.37 7% 17 AAAULTA Salon 86% $28.77 ($2.45) -10% ($2.11) -7% 18 BBBWalgreens 50% $12.14 ($1.12) -8% $0.89 7% 19 BBBWilliams-Sonoma 43% $128.10 ($6.83) -6% ($6.64) -5% 20 ---Party City 35% $10.04 $0.81 10% $2.38 24% 21 AAALowe's 44% $163.78 $0.07 0% $2.58 2% 22 BBBTractor Supply Company 50% $53.52 $3.15 6% $2.75 5% 23 BBBBig Lots 19% $17.74 $5.21 24% $6.64 37% 24 AAAThe Home Depot 65% $108.82 $0.35 1% $24.65 23% 25 BBBDollar Tree 10% $8.96 $1.09 11% $1.47 16% 26 ---Ollie's 21% $32.70 $11.97 36% $12.59 38% 27 BBBT.J. Maxx 23% $26.03 $13.55 54% $15.42 59% 28 BBBCostco 44% $172.97 $22.34 15% $21.08 12% 29 BBBDollar General 14% $6.92 $3.35 47% $3.94 57% 30 BBBFive Below 10% $4.70 $1.76 37% $1.97 42%

Note: Listing featured in "buy box" was selected. 1P and 3P FBA prices exclude shipping cost due to Prime and super saver shipping. 3P prices include applicable shipping cost as it is unavoidable. Sales tax is excluded from all prices. Note: "A" represents above-average risk and "B" represents below-average risk Company Notes: O'Reilly Automotive: For the purposes of screening for e-commerce risk, we assume no overlap with commercial sales. Williams-Sonoma: For the purposes of screening for e-commerce risk, we assume no overlap for its Pottery Barn and West Elm brands. Cabela's and hhgregg: We surveyed Cabela's and hhgregg but did not include them in our rankings. Sources: Company websites, store visits, and William Blair

18 Ryan Domyancic, CFA +1 312 364 5412 William Blair

Beginning with our irst comparative report (More Retailers Struggling to Navigate Amazon’s Surging Current, published July 21, 2011), we have tracked the stock performance of the two risk groups relative to the S&P 500. The number of companies we have surveyed has varied, but the above- average risk and below-average risk groups have always contained an equal number of companies. The companies we have identiied as facing a below-average risk of e-commerce disruption have underperformed the S&P 500 by 14%, on average, over that period. Retailers that we believe face a higher level of competitive risk from Amazon unperformed the S&P 500 by 53%.

Exhibit 14 Assessment of Relative Risk of Share Loss to Amazon Retailers' Performance Relative to S&P 500

225

200 183 175 169 150

125 130

100

75 July-11January-12July-12January-13July-13January-14July-14January-15July-15January-16July-16

Below Average Risk Group Above Average Risk Group S&P 500

Sources: FactSet and William Blair

Retailers With Above-Average E-commerce Risk Have Larger Downward EPS Revisions Similar to previous years, we examined year-to-year changes for the 30 companies’ consensus 2016 sales and EPS projections. For both sales and EPS, retailers in the above-average-risk group had larger downward revisions than retailers in the below-average-risk group, on average. In our view, these earnings revisions demonstrate that our screening methodology is helpful in identify- ing at-risk retailers.

As shown in exhibit 15, on page 20, we found that consensus calendar 2016 EPS estimates for the retailers in the above-average-risk group declined 9%, on average, from a year ago. For companies in the below-average-risk group, calendar 2016 EPS estimates were unchanged, on average, versus a year ago.

As shown in exhibit 16, on page 21, we found that consensus calendar 2016 sales estimates for the retailers in the above-average-risk group declined 3%, on average, from a year ago. For companies in the below-average-risk group, calendar 2016 sales estimates declined 1%, on average, versus a year ago.

Bhavan Suri +1 312 364 5314 19 William Blair

Exhibit 15 Assessment of Relative Risk of Share Loss to Amazon 2016 EPS Estimate Revisions 2016 Consensus EPS Estimates Year-over-Year Change Company Name 11/12/2015 11/11/2016 Dollar Percent Above-Average Risk for Share Loss to Amazon Office Depot $0.58 $0.41 ($0.17) -30% Kohl's $4.58 $3.94 ($0.64) -14% Best Buy $2.89 $3.03 $0.15 5% Staples $0.97 $0.89 ($0.09) -9% Target $5.13 $4.93 ($0.20) -4% Macy's $4.23 $3.33 ($0.90) -21% Hibbett Sports $3.07 $2.99 ($0.08) -3% Sears ($9.64) ($9.83) ($0.19) -2% J. C. Penney ($0.47) ($0.02) $0.45 - Michaels $1.93 $1.93 ($0.00) 0% O'Reilly Automotive $10.37 $10.69 $0.32 3% Bed Bath & Beyond $5.46 $4.79 ($0.67) -12% Dillard's $8.42 $5.70 ($2.71) -32% Dick's Sporting Goods $3.50 $3.03 ($0.47) -13% CVS $5.83 $5.81 ($0.02) 0% Average (ex-J.C. Penney) - - - -9% Below-Average Risk for Share Loss to Amazon Wal-Mart $4.18 $4.36 $0.18 4% ULTA Salon $5.55 $6.20 $0.65 12% Walgreens $4.67 $4.74 $0.07 1% Williams-Sonoma $3.91 $3.45 ($0.46) -12% Party City $1.28 $1.13 ($0.15) -12% Lowe's $3.89 $3.94 $0.05 1% Tractor Supply Company $3.58 $3.24 ($0.34) -9% Big Lots $3.46 $3.48 $0.02 1% The Home Depot $6.05 $6.25 $0.20 3% Dollar Tree $3.77 $3.63 ($0.14) -4% Ollie's $0.68 $0.89 $0.20 30% T.J. Maxx $3.68 $3.47 ($0.21) -6% Costco $5.86 $5.54 ($0.32) -6% Dollar General $4.47 $4.45 ($0.02) 0% Five Below $1.29 $1.29 ($0.00) 0% Average - - - 0%

Sources: FactSet and William Blair

20 Ryan Domyancic, CFA +1 312 364 5412 William Blair

Exhibit 16 Assessment of Relative Risk of Share Loss to Amazon 2016 Sales Estimate Revisions 2016 Consensus Sales Estimates Year-over-Year Change Company Name 11/12/2015 11/11/2016 Dollar Percent Above-Average Risk for Share Loss to Amazon Office Depot $14,022 $12,192 ($1,830) -13% Kohl's $19,492 $18,869 ($623) -3% Best Buy $40,051 $39,535 ($515) -1% Staples $21,159 $20,435 ($724) -3% Target $75,423 $69,904 ($5,519) -7% Macy's $27,155 $26,099 ($1,056) -4% Hibbett Sports $1,017 $980 ($37) -4% Sears $23,238 $22,471 ($767) -3% J. C. Penney $12,979 $12,704 ($275) -2% Michaels $5,122 $5,259 $138 3% O'Reilly Automotive $8,490 $8,580 $89 1% Bed Bath & Beyond $12,515 $12,242 ($273) -2% Dillard's $6,888 $6,502 ($386) -6% Dick's Sporting Goods $7,973 $7,791 ($183) -2% CVS $173,282 $178,318 $5,036 3% Average - - - -3% Below-Average Risk for Share Loss to Amazon Wal-Mart $496,063 $486,858 ($9,205) -2% ULTA Salon $4,395 $4,691 $296 7% Walgreens $122,910 $120,229 ($2,682) -2% Williams-Sonoma $5,328 $5,147 ($180) -3% Party City $2,489 $2,293 ($197) -8% Lowe's $61,444 $64,316 $2,872 5% Tractor Supply Company $7,010 $6,724 ($286) -4% Big Lots $5,251 $5,226 ($25) 0% The Home Depot $91,972 $93,686 $1,714 2% Dollar Tree $20,502 $20,307 ($195) -1% Ollie's $843 $874 $31 4% T.J. Maxx $32,633 $32,940 $307 1% Costco $127,665 $121,736 ($5,929) -5% Dollar General $22,111 $21,889 ($222) -1% Five Below $988 $993 $5 0% Average - - - -1%

Sources: FactSet and William Blair

Bhavan Suri +1 312 364 5314 21 William Blair

Changes in Overlap by Retailer

In exhibits 17, we summarize overlap by retailer over our four different pricing surveys.

Exhibit 17 Amazon Product Assortment Comparison to Retail Stores Year-to-Year Change in Amazon's Identical-Item Overlap Versus Stores

'14 - '16 Retailer Name 2012 2013 2014 2015 2016 Difference The Home Depot 28 40 36 N/A 65 29 hhgregg 74 62 64 N/A 83 19 O'Reilly Automotive 45 40 53 N/A 72 19 Costco 33 34 28 N/A 44 16 Cabela's 35 33 43 N/A 57 14 Hibbett Sports 64 65 58 N/A 72 14 Best Buy 72 81 77 N/A 89 12 Lowe's 25 33 33 N/A 44 11 ULTA Salon 74 73 76 N/A 86 10 Walgreens 49 43 41 N/A 50 9 Bed Bath & Beyond 58 46 53 N/A 58 5 Tractor Supply Company 42 38 45 N/A 50 5 CVS 47 45 41 N/A 45 4 Target 47 48 44 N/A 47 3 Wal-Mart 34 37 36 N/A 38 2 Office Depot 51 57 62 N/A 62 0 Sears 45 47 55 N/A 53 (2) Williams-Sonoma 54 56 45 N/A 43 (2) Dollar General 35 32 17 N/A 14 (3) Kohl's 48 43 40 N/A 37 (3) Macy's 48 45 39 N/A 36 (3) Dollar Tree 31 28 14 N/A 10 (4) Five Below 351714N/A10(4) Staples 48 57 65 N/A 61 (4) Dick's Sporting Goods 61 56 55 N/A 49 (6) T.J. Maxx 17 21 29 N/A 23 (6) Big Lots 38 33 28 N/A 19 (9) J. C. Penney 35 32 41 N/A 32 (9) Dillard's N/A N/A 41 N/A 30 (11) Michaels N/A N/A N/A N/A 29 N/A Ollie's N/A N/A N/A N/A 21 N/A Party City N/A N/A N/A N/A 35 N/A

Note: Listing featured in "buy box" was selected and includes lowest available shipping cost. Neither the retail nor online price includes taxes. It assumes the consumer does not have a Prime membership unless otherwise noted. Sources: Company websites, store visits, and William Blair

22 Ryan Domyancic, CFA +1 312 364 5412 William Blair

Assessment of Retailers’ Risk by Retail Segment

To assess the risk proile of retail sectors, we separated the 32 companies into seven subgroups, ranking them on the e-commerce exposure of the retailers within the groups.

As shown in exhibit 18, consumer electronics retailers continue to face the largest threat from e- commerce competitors, as their product offerings consist of large-ticket items that consumers tend to price shop. Further, many electronics have model numbers, which further enables consumers to easily identify and compare items. We believe value retailers continue to have lower risk because of the lower price points and inability to price shop certain items.

Exhibit 18 Assessment of Relative Risk of Share Loss to Amazon Amazon Price (Discount) Premium on 100 Randomly Selected Store Items by Category Average Retail Price of Average Amazon.com Price (Discount) / Premium Per Item Item Overlap Overlapping Items 1P & 3P FBA 1P, 3P FBA, & 3P Consumer Electronics Best Buy 89% $373 ($19) -5% ($15) -4% hhgregg 83% $507 ($6) -2% $38 7% 2016 Simple Average 86% $440 ($12.07) -4% $11.41 2% Sporting Goods Hibbett Sports 72% $42 ($1) -1% $0 1% Cabela's 57% $156 ($2) -2% $1 0% Dick's Sporting Goods 49% $126 $1 1% $4 3% 2016 Simple Average 59% $108 ($0.66) -1% $1.57 1% Department Stores Sears 53% $246 ($10) -6% $10 4% Kohl's 37% $95 ($24) -32% ($25) -26% Macy's 36% $124 ($22) -19% ($26) -21% J. C. Penney 32% $69 ($6) -15% $2 3% Dillard's 30% $60 ($3) -6% $1 2% 2016 Simple Average 38% $119 ($13.24) -16% ($7.49) -8% Specialty Retailers ULTA Salon 86% $29 ($2) -10% ($2) -7% O'Reilly Automotive 72% $27 ($2) -9% ($3) -10% Office Depot 62% $70 ($10) -15% ($10) -15% Staples 61% $74 ($11) -13% ($5) -7% Party City 35% $10 $1 10% $2 24% Michaels 29% $20 ($5) -23% ($5) -25% Five Below 10% $5 $2 37% $2 42% 2016 Simple Average 51% $33 ($4.00) -3% ($3.03) 0% Home Improvement The Home Depot 65% $109 $0 1% $25 23% Bed Bath & Beyond 58% $87 ($2) -3% $14 16% Tractor Supply Company 50% $54 $3 6% $3 5% Lowe's 44% $164 $0 0% $3 2% Williams-Sonoma 43% $128 ($7) -6% ($7) -5% 2016 Simple Average 52% $108 ($1.14) -1% $7.46 8% Drugstores Walgreens 50% $12 ($1) -8% $1 7% CVS 45% $13 ($3) -17% ($0) -3% 2016 Simple Average 48% $13 ($1.92) -12% $0.27 2% Value Retailers Target 47% $107 ($18) -14% ($13) -13% Costco 44% $173 $22 15% $21 12% Wal-Mart 38% $99 $5 5% $7 7% T.J. Maxx 23% $26 $14 54% $15 59% Ollie's 21% $33 $12 36% $13 38% Big Lots 19% $18 $5 24% $7 37% Dollar General 14% $7 $3 47% $4 57% Dollar Tree 10% $9 $1 11% $1 16% 2016 Simple Average 27% $59 $5.58 22% $6.89 27%

Bhavan Suri +1 312 364 5314 23 William Blair

In exhibit 19, we plotted each of the seven retail sectors’ risk proile against the average EV/EBITDA multiples of the retailers within the group. We used consensus calendar 2016 EBITDA estimates. The exhibit highlights that there remains a correlation between e-commerce risk and valuations.

Exhibit 19 Assessment of Relative Risk of Share Loss to Amazon 2016 Consensus EV/EBITDA Versus Relative Risk of Disruption: By Sector

Value Retailers

Drugstores

Home Improvement

Specialty Retailers

Department Stores

Sporting Goods Consumer Electronics Above Average Average Below Relative Level of Risk to E-commerce

3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x 10.0x 11.0x 12.0x Sector Group Average EV/EBITDA

Sources: FactSet and William Blair

Using the same process, we plotted each individual company’s 2016 calendar consensus EV/EBITDA multiples versus its level of risk to e-commerce. While the individual company dispersion is greater than that of the seven retail sectors, there is a general trend illustrating that companies with larger e-commerce risk have lower valuation, and those with less risk, higher valuations.

Exhibit 20 Assessment of Relative Risk of Share Loss to Amazon 2016 Consensus EV/EBITDA Versus Relative Risk of Disruption: By Company

FIVE DG COST TJX OLLI DLTR HD BIG TSCO LOW WSM PRTY WBA ULTA WMT CVS DDS DKS BBBY ORLY MIK JCP HIBB

Above Below M SPLS TGT

Relative Level of Risk to E-commerce BBY KSS ODP 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x 20.0x Company EV/EBITDA

Sources: FactSet and William Blair

Appendix A

In the following six exhibits, we present pricing and overlap detail by retailer, price range, and seller type. The six price ranges are $0-$25 (exhibit 21), $25-$100 (exhibit 22), $100-$200 (exhibit 23), $200-$500 (exhibit 24), and $500-plus (exhibit 25). All price points are included in exhibit 26.

24 Ryan Domyancic, CFA +1 312 364 5412 William Blair ǻ ǻ % Overlap ǻ ǻ % Overlap Amazon OverlapAmazon and Average Price Premium / (Discount) Per Item ing. prices 3P include applicable shipping cost as it all is unavoidable. prices. is from excluded Sales tax ǻ ǻ 1P & 3P FBA 3P All Items (1P, 3P FBA, & 3P) Exhibit 21 % Overlap Price Average In- Store Retail Amazon Product Assortment and Price Comparison to Retail to Stores Price and Comparison Assortment Product Amazon Amazon (Discount) / Premium Decomposition Versus Retail Versus $0-$25 - Price Stores / Premium Range Decomposition (Discount) Amazon Amazon prices shipping and super saver shipp exclude cost due to Prime % of Items Overlapping on illiam Blair illiam Number ofNumber from Store from Items Selected Selected Items Bed Bath & BeyondBest BuyBig LotsCabela'sCostcoCVS 43Dick's Sporting GoodsDillard's GeneralDollar 15 51% 18 83 19 71 93% $12 100 92 39% 18% 17 74% 37% 35% $15 14%Ollie's 41% $18 $13 AutomotiveO'Reilly 12% $13 $1Party CitySears $14 67%Staples 17% 11% $7 $10 11%T.J. Maxx 63% $19Target 69 -$2 27% Home DepotThe -$2 $4 16%Tractor Company Supply $1 21% 8% -13% SalonULTA 76 6% -12% $9Walgreens 96 $10 27% 72%Wal-Mart 62 27% 4% $1 $3Williams-Sonoma 23 22% 58 42 58% $3 62 84%2016 Total 7% 18% -$1 11% 6% 34% 47% 59 $11 $7 10% 51% 16% 44% $10 67 43% -7% $8 45% 60% 21% 32 6% 24% 91 38% $13 $9 6% $4 117% 55% 70 $9 34% 93% 95% 1,780 $15 $3 $5 39% 90% $14 18% 84% -$1 34% $14 $12 $5 17% $17 50% 52% -$2 74% 24% 31% 72% 21% $3 37% $14 34% $6 37% -8% 25% $7 30% $13 -11% 24% 36% 18% $2 41% $1 14% $19 $11 19% $9 $2 50% 17% 12% 20% -$4 59% $14 -$4 $2 $9 12% $13 72% $2 10% $4 63% 14% $4 47% $4 26% -26% 1% $0 -25% 19% 52% 10% -$1 13% 18% 57% 26% 10% 13% -$2 39% -$1 20% 21% $22 0% 24% 6% $5 -9% $1 $1 $3 72% -11% -$1 -9% 108% $3 14% $8 $13 18% 59% 6% 19% 3% 18% 5% $0 -8% 25% 29% $7 54% 75% 34% $0 9% 44% 43% 11% $8 $3 $3 4% 45% 57% 60% 24% $2 4% $8 $2 -$3 $5 65% 13% 35% -$1 34% $4 $10 25% 90% -22% 88% 15% 50% 52% 43% -6% $3 58% 36% -$1 21% 37% -$2 $1 20% -7% $4 $2 -9% 10% 28% 15% Dollar TreeDollar Five BelowhhgreggHibbett SportsJ. C. PenneyKohl'sLowe'sMacy's 99Michaels 100Office Depot 43 8 41 10% 10% 30 70% 37 88% 24% 15 62 80 $9 $5 $15 17% 35% $17 $20 33% 52% 25% 8% 9% 51% $13 75% 22% $13 $1 $2 $19 $13 $11 $1 -$2 $1 17% 11% 24% 37% 5% 27% 42% 21% -12% -$1 2% 6% 1% $2 19% -$1 -$1 13% -$3 -5% 2% $3 18% $4 $5 -7% $17 -25% -9% 0% 47% $8 11% 97% 133% 30% 7% 4% 10% N/A 10% 35% $8 10% 88% 70% -$4 $2 $2 N/A $1 24% 69% $2 $1 $2 -22% 25% 27% 17% 16% $2 35% 42% 33% 5% 11% 52% 25% -$1 10% $4 -$2 -$1 -$2 -5% 32% -10% -20% -5% Note: Listing featured in "buy box" was selected. 1P and 3P FBA FBA selected. Listing and 3P Note: 1P was featured in "buy box" store visits, websites, and W Company Sources:

Bhavan Suri +1 312 364 5314 25 William Blair -14% -$2 -5% ǻ ǻ % Overlap N/A 33% ǻ ǻ -$10 -17% 44% -$8 % Overlap Amazon OverlapAmazon and Average Price Premium / (Discount) Per Item ing. prices 3P include applicable shipping cost as it all is unavoidable. prices. is from excluded Sales tax ǻ ǻ 1P & 3P FBA 3P All Items (1P, 3P FBA, & 3P) Exhibit 22 % Overlap Price Average In- Store Retail Amazon Product Assortment and Price Comparison to Retail to Stores Price and Comparison Assortment Product Amazon 44% $57 28% -$7 -12% 16% Amazon (Discount) / Premium Decomposition Versus Retail Versus $25-$100 - Price Stores / Premium Range Decomposition (Discount) Amazon Amazon prices shipping and super saver shipp exclude cost due to Prime % of Items Overlapping on illiam Blair illiam Number ofNumber from Store from Items Selected Selected Items Bed Bath & BeyondBest BuyBig LotsCabela'sCostcoCVS 34Dick's Sporting GoodsDillard'sDollar General TreeDollar 26 59%Five Below 53 15hhgregg 41Hibbett Sports 12J. C. PenneyKohl's 85% $50 8 0 43%Lowe's 27% 76Macy's 54% 1Michaels 75% 0 38%Office Depot $65 52Ollie's $47 19 $36 88% N/A AutomotiveO'Reilly 49 30% $57 -$2Party City 0%Sears $56 77% N/AStaples 28% 57 75% 27% -4% 26T.J. Maxx 100% $32 39% N/A $48 39% -$10 55Target 25 24 20 33% Home DepotThe -$5 $7 21% N/ATractor Company Supply -$8 -16% N/A $54 Salon 88%ULTA 19 $60 N/A 24% 54% $20 -10%Walgreens $48 4 $25 21% 33% 76% 71% -15%Wal-Mart 45% 8% 25 0% -$12Williams-Sonoma 37 N/A 15% N/A -$2 52% 38% 28 25 79% 34 45%2016 Total 0% 15% 26% 33% $69 -37% $6 N/A 26 $58 42% 50% $41 N/A N/A $8 $47 -4% -$5 $40 59% $1 64% N/A 30 $3 -$8 51% 0% N/A 79% 76% 9% 39 24% 27% $22 9 N/A -10% N/A 7% 15% $45 $8 22% 64% 54% 2% N/A 35% 17 $35 -15% 5% 58% N/A 0% 85% $47 886 31% -$4 37% 43% 77% N/A N/A $10 $61 -$1 15% -$6 $53 $54 -$10 -$3 27% 21% 21% $42 33% 6% 54% 33% N/A -$9 75% N/A 0% -7% $2 88% N/A $0 23% N/A $58 48% -23% -14% -2% -$21 $29 -6% $7 38% 53% -$5 $45 $4 88% 57% 16% 18% -14% $21 N/A 27% N/A 30% $67 N/A 3% N/A -1% 10% 12% $36 $1 -24% 11% 17% 63% -$11 46% 21% -$12 -9% $55 -$9 11% $4 $22 37% $34 63% $52.75 0% N/A 100% -$18 $1 75% N/A N/A -$2 -$13 -20% 2% -$8 5% 31% -$6 -37% 33% 39% -16% 55% 11% 43% -$6 47% 50% N/A -54% -$4 37% -21% -$2 N/A N/A 2% -5% 14% -$10 -18% 16% $15 -9% 21% -$2 -$6 60% 6% 54% -13% 45% $10 N/A $6 33% -6% -$4 -3% 76% N/A -15% 71% $3 $10 39% -$10 12% -12% -5% $16 $36 13% $15 -$11 19% -$5 17% -7% 3% -$5 -$4 17% 26% -23% 4% -$15 0% 27% -28% 73% 21% -$9 41% 50% -9% 16% -12% 64% -$7 79% -9% -26% $26 51% 76% N/A 24% -17% $16 $6 $5 58% -20% -$9 $3 59% -$8 $13 77% $26 30% 17% 33% -$7 -17% 9% -12% 7% 25% -$6 60% 88% -$10 -13% 53% -14% $13 -15% -$1 24% -2% Note: Listing featured in "buy box" was selected. 1P and 3P FBA FBA selected. ListingNote: and 3P 1P was featured in "buy box" Sources: Company websites, store visits, websites, and W Company Sources:

26 Ryan Domyancic, CFA +1 312 364 5412 William Blair ǻ ǻ % Overlap ǻ ǻ % Overlap Amazon OverlapAmazon and Average Price Premium / (Discount) Per Item ing. prices 3P include applicable shipping cost as it all is unavoidable. prices. is from excluded Sales tax ǻ ǻ 1P & 3P FBA 3P All Items (1P, 3P FBA, & 3P) Exhibit 23 % Overlap Price Average In- Store Retail Amazon Product Assortment and Price Comparison to Retail to Stores Price and Comparison Assortment Product Amazon Amazon (Discount) / Premium Decomposition Versus Retail Versus $100-$200 - Price Stores / Premium Range Decomposition (Discount) Amazon Amazon % of Items Overlapping on illiam Blair illiam Number ofNumber from Store from Items Selected Selected Items Bed Bath & BeyondBest Buy LotsBig Cabela'sCostcoCVS 18Dick's Sporting GoodsDillard's GeneralDollar Dollar Tree 20 61%Five Below 17 1hhgregg 19Hibbett SportsJ. C. Penney 5 $169Kohl's 90% 0 0 53%Lowe's 0% 7Macy's 53% 0Michaels 33% 0Office Depot 40% $162 4Ollie's $144 13 N/A N/A AutomotiveO'Reilly 7 $156 -$4 N/A 71% CityParty 65% N/ASears $150 35% N/AStaples 10 -3% 50% 32% 15 MaxxT.J. 100% 0% N/A N/A $0 19 $130Target 29% 5 9 -$15 0 40% Home DepotThe 28% N/A -$19Tractor Company Supply N/A N/A 40% SalonULTA $120 0% -10% $166 N/A N/A 3 29% 47% $14 $70Walgreens -14% 0 $150 37%Wal-Mart 40% N/A 89% N/A N/A 18% 8 25%Williams-Sonoma N/A -$19 12 N/A N/A 9% 85% 41% 21% 0% 17 8 $130 42016 Total $156 14% 0% 67% N/A $30 $19 -17% $157 10 N/A N/A N/A N/A -$19 $142 61% -$16 $138 0% N/A N/A 63% 2 -$55 30% 75% 22% N/A N/A 43% 11% 33% 71% 100% 13 -12% 0 N/A N/A -8% $29 N/A 0% 21% $140 N/A N/A 20% 67% -39% -$50 5 70% N/A 53% N/A N/A 90% $18 N/A $12 15% 251 $152 N/A 53% 17% N/A -$20 $166 N/A 100% 50% N/A -$17 $165 $151 -$34 14% -37% 67% 38% N/A $0 N/A 13% N/A 0% N/A $5 7% $43 N/A -$18 -13% N/A N/A $169 N/A -10% 50% 60% -$6 -24% 40% $110 10% 33% $7 $190 75% 61% 29% 71% N/A N/A 0% N/A 23% 13% -11% 16% 3% N/A $164 N/A 20% 0% N/A 22% 69% N/A $196 $14 -$4 -5% 60% N/A -$2 -$7 $3 5% 100% $171 N/A $3 N/A $10 N/A -$80 0% $156.43 -$103 N/A 178% N/A 29% $21 N/A N/A N/A 50% -2% 9% 31% -$22 -1% -5% -$9 0% N/A 2% N/A -52% -90% 2% N/A 7% N/A 40% 20% 39% N/A $28 16% N/A N/A N/A -13% 13% N/A -$6 -$3 42% 41% 37% -6% 40% N/A 25% N/A N/A 47% N/A $11 -$17 -$11 N/A N/A 89% 18% 10% -$47 0% N/A -5% -2% -$2 $21 -$46 -$60 -$13 N/A N/A N/A 100% $11 -8% -7% 9% -$21 N/A -$19 -40% N/A 8% -1% -29% -42% 14% -8% 67% N/A N/A $8 40% 22% -15% 7% -10% 63% N/A N/A -$15 75% 71% 100% $7 N/A N/A -$14 $12 70% -$12 4% N/A 0% -8% -$2 -$1 $9 -9% -$21 N/A -8% 7% 100% 5% N/A 38% N/A -1% 0% 6% -13% 60% N/A $8 61% -$6 N/A -$15 N/A -$3 4% -3% -9% N/A -2% Note: Listing featured in "buy box" was selected. 1P and 3P FBA prices shipping and super saver shipp exclude FBA selected. ListingNote: and 3P cost due to Prime 1P was featured in "buy box" store visits, websites, and W Company Sources:

Bhavan Suri +1 312 364 5314 27 William Blair ǻ ǻ % Overlap ǻ ǻ % Overlap Amazon OverlapAmazon and Average Price Premium / (Discount) Per Item ing. prices 3P include applicable shipping cost as it all is unavoidable. prices. is from excluded Sales tax ǻ ǻ 1P & 3P FBA 3P All Items (1P, 3P FBA, & 3P) Exhibit 24 % Overlap Price Average In- Store Retail Amazon Product Assortment and Price Comparison to Retail to Stores Price and Comparison Assortment Product Amazon Amazon (Discount) / Premium Decomposition Versus Retail Versus $200 - $500 - Price Stores / Premium Range Decomposition (Discount) Amazon Amazon prices shipping and super saver shipp exclude cost due to Prime % of Items Overlapping on illiam Blair illiam Number ofNumber from Store from Items Selected Selected Items Bed Bath & BeyondBest Buy LotsBig Cabela'sCostcoCVS 4Dick's Sporting GoodsDillard's GeneralDollar Dollar Tree 25 100%Five Below 10 1hhgregg 17Hibbett Sports PenneyJ. C. 4 $337Kohl's 88% 0 0 80%Lowe's 0% 0Macy's 53% 0Michaels 75% 0Office Depot 75% $327 1Ollie's $259 22 N/A N/A AutomotiveO'Reilly 1 -$19 $363 N/A N/A CityParty 72% N/ASears $350 40% N/AStaples -5% 2 100% 11 24% MaxxT.J. 86% 0% N/A -$33 N/ATarget 9 1 0% 3 0 N/A $23 25% 25% Home DepotThe N/A $18Tractor Company Supply -10% N/A N/A $230 SalonULTA 100% N/A N/A 2 -$14 $350 9% 45% $83Walgreens 0 N/A 16% 6% 100%Wal-Mart 56% N/A 100% N/A N/A N/A 4Williams-Sonoma 100% N/A -5% 15 N/A N/A 40% 23% 10 5 45% $300 N/A 02016 Total -$26 29% $300 0% N/A 0% $69 100% 0% $336 N/A 50% $287 N/A N/A 3 $302 -$8 N/A $15 -7% N/A N/A $31 50% 1 100% 67% N/A N/A -$18 30% 36% 60% 12 $119 80% N/A 0 N/A N/A N/A -3% N/A 100% 100% 88% -$179 5% 22% N/A N/A 8% 3 N/A N/A 100% -5% N/A N/A $13 0% 34% 166 $375 N/A N/A 80% -$56 N/A -$1 $308 N/A 100% -60% -$32 $287 41% $0 N/A $278 53% 50% N/A N/A N/A 75% 0% 0% N/A 4% N/A -20% N/A 0% N/A 0% N/A $293 $8 -10% N/A 0% 50% $132 67% 27% N/A 0% $25 $265 70% 10% $107 80% N/A N/A N/A N/A N/A 9% 0% N/A $297 N/A N/A N/A N/A 34% N/A N/A $43 3% 0% 100% N/A -$4 N/A 33% 7% 31% $0 -$64 $236 N/A 100% 100% N/A N/A N/A $316.19 -$91 N/A N/A N/A N/A 86% N/A N/A N/A -$25 11% N/A N/A 50% -$36 -1% N/A -23% $69 N/A $0 N/A 0% -28% N/A 0% 33% 45% N/A N/A $70 N/A 100% N/A 0% -9% N/A 0% N/A N/A -11% $0 40% N/A 0% 30% N/A 45% N/A 50% 0% -$179 N/A -$24 100% -$13 N/A N/A 20% N/A N/A 0% 100% 56% N/A N/A $80 0% N/A $131 -60% -$8 N/A N/A -$56 -11% -4% 0% N/A N/A N/A -$1 -$22 N/A N/A N/A 25% 0% 45% N/A -20% 33% N/A -3% N/A 25% N/A 0% N/A N/A -7% 0% 50% N/A 67% 60% 80% N/A $12 N/A N/A $58 N/A N/A N/A N/A 100% $43 $47 $109 -$64 N/A 5% N/A 17% 100% -$25 N/A N/A N/A 11% 15% 38% -23% 50% 67% 70% N/A $0 -9% N/A $0 $12 -$6 N/A 0% 0% 4% -2% N/A Note: Listing featured in "buy box" was selected. 1P and 3P FBA FBA selected. ListingNote: and 3P 1P was featured in "buy box" store visits, websites, and W Company Sources:

28 Ryan Domyancic, CFA +1 312 364 5412 William Blair ǻ ǻ % Overlap ǻ ǻ % Overlap Amazon OverlapAmazon and Average Price Premium / (Discount) Per Item ing. prices 3P include applicable shipping cost as it all is unavoidable. prices. is from excluded Sales tax ǻ ǻ 1P & 3P FBA 3P All Items (1P, 3P FBA, & 3P) Exhibit 25 % Overlap Price Average In- Store Retail Amazon Product Assortment and Price Comparison to Retail to Stores Price and Comparison Assortment Product Amazon Amazon (Discount) / Premium Decomposition Versus Retail +$500 Versus - Price Stores / Premium Range Decomposition (Discount) Amazon Amazon prices shipping and super saver shipp exclude cost due to Prime % of Items Overlapping on Number ofNumber from Store from Items Selected Selected Items Bed Bath & BeyondBest Buy LotsBig Cabela'sCostcoCVS 1Dick's Sporting GoodsDillard's GeneralDollar Dollar Tree 14 100%Five Below 2 0hhgregg 4 SportsHibbett J. C. Penney 8 $600Kohl's 93% 0 0Lowe's 100% N/A 0Macy's 50% 0Michaels 0% 0 $1,650Office Depot 50% 0Ollie's $800 38 N/A N/A AutomotiveO'Reilly 2 N/A $1,300 N/A N/A CityParty 71% N/A $1,345Sears 100% N/AStaples 1 N/A 50% N/A -$49 11 MaxxT.J. N/A 66% N/A N/ATarget 2 50% $50 0 25% 2 0 N/A Home DepotThe 100% $41 N/A -3%Tractor Supply N/A Company N/A $132ULTA Salon 100% 6% $1,279 N/A N/A 0 N/A 45% $316Walgreens 0 N/A $799 21% 3% N/AWal-Mart 50% 100% N/A N/A N/A 9% 1Williams-Sonoma N/A 0% 13 53% N/A N/A 18% 1 6 $900 N/A 0 N/A2016 Total $3 0% N/A $695 0% N/A N/A 25% 100% N/A $560 -$32 N/A N/A N/A 2 $715 N/A N/A N/A N/A N/A 0 N/A 0% N/A 0% 0% 38% $316 N/A -$56 N/A 27% 100% 50% 4 -3% N/A 0 N/A N/A N/A N/A 50% 50% N/A N/A N/A 5 N/A 93% N/A N/A 53% N/A N/A N/A 100% -5% N/A -$34 N/A 47% 117 100% N/A $1,430 N/A N/A -$416 -$39 N/A N/A $550 N/A N/A $740 -$37 50% N/A N/A 50% 75% N/A N/A N/A N/A 50% -5% N/A N/A $122 $50 N/A -58% N/A N/A $900 N/A -7% 60% 8% N/A N/A -2% $41 63% N/A 0% 100% 0% $100 N/A $38 18% N/A N/A 0% N/A 9% N/A 6% 0% N/A N/A N/A N/A 50% $577 N/A -$102 100% N/A N/A -$408 N/A 3% 13% N/A -$43 N/A N/A N/A 3% $578 N/A N/A $1,159.50 N/A N/A 66% N/A -$186 N/A N/A N/A -4% -$176 N/A N/A N/A -45% N/A 50% N/A 50% -6% N/A N/A N/A N/A N/A N/A 30% $78 N/A -32% N/A -20% 40% N/A N/A N/A 31% 100% N/A N/A N/A N/A -$50 $100 N/A N/A 45% 100% 100% N/A -$38 0% N/A N/A N/A 50% 6% -$408 N/A 0% $27 50% N/A $93 N/A N/A N/A 13% -9% N/A $165 -$113 -$38 -3% -45% N/A $160 N/A N/A N/A N/A -$416 N/A 5% N/A 8% N/A 25% -20% N/A 30% -5% 22% 33% -58% N/A N/A N/A N/A N/A N/A 20% N/A 38% N/A 100% N/A $0 50% $73 N/A N/A N/A N/A 0% 100% $30 $54 N/A $165 N/A N/A 0% $160 6% -$176 N/A N/A N/A 30% 6% N/A 4% N/A N/A 22% 75% -20% 63% N/A N/A 60% N/A -$33 N/A $21 N/A $28 -6% N/A 2% N/A 5% Note: Listing featured in "buy box" was selected. 1P and 3P FBA FBA selected. Listing and 3P Note: 1P was featured in "buy box" Sources: Company websites, store visits, and William Blair William and visits, store websites, Company Sources:

Bhavan Suri +1 312 364 5314 29 William Blair ǻ ǻ $13 38% % Overlap ǻ ǻ 2% $19 62% 21% % Overlap Amazon OverlapAmazon and Average Price Premium / (Discount) Per Item ing. prices 3P include applicable shipping cost as it all is unavoidable. prices. is from excluded Sales tax ǻ ǻ 1P & 3P FBA 3P All Items (1P, 3P FBA, & 3P) Exhibit 26 19% $12 36% % Overlap Price Average In- Store Retail Amazon Product Assortment and Price Comparison to Retail to Stores Price and Comparison Assortment Product Amazon Amazon (Discount) / Premium Decomposition Versus Retail Stores - All Items All - Stores Retail Versus Decomposition / Premium (Discount) Amazon Amazon prices shipping and super saver shipp exclude cost due to Prime % of Items Overlapping on illiam Blair illiam Number ofNumber from Store from Items Selected Selected Items Bed Bath & BeyondBest BuyBig LotsCabela'sCostco 100CVSDick's Sporting GoodsDillard's GeneralDollar TreeDollar 100 58%Five Below 100 100hhgregg 100Hibbett Sports 100J. C. Penney 89% $87Kohl's 100 100 49% 19%Lowe's 100 57%Macy's 100Michaels 44% 100 37% $373Office Depot 100 $126 14% 45%Ollie's $18 100 100 30% $156 -$2 10% 71% $173 10% 30% 72% 100 13% -3% $13 $7 40% 100 83% -$19 $60 32% 100 100 28% 100 $1 $9 $5 21% -$2 $5 -5% 26% $42 37% 8% $22 100 $507 21% 44% 1% $69 $43 24% 36% -2% 62% 18% 29% 8% -$3 15% 9% $3 -$3 43% 19% 49% 40% 6% $95 17% $164 21% $0 26% -17% $1 16% $124 47% $70 $2 -6% $20 -$1 58% $8 -$6 $10 $7 19% -$6 26% 0% 11% 28% $19 6% 9% $33 37% -1% 23% $14 -2% 117% 8% 49% 24% -15% 4% $3 -$24 89% 2% $0 9% -$22 29% 1% $12 $5 16% 19% 34% -$10 49% -$5 -32% 6% 57% 31% -$15 $3 44% 0% -19% 17% $2 $100 72% -15% $4 $7 $4 -23% 11% $39 45% -4% $1 $21 13% 47% 16% 30% 12% 13% 14% 4% 97% 37% -$28 5% 3% 21% $0 0% -$33 12% 10% $7 83% -$13 $1 $4 10% -20% 72% -$6 32% -3% -24% $1 -15% $38 4% 37% 2% 57% $2 $0 -35% $2 36% 62% 16% 7% -$25 44% 29% 42% 1% -$26 3% -$10 -26% $3 -$5 -21% -15% -25% 2% O'Reilly AutomotiveO'Reilly Party CitySearsStaplesT.J. Maxx 100Target Home DepotThe Tractor Company Supply SalonULTA 100Walgreens 72%Wal-Mart 100Williams-Sonoma 100 100 100 1002016 Total 35% $27 100 50% 100 53% 61% 65% 23% 100 100 56% $10 100 47% $54 3,200 86% $246 $109 -$2 $74 $26 43% 50% 23% 38% $107 39% -9% 30% 46% 25% $29 40% $1 17% $128 $12 $3 -$10 16% 35% $0 -$11 $99 $14 10% 68% $123 39% -6% -$18 -$4 6% 27% -13% 1% 54% 12% -$2 21% -14% 31% 23% -$7 -16% 11% 21% -$1 40% 6% $5 -10% $5 12% 72% $37 -$4 -6% $1 $6 -8% $40 $21 18% 41% 5% $0 11% -$3 -4% 4% 23% 3% 9% 28% 74% 35% -$1 17% 53% -10% -1% 15% -$5 $3 50% 61% 65% 23% -2% $2 $10 $10 47% $16 -2% 35% $3 -$5 $25 $15 86% 24% 11% -$13 4% 10% 43% 50% 23% -7% 59% 5% -$2 -13% 38% 46% -$7 $1 -7% $7 $2 -5% 7% 7% 2% Sources: Company websites, store visits, websites, and W Company Sources: Note: Listing featured in "buy box" was selected. 1P and 3P FBA FBA selected. ListingNote: and 3P 1P was featured in "buy box"

30 Ryan Domyancic, CFA +1 312 364 5412 William Blair

Appendix B

In exhibits 27-58, we summarize our 2016 price comparisons for each retailer. We also provide historical overlap information from our 2014, 2013, and 2012 surveys.

Exhibit 27 Bed Bath & Beyond

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 58% 23% 14% 21% 2014 53% 16% 8% 29% 2013 46% 27% 6% 13% 2012 58% 30% 5% 23% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 50% $87 ($2.42) -3.2% $13.96 16.0% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product BBBY AMZN ǻ Product BBBY AMZN ǻ Miele S2181 Classic C1 Titan Canister Vacuum $599.99 $915.59 $315.60 Pet Drying Mitts (Pack of 2) $9.99 $15.95 $5.96 Miele S2121 Classic C1 Capri Canister Vacuum $399.99 $329.00 ($70.99) Keurig K-Cup Pack, 16-Count Green Mountain Coffee $9.99 $16.93 $6.94 Shark Rotator Powered Lift-Away Vacuum $349.99 $313.86 ($36.13) Meals in Minutes Microwave Fish and Vegetable Steame $9.99 $20.69 $10.70 Breville Grind Control Coffee Maker $299.99 $285.91 ($14.08) Pawslife 36-Count Dog Training Pads $9.99 $27.48 $17.49 Anolon Advanced Umber 12-Piece Cookware Set $299.99 $349.99 $50.00 Linwoods Ground Flaxseed, Probiotic, Vitamin D $8.99 $14.12 $5.13 HoMedics Quad Shiatsu Massage Cushion with Heat $199.99 $214.12 $14.13 Bialetti Nonstick Egg Poacher $7.99 $12.97 $4.98 Winix True HEPA 6300 Air Cleaner $199.99 $265.65 $65.66 Jordan's Skinny Syrups Salted Caramel, 25.4 oz. $5.99 $8.49 $2.50 Catalina Wine Bar, 18 Bottles $199.99 $474.49 $274.50 Flex Seal Clear $5.99 $13.99 $8.00 Samsonite SoLyte 25" 4-Wheel Spinner, Black $189.99 $189.99 $0.00 Wall Mirror $199.99 - - Philips Sonicare FlexCare Electric Toothbrush $179.99 $159.95 ($20.04) Kenneth Cole Reaction Home King Duvet Cover $169.99 - - Bissell Symphony Pet Vacuum and Steam Mop $179.99 $179.97 ($0.02) Bialetti Aeternum Revolution 10-Piece Cookware Set $159.99 - - Metal Convertible Picnic Table, Bronze $179.99 $240.94 $60.95 Kenneth Cole Reaction Home Petals King Comforter $149.99 - - Starbucks Verismo 600 Brewer, Piano Black $149.99 $139.49 ($10.50) Zadro Fluorescent Sunlight Vanity Mirror, Satin Nickel $139.99 - - Tempur-Pedic TEMPUR-Contour Side-to-Back Pillow $129.99 $87.99 ($42.00) Fairmont Free Standing Space Saver Cabinet, White $129.99 - - Cuisinart Grind & Brew Thermal 10-Cup Coffee Maker $129.99 $110.64 ($19.35) Real Simple Jules Twin Duvet Cover $114.99 - - Marsona Programmable Sound Conditioner 1288A $114.99 $114.00 ($0.99) Polder Ultimate Ironing Station $99.99 - - Bissell Bolt Plus 2-in-1 Lightweight Cordless Vacuum $99.99 $135.11 $35.12 Beacon Saddle Stools in Dark Brown $89.99 - - Tabletops Cascade China 16-Piece Dinnerware Set $79.99 $83.04 $3.05 The Seasons Collection Grand Horizon Sleeper Pillow $69.99 - - Regency Heights Maddox Cube Storage Ottoman $79.99 $142.58 $62.59 Pre-Washed Cotton / Linen Tablecloth $49.99 - - Calphalon Stainless Steel Steamer Insert $69.99 $69.95 ($0.04) Wamsutta Collection Turkish Bath Towel, Grey $49.99 - - Simplehuman Triple Wall Mount Pumps $69.99 $69.98 ($0.01) Croscill Fairfax Shower Curtain, Taupe $39.99 - - 7-Piece Salad Serving Set in Cherry $49.99 $39.99 ($10.00) Insulated Wicker Picnic Basket 21-Piece Set $39.99 - - Cuisinart Deluxe Stainless Steel Electric Can Opener $49.99 $42.25 ($7.74) Riedel Cabernet / Merlot Wine Tumblers (Set of 8) $37.99 - - OXO Good Grips Cold Brew Coffee Maker $49.99 $49.95 ($0.04) Ultimate Luxury Linens Heavyweight Vinyl Deluxe Pad $34.99 - - OXO Steel 4-qt. Ice Bucket and Tong Set $49.99 $49.99 $0.00 Wendell August Chicago Small Oval Dish $29.99 - - Dailyware Cake Dome $49.99 $76.29 $26.30 Mix & Match Medium Garden Gate Lamp Base $29.99 - - Black & Decker Digital Advantage Steam Iron $44.99 $44.99 $0.00 Carpet Sweeper, Ruby $29.99 - - Gourmet Settings Non-Stop 20-Piece Flatware Set $39.99 $33.36 ($6.63) Joseph Joseph Nest 10-Piece Food Storage Container S $29.99 - - Deluxe 3-Tier Bamboo Shoe Rack $39.99 $35.03 ($4.96) HoMedics Glass Digital Bathroom Scale $29.99 - - J.A. Henckels International 8-Piece Steak Knife Set $39.99 $38.75 ($1.24) 20-Bulb Solar String Lights $24.99 - - Conair Cord-Keeper Infiniti $34.99 $34.99 $0.00 Family Sentiment 6-Photo Collage Frame, Black $24.99 - - Rowenta DR6015 Ultrasteam Brush $29.99 $29.99 $0.00 Elite Chair Chicago Flag $24.99 - - FirsTime Driftwood Wall Clock $29.99 $47.48 $17.49 Grasslands Road 4" x 6" Wedding Day Frame, Grey $19.99 - - Berkshire Blanket Serasoft Supreme Throw, Hunter $29.99 $50.86 $20.87 LED Controller "Game Room" Sign Wall Decor $19.99 - - Moen Ashville Toilet Paper Holder, Bronze $26.99 $31.60 $4.61 InterDesign Astoria Large Easel, Satin $16.99 - - Tim Hortons 42-Count Coffee T DISCs Value Pack $25.99 $37.36 $11.37 Tervis Tumbler for Grandma New Day 16-oz. $14.99 - - Just Grillin' Premium Ceramic Coated Grilling Skillet $24.99 $38.16 $13.17 SpaRoom Aromafier Fragrance Diffuser Bundle $11.99 - - Star Wars Darth Vader Apron $19.99 $8.99 ($11.00) DII 100% Cotton Kitchen Towel Set of 5, Taupe $9.99 - - 39" Battery Operated Birch LED Branches $19.99 $19.25 ($0.74) Fitz and Floyd Nevaeh Rim Dinner Plate $9.99 - - Epoca 3-qt. Microwave Glass Popcorn Popper $19.99 $21.75 $1.76 Clear Glass Mason Utensil Crock $9.99 - - Michel Mercier Detangling Brush for Normal Hair $14.99 $12.98 ($2.01) Make-Your-Own-Pillow Throw Pillow Cover Collection $9.99 - - 3-Piece Watermelon Keg Tapping Kit $14.99 $20.00 $5.01 Kitchensmart Solid Pocket Pot Holder in Surf $6.99 - - Candle Impressions 4" x 6" Carved Flameless Candle $14.99 $34.98 $19.99 Formations Block Letter "T" Monogram Mug $4.99 - - Chicago Bears Protein Shaker $12.99 $16.50 $3.51 InterDesign Forma Over-the-Cabinet Single Hook $3.99 - - Tuff Glove Hot Surface Multi Protectors (Set of 2) $9.99 $6.97 ($3.02) Windsor Napkins in Wine (Set of 2) $3.59 - - Granite Gold Stone and Tile Floor 32-oz. Cleaner $9.99 $7.32 ($2.67) Springtime Sparkle Napkin Ring $2.99 - - Luminara Candle Remote $9.99 $7.95 ($2.04) Linens and Lavender Fragrance Cubes $2.99 - - Over-the-Door Purse Racks (Set of 2) $9.99 $9.57 ($0.42) Polypropylene Paper Plate $2.99 - - Casabella Swivel-It Microfiber Floor Cleaner Refill $9.99 $13.99 $4.00 Kleenex Assorted 120-Count 2-Ply Tissues $2.99 - - Zyliss 3-Piece Bird's Beak Paring Knife Set $9.99 $14.97 $4.98 Dawn 9 oz. Antibacterial Dishwashing Liquid $1.29 - -

Sources: Company websites, store visits, and William Blair

Bhavan Suri +1 312 364 5314 31 William Blair

Exhibit 28 Best Buy

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 89% 50% 21% 18% 2014 77% 29% 8% 40% 2013 81% 41% 12% 28% 2012 72% 33% 11% 28% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 84% $373 ($18.50) -5.5% ($14.71) -3.9% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product BBY AMZN ǻ Product BBY AMZN ǻ LG 65" OLED Curved Smart 3D 4K Ultra HD TV $4,499.98 $4,497.00 ($2.98) Samsung 24" LED 720p HD TV $129.99 $127.99 ($2.00) Samsung 75" LED Smart 4K Ultra HD TV $3,199.99 $3,197.99 ($2.00) Denon HEOS 1 Portable Wireless Speaker $107.99 $199.00 $91.01 LG 55" OLED Smart 3D 4K Ultra HD TV $2,799.98 $2,797.00 ($2.98) 24: The Complete Series + Live Another Day $104.99 $104.99 $0.00 Apple MacBook Pro 15.4" Display, Intel Core i7 $2,499.99 $2,289.00 ($210.99) Canon LP-E6N Lithium-Ion Battery, Black $99.99 $64.95 ($35.04) Apple MacBook Pro 15.4" Display, Intel Core i7 $1,999.99 $1,799.00 ($200.99) JBL Flip 3 Portable Bluetooth Speaker $99.99 $83.00 ($16.99) Sony 55" LED Smart 4K Ultra HD TV $999.99 $998.00 ($1.99) Seagate 2TB USB Hard Drive for Xbox One $99.99 $98.90 ($1.09) Bose SoundTouch 120 Home Theater System $999.99 $999.00 ($0.99) Fitbit Flex Activity and Sleep Tracker Wristband $99.99 $99.00 ($0.99) 3DR Solo Drone, Black $799.99 $769.00 ($30.99) D-Link Wi-Fi Video Security Camera $99.99 $99.99 $0.00 Epson EX9200 Pro Wireless Projector, Black $799.99 $799.97 ($0.02) PKG Messenger Laptop Case $79.99 $56.98 ($23.01) Netgear Arlo 6-Camera Surveillance System $799.99 $915.05 $115.06 Easy VHS to DVD for Mac $79.99 $58.99 ($21.00) Canon EOS T6i DSLR Camera $749.99 $599.00 ($150.99) Turtle Beach Wired Stereo Gaming Headset $79.99 $59.95 ($20.04) Definitive Technology 180W 2-Way Speaker $699.98 $699.00 ($0.98) Disney Infinity: Starter Pack, Xbox 360 $64.99 $47.78 ($17.21) Dell Inspiron 3650 Desktop, 1TB Hard Drive $599.99 $613.58 $13.59 Zoom DOCSIS 3.0 High-Speed Cable Modem $64.99 $59.99 ($5.00) Samsung 50" Class LED 1080p Smart HD TV $499.99 $497.99 ($2.00) MagicJack VoIP Adapter with 1 Year of Service $59.99 $43.90 ($16.09) Harman Kardon Studio 2 Bluetooth Speakers $449.99 $122.48 ($327.51) Tom Clancy's The Division, Xbox One $59.99 $50.75 ($9.24) JBL Soundbar with 6.5" Wireless Subwoofer $399.99 $318.92 ($81.07) Microsoft Xbox One Wireless Controller $59.99 $50.75 ($9.24) Bose Solo 15 Series II TV Sound System $399.99 $399.99 $0.00 Kaspersky Internet Security 2015, Mac $49.99 $27.89 ($22.10) AirPort Time Capsule Hard Drive & Wi-Fi Base $399.99 $399.99 $0.00 GoPro Dual Battery Charger, Black $49.99 $46.99 ($3.00) Polk Audio Soundbar System $379.99 $499.00 $119.01 Insignia HD Radio Tabletop Radio $49.99 $48.23 ($1.76) Neat NeatDesk Premium Sheetfed Scanner $359.99 $283.47 ($76.52) Leeo Smart Alert, White $49.99 $49.97 ($0.02) Samsung Series 27" LED Curved Monitor $349.99 $349.99 $0.00 DigiPower Rechargeable Lithium-Ion Battery $39.99 $19.00 ($20.99) Dyson Small Ball Multifloor Bagless Vacuum $349.99 $399.00 $49.01 Logitech HD Webcam C525, Black $39.99 $39.88 ($0.11) Sony 4K Ultra HD A/V Home Theater Receiver $324.99 $298.00 ($26.99) Fallout 4, PlayStation 4 $39.99 $39.99 $0.00 Xbox One Rise of the Tomb Raider Bundle $319.99 $344.00 $24.01 Insignia Hard Case for 13" Apple MacBook Air $34.99 $63.49 $28.50 Turtle Beach Elite 800 Gaming Headset $299.99 $233.96 ($66.03) Microsoft Xbox One Chatpad, Black $29.99 $29.99 $0.00 Bowers & Wilkins P5 Series Headphones $299.99 $289.99 ($10.00) Insignia Mini DisplayPort-to-DVI Adapter $24.99 $9.99 ($15.00) Astro Gaming Gaming Headset for Xbox One $299.99 $299.99 $0.00 Sunpak Neoprene Camera Strap, Black $20.99 $9.99 ($11.00) Lorex 2-Camera Outdoor Surveillance System $299.99 $352.91 $52.92 Targus DEFCON Coiled Cable Security Lock $19.99 $12.40 ($7.59) Polk Audio Omni P1 Wireless Audio Adapter $299.98 $144.99 ($154.99) Resident Evil: Revelations 2, Xbox One $19.99 $16.00 ($3.99) Honeywell Lyric Round Wi-Fi Thermostat $249.99 $149.99 ($100.00) Peak Design Anchor Camera Strap Connectors $19.99 $19.95 ($0.04) Netgear Nighthawk AC1900 Wi-Fi Router $249.99 $219.95 ($30.04) Insignia Bluetooth Selfie Stick, Black $19.99 $19.98 ($0.01) KitchenAid Classic Stand Mixer $249.99 $221.88 ($28.11) PNY 4GB DDR3 SDRAM Memory Module $17.99 $26.70 $8.71 Manfrotto 67" Tripod, Black $249.99 $249.88 ($0.11) Texas Instruments Scientific Calculator $14.99 $12.97 ($2.02) Office Home & Business 2016, Mac $229.99 $193.00 ($36.99) Funko Star Wars: Vinyl Bobble Head Figure $12.99 $11.74 ($1.25) LG 2.1-Channel Soundbar System $219.99 $213.54 ($6.45) Lowepro Newport 30 Camera Case $10.99 $22.53 $11.54 Canon PowerShot ELPH 350 Digital Camera $199.99 $168.95 ($31.04) Apple MagSafe-to-MagSafe 2 Converter, Silver $9.99 $9.99 $0.00 Nest Cam Security Camera $199.99 $199.00 ($0.99) Activision Skylanders SuperChargers $7.99 $6.55 ($1.44) Sonos Play: 1 Wireless Speaker $199.99 $199.00 ($0.99) ZAGG Screen Protector for Microsoft Band $7.99 $6.75 ($1.24) Samsung 32" LED 720p Smart HD TV $199.99 $207.71 $7.72 Energizer Max AAA Batteries (8-Pack) $6.99 $6.90 ($0.09) EVGA GeForce GTX 960 Graphics Card $189.99 $155.99 ($34.00) Denon 4K Ultra HD Home Theater Receiver $521.99 - - Netgear AC1750 Wireless-AC Router $183.99 $179.95 ($4.04) Definitive Technology 300W 2.0-Ch. Amplifier $499.98 - - Razer BlackWidow Gaming Keyboard $169.99 $139.95 ($30.04) HP 15.6" Touch-Screen Laptop Intel Core i5 $429.99 - - Manfrotto Befree 56.7" Tripod, Black $169.99 $169.88 ($0.11) Swann Surveillance System $249.99 - - Shark Rocket Professional Bagless Vacuum $159.99 $179.37 $19.38 Domke F-803 Camera Satchel, Military Green $169.99 - - Harman Kardon Esquire Bluetooth Speaker $149.99 $95.00 ($54.99) Apple TV, 32GB, Black $149.99 - - Texas Instruments TI-84+ Graphing Calculator $149.99 $126.92 ($23.07) Insignia TTL External Flash for Nikon $69.99 - - LucidSound LS30 Wireless Gaming Headset $149.99 $149.99 $0.00 Sony Wireless Controller for PlayStation 4 $64.99 - - Astro Gaming Surround Sound Gaming Headset $149.99 $149.99 $0.00 Collective Minds Chatboost, PlayStation 4 $29.99 - - Sony 32" LED 720p HD TV $149.99 $281.70 $131.71 iHome Portable Bluetooth Speaker $29.99 - - Vizio 32" LED 720p HD TV $140.99 $159.99 $19.00 Insignia 3.5-oz. Cleaning Duster, White $4.99 - -

Sources: Company websites, store visits, and William Blair

32 Ryan Domyancic, CFA +1 312 364 5412 William Blair

Exhibit 29 Big Lots

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 19% 9% 4% 6% 2014 28% 7% 0% 21% 2013 33% 8% 0% 25% 2012 38% 20% 2% 16% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 16% $18 $5.21 23.6% $6.64 37.4% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product BIG AMZN ǻ Product BIG AMZN ǻ Sure Fit Taupe Stretch Loveseat Slipcover $45.00 $58.32 $13.32 iHome Black 6000mah Backup Battery $15.00 - - Hamilton Beach 12-Cup Dispensing Coffee Maker $39.99 $36.99 ($3.00) 4-Piece Stainless Steel Grilling Tool Set $15.00 - - Sun Face Wind Spinner $30.00 $39.50 $9.50 Polaroid Pink Bluetooth Wireless Speaker $15.00 - - Oster 8-Speed Blender $29.99 $39.99 $10.00 Living Colors Dark Bamboo Rollup Blind $15.00 - - Black & Decker Xpress Steam Cord Reel Iron $24.99 $30.01 $5.02 Master Cuisine Huntley Sauvignon Tablecloth $14.00 - - Igloo 14-qt. Playmate Boss Cooler $20.00 $17.99 ($2.01) 12" Blue Greco Roman Planter $14.00 - - Oster 2-Slice Toaster $19.99 $19.99 $0.00 Wilson & Fisher Antiqued Metal LED Lantern $14.00 - - Platinum Whey Protein $18.00 $20.10 $2.10 Garden Shears $13.00 - - T-Fal 12" Black Frying Pan $18.00 $28.15 $10.15 Master Cuisine Black 2-qt. Saucepan $13.00 - - Roundup Weed & Grass Killer $14.00 $18.76 $4.76 Serta Rest Super Firm King Bed Pillow $12.00 - - Sterilite Espresso Weave 3-Drawer Cart $13.85 $36.89 $23.04 American Kennel Club Retractable Dog Leash $12.00 - - Purina Cat Chow $13.00 $35.29 $22.29 Owl Welcome Sign $12.00 - - Flex-Neck Desk Lamp $10.00 $13.26 $3.26 Assorted Beach Toys $12.00 - - Libbey Vina Tall Wine Goblet (Set of 6) $10.00 $19.95 $9.95 pet luv Spiral Heavy-Duty Tie-Out Stake $10.50 - - GE 25' Video RG6 Coax Cable $9.00 $9.95 $0.95 COPA Classic Sand Chair $10.00 - - Kenney White Round End Curtain Rod $8.00 $14.98 $6.98 Rear Trigger 3-Piece Nozzle Set $10.00 - - Kenney Ivory Curtain Tiebacks (2-Pack) $5.00 $7.13 $2.13 Heavy Duty Metal Impulse Sprinkler $10.00 - - Precision Oven Dial Thermometer $4.75 $6.05 $1.30 American Flag Door Cover $10.00 - - Noodle Water Toy $3.50 $9.96 $6.46 Pink Neon Light-Up Earbuds $10.00 - - Wilson & Fisher 5-Piece Resin Wicker Chair Set $499.99 - - Great Gatherings Whistling Tea Kettle $10.00 - - Pop Up Sun Shelter 16' x 16' $149.99 - - PKP Square Glass Storage Set $10.00 - - Hoover WindTunnel 3 Pro Bagless Vacuum $99.99 - - Triple Shot Water Blaster $10.00 - - Wilson & Fisher 8' x 8' Pop Up Sun Shelter $79.99 - - Just Home 3-Piece Twin Microfiber Sheet Set $9.00 - - Aprima Blue 7-Piece Queen Comforter Set $69.99 - - Fruit of the Loom 3-Pack Men's A-Shirt Tanks $9.00 - - Wilson & Fisher Wicker Coffee Table $60.00 - - Gillette Fusion Proglide $8.50 - - Keter All Weather Resin Deck Box $59.99 - - Super Sized Foam Bat and Ball Set $8.00 - - Area Rug 6' x 8' $49.99 - - Gray Velvet Hangers (20-Pack) $8.00 - - Wilson & Fisher LED Topiary $40.00 - - Great Gatherings Metal Fruit Basket $8.00 - - 21.5" Round Kettle Charcoal Grill $34.99 - - Scott Pet Wild Life Brunch Seed $7.00 - - Wilson & Fisher Cushioned Outdoor Stack Chair $30.00 - - Oasis 25' Sprinkler Hose $7.00 - - Ameriwood 6-Cube Black Storage Cubby $29.99 - - Master Cuisine Chef Knife $6.50 - - Kenney Curved Shower Rod $28.00 - - Shop Basics Standard-Duty Polyethylene Tarp $6.00 - - Climate Keeper Deluxe Ceramic Heater $25.00 - - Simply Specs Reading Glasses $6.00 - - IAMS Naturistic Dog Food $25.00 - - Silver Bucket Citronella Candles (3-Pack) $6.00 - - Glacier Ice R-134a Refrigerant $25.00 - - Cynthia Royce Picture Frame $6.00 - - Simmons Total Protection Mattress Pad $25.00 - - Farberware Rolling Pin $5.50 - - Black & Decker 3-Piece Pruning Combo Set $25.00 - - Folderz Folding Stereo Headphones $5.00 - - Living Colors Black Crescent Metal Curtain Rod $24.00 - - Stanley Men's Socks $5.00 - - Wilson & Fisher Black Mesh Stacking Chair $22.50 - - Rubbermaid LunchBlox Kids $5.00 - - Charmin Double Roll (24 Rolls) $22.00 - - Pyrex Basics 2-qt. Glass Bakeware $5.00 - - Westminster Wall Clock $22.00 - - Wilson & Fisher Solar Pathway Light $4.50 - - Aprima Sofia Mink Window Panel $20.00 - - 16-oz. Apple Hummingbird Feeder $4.00 - - Wilson & Fisher LED Light Set (120-Count) $20.00 - - Vinyl Tablecloth $4.00 - - Living Colors Plush Blanket $20.00 - - West Chester Coated Seamless Knit Gloves $3.50 - - Pet Luv Pet Bed $20.00 - - Black & Decker Steel Culti-Hoe $3.00 - - Accents Rug $19.00 - - Great Gatherings Forks $3.00 - - Igloo Playmate Personal Cooler $18.00 - - Farberware Glass Salt & Pepper Shakers (2-Pack) $2.75 - - Napa Collection Metal Wine Caddy $18.00 - - Char Broil Mesquite Wood Chips $2.50 - - Lakewood 20" Box Fan $16.99 - - Super Flying Frisbee $2.00 - - Great Gatherings 26-Piece Cutlery Set $15.00 - - Toothpick Holder $2.00 - -

Sources: Company websites, store visits, and William Blair

Bhavan Suri +1 312 364 5314 33 William Blair

Exhibit 30 Cabela's

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 57% 37% 3% 17% 2014 43% 10% 5% 28% 2013 33% 18% 2% 13% 2012 35% 24% 3% 8% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 74% $156 ($2.22) -1.6% $0.65 0.4% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product CAB AMZN ǻ Product CAB AMZN ǻ Polaris P3000iE Inverter Generator $1,599.99 $1,726.28 $126.29 Rapala Soft-Grip Fillet Knife $12.99 $12.99 $0.00 Humminbird Helix 9 SI Sonar/GPS Combo $999.99 $955.90 ($44.09) Coghlans Deluxe Broiler Camping Grill $10.99 $13.61 $2.62 Minn Kota i-Pilot Wireless GPS Trolling System $449.99 $410.07 ($39.92) Hi Mountain Breakfast Sausage Seasonings Kit $9.99 $15.48 $5.49 FireDisc 36" Heat Ring Outdoor Cooker $399.99 $385.89 ($14.10) Brad's Super Bait Cut Plug 5LJJHG $8.99 $8.99 $0.00 Vortex Diamondback Spotting Scopes $399.99 $385.90 ($14.09) Camco RV TST Grey Water Odor Control $6.99 $17.69 $10.70 Diamond Archery Edge SB-1 with Soft Case $399.99 $409.98 $9.99 Gamakatsu Superline EWG Hooks $4.99 $3.74 ($1.25) YETI Coolers Tundra 65 Marine Coolers $399.99 $519.98 $119.99 GSI Stainless Steel Rim Enamel Cup $4.99 $4.85 ($0.14) Oklahoma Joe's Highland Smoker $369.99 $448.92 $78.93 Cabela's Tractor Attachments, Landscape Rakes $949.00 - - Stack-On 10-Gun Double-Door Cabinet $299.99 $293.62 ($6.37) Cabela's Commercial-Grade 1-hp Grinder $549.99 - - Emotion Darter 9 Kayak $299.99 $386.08 $86.09 Cabela's ATV/UTV Winches by Warn $279.99 - - Daiwa Lexa 300HD Casting Reels $249.99 $255.67 $5.68 Cabela's Prestige 70L Pack Frame $270.99 - - Icom M73 VHF Marine Radio $199.99 $182.99 ($17.00) Landmann Mountain View 36" Fire Pit $259.99 - - Muddy The Commander Ladder Stand $199.99 $199.45 ($0.54) Rifle #2 $250.00 - - G.Loomis E6X Bass Casting Rod $199.00 $179.99 ($19.01) Rifle #1 $250.00 - - Rinehart Woodland Buck 3-D Target $179.99 $141.67 ($38.32) Rifle #3 $250.00 - - Quantum Smoke Spinning Reel $159.99 $134.32 ($25.67) Cabela's Imeon 15°F Sleeping Bag $239.99 - - Yutrax ATV Extra-Long, Tri-Fold Loading Ramp $149.99 $152.62 $2.63 Cabela's 61 Collection Wheeled Luggage $229.99 - - BioLite Woodburning CampStove $129.99 $129.90 ($0.09) Cabela's Hydro Shock Towable $199.00 - - Warn W350F Halogen Fog Light Kit (Pair) $119.99 $110.98 ($9.01) Cabela's Two-Pole Backpacking Tent $179.99 - - Therm-A-Rest EvoLite Sleeping Pad $119.95 $75.94 ($44.01) Eagle's Camp Family Voyager 8-Person Tent $169.99 - - Mr. Heater Portable Buddy Heater $104.99 $79.97 ($25.02) Cabela's Premium Electric Smoker $159.99 - - EcoPebble Waterproof Bluetooth Speaker $99.99 $55.57 ($44.42) Hand Gun #2 $150.00 - - Swagman Towing Bike Racks $99.99 $96.74 ($3.25) Hand Gun #3 $150.00 - - The North Face Litus 22 Backpack $99.95 $136.94 $36.99 Hand Gun #1 $150.00 - - Katadyn Vario Water Microfilter $94.99 $74.95 ($20.04) Cabela's Alaknak II Tent Floor Liner $124.99 - - Ciao! Baby Portable High Chair $79.99 $69.90 ($10.09) Swivl-Eze Wedge Power Pedestal $109.99 - - ThermaCELL Rechargeable Hand Warmers $79.99 $77.54 ($2.45) Eagle's Camp 10' x 8' Dome Tent, 5 Person $99.99 - - Under Armour Men's Fish Stalker Shirt $69.99 $62.95 ($7.04) Cabela's Ultralight Sleeping Pad $89.99 - - Gold Tip Hunter XT Arrows $64.99 $55.24 ($9.75) Coleman Legacy 25°F Big & Tall Sleeping Bag $79.99 - - Beman ICS White Out Arrows (6-Pack) $64.99 $64.99 $0.00 Sigi Fearless MX Helmet $55.99 - - Disc-O-Bed Under Cot Footlocker $59.99 $59.99 $0.00 Cabela's Fish Eagle Ultralight Spinning Combo $49.99 - - Camp Chef Aluminum Hot-Water Pot $49.99 $39.99 ($10.00) Hevi-Shot Hevi-13 Turkey Choke Tubes $49.99 - - Caravan Sport Shelter $44.99 $31.10 ($13.89) Cabela's Game Taker Target $49.99 - - Stanley Two-Quart Classic Growler $44.99 $44.99 $0.00 Cleanwaste GO Waste Bags $49.99 - - Coleman Conquer Spin Lantern $39.99 $34.18 ($5.81) Cabela's Men's Trailhiker II Pants $39.99 - - Curt Coupler Lock $39.99 $35.78 ($4.21) Cabela's Men's Fleece Wader Pants $39.99 - - Plano Protector Compact Bow Case, Black $37.99 $37.99 $0.00 Cabela's Pro Series Replacement Landing Nets $36.99 - - Camp Chef Fry Griddles $34.99 $24.99 ($10.00) Cabela's Cot Chair $34.99 - - ThermaCELL Outdoor Lantern $34.99 $37.35 $2.36 Cabela's Whuppin' Stick Crappie Rod $29.99 - - Rome Popcorn Popper $29.99 $18.99 ($11.00) Cabela's Sling Back Quiver $29.99 - - Plasticolor Seat Covers $29.99 $19.76 ($10.23) Cabela's Men's Xtreme Polo $29.99 - - ATV TEK Gun Racks V-Grip $29.99 $26.99 ($3.00) Cabela's Zonz Washer Toss Game $27.99 - - YETI Rambler Colster $29.99 $38.00 $8.01 Cabela's Youth Cool Mesh Vest $27.99 - - Under Armour 64-oz. Water Bottle $24.99 $24.99 $0.00 Coleman Xtra Tall Air Bed $27.99 - - Sea to Summit Compression Stuff Sack $24.95 $24.95 $0.00 Cyclops 4 Million-Candlepower Spotlight $25.99 - - Grand Trunk Hammock Tree Slings $19.99 $19.99 $0.00 Herter's Select Grade Handgun Ammunition $16.99 - - Coghlan's Gear Lock $14.99 $13.99 ($1.00) Thetford Campa-Chem Deodorizers $14.99 - - Princeton Tec Fuel 4-LED Headlamp $14.99 $16.63 $1.64 Seasense Trolling Motor Plug $13.69 - - Coleman 4D QuickPump $13.99 $19.34 $5.35 Cabela's Center Pole Accessory Hanger $9.99 - - Kwik Tek Hull Hugr Fenders $12.99 $11.99 ($1.00) Prismatic Lure Eyes Multi-Pack $2.19 - -

Sources: Company websites, store visits, and William Blair

34 Ryan Domyancic, CFA +1 312 364 5412 William Blair

Exhibit 31 Costco

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 44% 11% 17% 16% 2014 28% 13% 2% 13% 2013 34% 18% 1% 15% 2012 33% 15% 6% 12% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 7% $173 $22.34 15.3% $21.08 12.2% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product COST AMZN ǻ Product COST AMZN ǻ Samsung 65" Class 4K LCD TV $2,179.99 $2,297.99 $118.00 Brother XR3240 Computerized Sewing Machine $179.99 - - LG Mega Capacity Dryer $1,199.99 $1,029.00 ($170.99) Bestway Tiki Breeze Floating Island $149.99 - - LG Mega Capacity Top Load Washer $1,199.99 $1,258.48 $58.49 AGIO International Sling Chaise Lounge $79.97 - - Champion 7000W Generator $799.99 $946.04 $146.05 Sensible Eco Living Motion Sensor Trash Can $49.99 - - Yamaha TSR-5790 Receiver $389.99 $499.99 $110.00 3M filtrete Ultra Allergen 2200 (3 Pack) $39.99 - - Vitamix 5300 High Performance Blender $359.99 $443.45 $83.46 Melamine Sea Life 12 Piece Dinnerware Set $19.99 - - PowerStroke 3100 PSI Pressure Washer $299.99 $427.97 $127.98 ShedRain Adidas Golf Umbrella (2 Pack) $19.99 - - Shark Navigator Lift-Away Professional $149.99 $159.99 $10.00 Titan 26 Piece Screwdriver Set $18.99 - - FoodSaver 4980 Vacuum Sealing System $149.99 $167.87 $17.88 Vanity Mirror by Sunter $14.99 - - Kirkland Signature 159 Piece Tool Set $99.99 $133.65 $33.66 Bestway CoolerZ Lazy River Float Tube (2 Pack) $14.97 - - Water Ridge Euro Style Kitchen Faucet $79.99 $62.70 ($17.29) Sunrising International Desktop Organizer $12.99 - - Keurig K50C Coffee Maker and 24 K-Cup Pods $74.99 $109.98 $34.99 Carnation Evaporated Milk, 12 oz. Cans (12 ct.) $12.59 - - PowerStation PSX-3 18A Air Compressor $74.99 $115.99 $41.00 Cameron's Coffee Maui Blend $9.99 - - iHome iPL23 Stereo FM Clock Radio with Dock $49.99 $59.95 $9.96 Nature's Path Organic Oatmeal (32 Count) $9.99 - - LED Flat Panel Light Fixture $39.99 $44.98 $4.99 Kingsford Lighter Fluid, Two 64 oz. Bottles $9.59 - - Arctic Zone Collapsible Cooler (58 Cans) $34.99 $71.69 $36.70 Hershey's Simply 5 Chocolate Syrup (2 Pack) $8.99 - - Tramontina 14" Nonstick Restaurant Fry Pan $26.99 $54.95 $27.96 Avery Clear Sheet Protectors (250 Count) $8.49 - - YSN Imports Propane Tank $25.99 $44.09 $18.10 Tops 1/2" Round Ring Binder (6 Pack) $7.99 - - Snapware Total Solution Food Storage Set $24.99 $41.36 $16.37 Kirkland Signature Organic Sugar (10 lbs.) $7.79 - - Hamilton Beach Warm Mode 2 Slice Toaster $19.99 $19.99 $0.00 A.1. Steak Sauce, 10 oz. (4 ct.) $7.59 - - Traeger Gourmet Blend 33 lbs. Wood Pellets $19.99 $21.38 $1.39 Quaker Life Cinnamon Cereal 62 oz. Value Box $6.99 - - Boogie Board Jot LCD eWriter $19.99 $26.46 $6.47 Sensible Portions Garden Veggie Straws 25 oz. $5.99 - - Kirkland Signature Ladies’ Softshell Jacket $19.99 $29.99 $10.00 Xerox Premium Multipurpose Paper 800 Sheets $5.49 - - Brother P-Touch Home & Office Labeler $19.99 $30.59 $10.60 Feit A19 Dimmable LED Light Bulbs (3 Pack) $4.99 - - OXO SoftWorks Salad Spinner $19.99 $32.41 $12.42 Gedney Baby Dill Pickles (64 oz.) $4.99 - - Rubbermaid Ultimate Party Serving Kit $19.99 $45.00 $25.01 Six Extendable Roasting Sticks $4.97 - - Hyperlite Infant Toddler Kids Life Vest $19.99 $45.00 $25.01 Kirkland Signautre Cinnamon Bread $4.39 - - LED Wireless Puck Lights with Remote Control $18.99 $31.93 $12.94 Produce #1 $5.00 - - Kirkland Non-Iron Men's Dress Shirt $17.99 $19.99 $2.00 Produce #2 $5.00 - - TaylorMade Men's Golf Gloves (3 Pack) $15.99 $25.50 $9.51 Produce #3 $5.00 - - Duracell AAA Batteries (32 Pack) $14.99 $23.90 $8.91 Produce #4 $5.00 - - Jarden Chicago Youth Bears Chair $14.99 $29.99 $15.00 Produce #5 $5.00 - - Folgers Coffee Classic Roast 48 oz. $9.99 $14.99 $5.00 Produce #6 $5.00 - - Kirkland Signature Almond Butter (27 oz.) $9.99 $18.18 $8.19 Produce #7 $5.00 - - Aerocore Lumbar Pillow & Seat Cushion $9.99 $20.19 $10.20 Produce #8 $5.00 - - Miracle-Gro Shake 'n Feed (8 lbs.) $9.97 $15.48 $5.51 Frozen #1 $10.00 - - Wells Lamont Mens Work Gloves (12 Pairs) $9.89 $21.95 $12.06 Frozen #2 $10.00 - - Kirkland Signature Organic Animal Crackers $9.69 $16.85 $7.16 Frozen #3 $10.00 - - Lipton Tea Bags (312 ct.) $9.49 $16.95 $7.46 Frozen #4 $10.00 - - Creative Therapy: An Anti-Stress Coloring Book $8.99 $9.82 $0.83 Frozen #5 $10.00 - - Kirkland Signature Apple Juice (256 oz.) $7.99 $10.61 $2.62 Frozen #6 $10.00 - - Carters Blanket Sleeper $7.49 $21.48 $13.99 Deli #1 $5.00 - - Nestlé Coffee-mate Powdered Creamer 56 oz. $5.99 $9.04 $3.05 Deli #2 $5.00 - - Country Time Lemonade Drink Mix (82.5 oz.) $5.49 $10.50 $5.01 Deli #3 $5.00 - - Round Brilliant Diamond with White Gold Band $789.99 - - Deli #4 $5.00 - - HP Pavilion 23.8" All-In-One Desktop $699.99 - - Deli #5 $5.00 - - Kirkland Signature Mobile Tool Chest $599.99 - - Wine and Spirits #1 $25.00 - - Universal Broadmoore Gentleman’s Chest $599.99 - - Wine and Spirits #2 $25.00 - - Dyson V6 Motorhead Plus Cordless Vacuum $369.99 - - Wine and Spirits #3 $25.00 - - FujiFilm FinePix XP90 Waterproof Camera $179.99 - - Wine and Spirits #4 $25.00 - -

Sources: Company websites, store visits, and William Blair

Bhavan Suri +1 312 364 5314 35 William Blair

Exhibit 32 CVS

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 45% 15% 11% 19% 2014 41% 20% 2% 19% 2013 45% 26% 0% 19% 2012 47% 25% 0% 22% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 47% $13 ($2.72) -17.0% ($0.35) -2.7% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product CVS AMZN ǻ Product CVS AMZN ǻ Conair Infiniti You Curl Curling Iron $39.99 $22.49 ($17.50) Philips Universal Cassette Adapter G2g300 $14.99 - - Gillette Fusion Men's Razor Blade Refills (8 ct.) $35.99 $25.85 ($10.14) Foster Grant Blue Sunglasses $13.99 - - Vega Clean Protein with BCAAs + Glutamine $34.99 $33.01 ($1.98) Sun & Sky Men's Aqua Shoes $12.99 - - Swiffer Sweeper Floor Cleaner Starter Kit $29.49 $13.19 ($16.30) Huggies Little Snugglers Diapers, Jumbo Pack $11.99 - - Mr. Coffee Switch Coffeemaker $29.49 $23.55 ($5.94) Ensure Plus Nutrition Shake (8 oz., 6 ct.) $10.99 - - Olay Regenerist Micro-Sculpting Facial Serum $28.49 $16.62 ($11.87) Tiger Balm Extra Strength Pain Relieving Ointment $9.29 - - SanDisk Ultra SDHC/SDXC 8GB Memory Card $25.49 $5.99 ($19.50) Muscle Milk 100 Calorie Protein Shake (4 pack) $9.29 - - Tide Laundry Detergent Original Scent $21.99 $34.99 $13.00 Orange Fresh 4-in-1 Hardwood Floor Cleaner $8.99 - - One A Day VitaCraves Multivitamin Gummies $19.29 $19.98 $0.69 Harbortown Hadley 5" x 7" Picture Frame $8.99 - - 5-Hour Energy Extra Strength $17.79 $21.77 $3.98 Red Bull (4 Pack) $8.79 - - Mineral Ice Pain Relieving Gel (16 oz.) $17.29 $18.88 $1.59 MUA Color Infused Lip Balm, Nude $8.50 - - Vitafusion Fiber Gummies Peach Strawberry $15.29 $14.91 ($0.38) Kingsford Match Light $7.99 - - La Roche-Posay Medicated Cleanser (6.8 oz.) $14.99 $14.99 $0.00 Pedialyte Electrolyte Solution Tropical Fruit (33.8 oz.) $6.79 - - Clairol Nice 'N Easy Born Blonde Maxi $14.79 $13.16 ($1.63) CVS Adult Liquid Extra Strength Pain Relief $6.29 - - L'Oreal Clay Mask Exfoliate (1.7 oz.) $13.29 $9.99 ($3.30) Ice Mountain Water (24 Pack) $5.99 - - Prevacid24HR Delayed-release Capsules $12.99 $25.73 $12.74 Quaker Oatmeal Brown Sugar Squares (14.5 oz.) $5.99 - - Tampax Pearl plastic Tampons $11.99 $9.39 ($2.60) PCF Souvenirs Flashlight $5.99 - - ZzzQuil Nighttime Sleep-Aid Liquid $11.49 $13.98 $2.49 Edy's Caramel Delight Grand Ice Cream $5.79 - - Nature's Bounty Sublingual Vitamin B Complex $11.29 $6.89 ($4.40) Bradshaw Strainer $5.49 - - Shea Moisture Superfruit Complex Conditioner $11.29 $12.54 $1.25 Powerade Fruit Punch (8 Pack) $5.49 - - Biotene Plaque-BioFilm Mouthwash $10.79 $8.44 ($2.35) Nabisco Nutter Butter $5.49 - - Aleve Pain Relief Liquid Gels $9.99 $14.99 $5.00 Sports Illustrated Magazine $4.99 - - Neutrogena 2-in-1 Shampoo Plus Conditioner $9.29 $7.00 ($2.29) Shoe Gear Suede & Nubuck Cleaning Kit $4.99 - - Neutrogena Pore Exfoliating Cleanser (6.7 oz.) $9.29 $9.58 $0.29 Crest 3D Luxe Whitening Toothpaste $4.99 - - Gold Bond Body Powder Medicated $9.29 $9.72 $0.43 CVS Ultra Soft Earplugs $4.99 - - Atkins Endulge Caramel Nut Chew Bar $8.99 $11.93 $2.94 Cheerios and Ancient Grains Cereal $4.59 - - Caress Daily Silk Beauty Bar (6 Bars) $8.79 $9.38 $0.59 Hershey's Nuggets Special Dark with Almonds $4.49 - - Neutrogena Men's Face Lotion SPF20 (1.7 oz.) $8.49 $7.91 ($0.58) Gold Emblem Classic Blend Trail Mix $3.99 - - Old Spice Sculpting Hair Pomade (2.64 oz.) $8.29 $6.23 ($2.06) CVS Sensitive Cleansing Wipes $3.99 - - CLR Calcium Lime Rust Cleaner $8.29 $10.59 $2.30 Pacific Chicken & Wild Rice Soup $3.99 - - Singer Safety Pins Assorted Sizes $7.99 $5.76 ($2.23) Nature Valley Sweet & Salty Nut Bars Almond $3.99 - - Reese's Peanut Butter Cup Miniatures $7.29 $13.81 $6.52 Altoids Peppermint Sugarfree Mints (3 Pack) $3.99 - - John Frieda Volume Shampoo (8.45 oz.) $6.99 $4.19 ($2.80) V8 Splash Strawberry Lemon $3.79 - - Conair Full-Size and Mid-Size Vent Brush Set $6.99 $6.80 ($0.19) Dole Yellow Diced Peaches (Four 4 Oz. Cups) $3.69 - - Old Spice Men's Anti-perspirant & Deodorant $5.99 $5.99 $0.00 CVS Instant Hand Sanitizer $3.59 - - Kind Vanilla Clusters with Flax Seeds (11 oz.) $5.99 $8.12 $2.13 Total Home by CVS Premium Bath Tissue (4 ct.) $3.39 - - Kellogg's Frosted Flakes Cereal $5.99 $8.36 $2.37 CVS Gold Emblem Abound Light Popcorn (5 oz.) $2.99 - - Kellogg's Raisin Bran Cereal $5.49 $9.73 $4.24 Sugar Covered Gum Drop Candy $2.99 - - CVS Ibuprofen Coated Caplets $5.29 $9.75 $4.46 Red's Chicken and Cheese Burrito $2.79 - - Vaseline Original Petroleum Jelly (7.5 oz.) $4.99 $7.18 $2.19 Reese's Peanut Butter Cups Miniatures $2.77 - - Lysol Reach 'n Scrub Dishwand Refills $4.99 $7.99 $3.00 Queen Anne Milk Chocolate Cordial Cherries 6.6 oz. $2.49 - - Dove Silky Smooth Promises (9.5 oz.) $4.99 $14.14 $9.15 Dean's DairyPure Fat Free Milk $2.49 - - Ziploc Slider Easy Zip One Quart Freezer Bags $4.39 $6.99 $2.60 I Love Chicago Pen $1.99 - - Smuckers Strawberry Preserves $4.29 $9.35 $5.06 Campbell's Spaghettios with Meatballs $1.87 - - Pepperidge Farm Goldfish Snack Crackers $2.49 $5.77 $3.28 Nestle Baby Ruth (6 Pack) $1.67 - - Sylvania 9" Oscillating High-Velocity Fan $29.99 - - CVS Gold Emblem Banana Chips $1.57 - - FGX International Sunglasses $18.99 - - Yoplait Peach Yogurt Cup $1.49 - - Printed Hooded Sweatshirt $17.99 - - Just The Basics Nacho Cheese Tortilla Chips $1.00 - - CVS Lubricant Eye Drops Twin Pack (0.5 oz.) $17.29 - - T.G.I. Friday's Potato Skins Snack Chips $1.00 - - CVS Sitz Bath $16.99 - - Chicken Of The Sea Light Tuna In Water $1.00 - -

Sources: Company websites, store visits, and William Blair

36 Ryan Domyancic, CFA +1 312 364 5412 William Blair

Exhibit 33 Dillard's

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 30% 13% 8% 9% 2014 41% 17% 6% 18% 2013 -- - - 2012 -- - - Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 53% $60 ($3.19) -6.0% $1.45 2.4% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product DDS AMZN ǻ Product DDS AMZN ǻ Mikasa Dinnerware Services for 8 People $199.99 $201.99 $2.00 Waterford Crystal Green Hills Vase $49.50 - - UGG Ascot Men's Leather Slippers China Tea $120.00 $119.95 ($0.05) Gold Label Roundtree & Yorke Dress Shirt $49.50 - - Samsonite SoLyte 20" Carry-On Spinner $111.99 $159.99 $48.00 Murano Wardrobe Modern Sportshirt $49.50 - - Johnston & Murphy Hayes Tassel Dress Loafers $109.99 $113.41 $3.42 Copper Key Floral Print Scuba Swing Dress $49.00 - - Silver Jeans Co. Relaxed-Fit Denim Jeans $108.00 $69.99 ($38.01) Ralph Lauren Comfort Flex Pant Pleated Grey $47.70 - - Steve Madden Evade Dress Loafers $79.99 $64.99 ($15.00) Caribbean Big & Tall Bird of Paradise Shirt $47.70 - - Toms Men Viaje Sneaker $79.00 $86.88 $7.88 Daniel Cremieux Signature Pleated Solid Pants $45.00 - - Docker´s Insignia Flat-Front Classic Fit Pants $60.00 $60.00 $0.00 Creative Co-op Vase $44.80 - - Polo Ralph Lauren Chambray Solid Oxford Shirt $59.99 $64.99 $5.00 Cremieux Flat-Front Pacific Shorts $41.70 - - Polo Ralph Lauren Men's Pima Soft Touch Shirt $58.80 $52.99 ($5.81) Caribbean Rayon Batik Leaf Print Camp Shirt $41.70 - - Levi's 559 Big & Tall Relaxed-Fit Straight Jeans $55.00 $49.99 ($5.01) Cremieux Short-Sleeve Active Polo Shirt $41.70 - - Levi's Big & Tall 560 Comfort-Fit Jeans $55.00 $49.99 ($5.01) Murano Short-Sleeve Sportshirt $41.70 - - Under Armour Performance Golf Polo Shirt $54.99 $54.99 $0.00 Cremieux Short-Sleeve Solid Oxford Woven Shirt $41.70 - - Fossil Derrick Sliding 2-in-1 Wallet $50.00 $50.00 $0.00 Gold Label Roundtree & Yorke Non-Iron Shirt $41.70 - - Croscill Royalton Shower Curtain $50.00 $54.29 $4.29 Roundtree & York Jumbo Canopy $40.00 - - Levi´s 501 2ULJLQDO6KULQNWR)LW-HDQV $49.99 $46.99 ($3.00) Cremieux Burgendy Bow Tie $39.50 - - Perry Ellis Solid Vest $47.70 $33.74 ($13.96) Under Armour Polo Loose Blue $38.99 - - Daniel Cremieux Signature Fine Stripe Polo Shirt $47.70 $39.99 ($7.71) Nike Dri Fit Shorts Green $38.99 - - Ralph Lauren Flat-Front Dress Pants $47.70 $62.99 $15.29 Roundtree & Yorke Performance Shorts $37.50 - - Parish Nation Sweater $41.00 $24.60 ($16.40) Caribbean Short Sleeve Rayon Batik Shirt $35.70 - - Levi's Chino Pants $39.99 $42.99 $3.00 Cremieux Cassis Flat Front Shorts $35.70 - - Perry Ellis Slim-Fit Bedford Cord Flat-Front Pants $35.70 $35.99 $0.29 Cezanne Pearl and Pavé Fireball Bracelet Set $32.00 - - Fossil Cullen Leather Belt $35.00 $35.00 $0.00 Starting Out Treasures Girls Newborn Bodysuit $30.00 - - Columbia Sandry River Short Women's $32.00 $20.13 ($11.87) Roundtree & Yorke Big & Tall 3 Pack T-Shirts $30.00 - - Nike Photo Tee $30.00 $49.99 $19.99 Roundtree & Yorke Performance InnoMotion Polo $29.99 - - Mikasa Italian Countryside Salt & Pepper Shaker $29.99 $29.84 ($0.15) Roundtree & Yorke Travel Smart Twill Pants $29.99 - - PX Clothing Shirt Denim Blue $29.25 $58.74 $29.49 Iron Co Khaki Shorts $29.99 - - Nike Core Rapid 9" Volley Short $28.80 $48.00 $19.20 Roundtree & York Travel Smart Polo $29.99 - - Wusthof Gourmet 2-Piece Utility Set $19.99 $24.95 $4.96 Roundtree & York Plaid Button Down Shirt $29.99 - - Kate Spade New York Navy Insulated Tumbler $18.00 $20.80 $2.80 Roundtree & Yorke Big & Tall Scenic Swim Trunks $29.70 - - Coach North/South Swingpack In Leather $145.00 - - Roundtree & Yorke Americana Polo Shirt $29.70 - - Antonio Melani Antonio Pants $129.00 - - Cremieux Jeans Alex Solid Cargo Shorts $29.70 - - Folklore Artisan Purse $99.00 - - Cremieux Jeans Flat-Front Twill Shorts $29.70 - - Polo Ralph Lauren Classic-Fit Polo Shirt $98.00 - - Roundtree & Yorke Performance Polo $27.60 - - Ralph Lauren Dayton Lightweight Jeans $89.50 - - Roundtree & Yorke Big & Tall Twill Shorts $27.60 - - Southern Living Set of 8 BBQ Tools with Case $80.00 - - Nike Legend 2.0 Men´s Training Shirt $25.00 - - Artimino Venetian Hammered Glass Serving Tray $79.99 - - Roundtree & Yorke Big & Tall Full Briefs 3-Pack $24.00 - - Caribbean Short Sleeve Silk Camp Shirt $79.50 - - Roundtree & Yorke Fry Pigment Henley Shirt $21.60 - - Lifted Research Group Denim Jeans $79.00 - - Cremieux Straw Fedora Hat $21.00 - - Antonio Melani Tiffany V-Neck Blous $79.00 - - Gold Label Roundtree & Yorke Dress Socks $21.00 - - Daniel Cremieux Signature Pleat Front Pants $75.00 - - Class Club Big Boys Pull-On Shorts $19.20 - - Chelsea & Theodore Floral Swing Dress $69.00 - - Nike Dri-FIT Tank Top $18.00 - - Cremieux Classics III Toiletry Kit $60.00 - - Under Armour Baby Girls 12-24 Months Tee $15.99 - - Polo Ralph Lauren Button Up Shirt Pink $59.99 - - Roundtree & Yorke Big & Tall Jersey V-Neck Tee $15.00 - - Cremieux Jeans Paisley Woven Shirt $59.50 - - Southern Living Grill Press $14.99 - - Cremieux Short-Sleeve Oxford Shirt $59.50 - - Fiesta Ceramic Dinner Plate $13.00 - - Murano Big & Tall Z Box Narrow Silk Tie $59.50 - - Artimino Sienna Tuscan Ironstone Dinner Plate $10.00 - - Antonio Melani Dress Blue $59.15 - - Aman Green and White Towel $9.10 - - Perry Ellis Dobby Striped Woven Shirt $54.50 - - Artimino Sienna Tuscan Ironstone Coffee Mug $9.00 - - Sensorpedic Majestic Dual-Comfort Pillow $49.99 - - Mohawk Home Anti-Fatigue Kitchen Mat $8.39 - -

Sources: Company websites, store visits, and William Blair

Bhavan Suri +1 312 364 5314 37 William Blair

Exhibit 34 Dollar General

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 14% 5% 3% 6% 2014 17% 5% 0% 12% 2013 32% 11% 0% 21% 2012 35% 17% 1% 17% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 0% $7 $3.35 46.8% $3.94 57.0% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product DG AMZN ǻ Product DG AMZN ǻ Car Cane $15.00 $18.98 $3.98 Trueliving 5" x 7" Picture Frame $3.50 - - Toastmaster Electric Can Opener $10.00 $14.99 $4.99 Scrubbing Bubbles Bathroom Cleaner, Lemon $3.25 - - Pampers Baby Dry Diapers $10.00 $15.21 $5.21 Trueliving Flatware Set (12 Piece) $3.00 - - Huggies Snug & Dry $8.50 $15.49 $6.99 Refresh Odor Eliminating Freshener for Car $3.00 - - Dickies Hat $8.00 $13.20 $5.20 Heinz Tomato Ketchup (38 oz.) $3.00 - - Hanes Boys Briefs $7.45 $10.55 $3.10 Hot Shot Ant & Roach Killer $3.00 - - WetJet 17 Original Pad Refills $7.00 $9.99 $2.99 Rubbermaid Takealongs $3.00 - - Nerf Turbo Football $6.00 $7.99 $1.99 STP Super Concentrated Fuel Injector Cleaner $3.00 - - Clorox Bleach $5.00 $11.79 $6.79 Mexican Style Four Cheese Blend $2.99 - - Pedigree Small Breed Dry Dog Food $4.95 $5.71 $0.76 DG Hardware Tape Measure $2.80 - - Meow Mix Tender Centers Salmon and Chicken $4.50 $9.05 $4.55 Clorox Clean-Up Spray with Bleach $2.75 - - Bounce Dryer Sheets $4.25 $6.16 $1.91 Ritz Bits Cheese Sandwich Crackers (7.5 oz.) $2.50 - - Windex Window Cleaner, Original $3.25 $3.99 $0.74 Arm & Hammer Candle $2.50 - - Dial Baby Body and Hair Wash $3.00 $9.00 $6.00 Velveeta Shells Cheese Bacon $2.50 - - Igloo 30 qt. Contour Cooler $20.00 - - DG Home Cleaner with Bleach $2.25 - - Trueliving Oscillating Fan $16.00 - - Rubbermaid Ergonomic Grip Bottle $2.25 - - Mega Bloks Halo Toy Set $15.00 - - Irish Spring Bar Soap $2.25 - - Embassy Clothing Button Shirt $10.00 - - Mr. Clean Cleaner, Summer Citrus $2.15 - - Comfort Bay Blackout Curtains $10.00 - - Clorox Toilet Bowl Cleaner, Clinging Bleach Gel $2.00 - - Cascade Platinum Pacs $10.00 - - BIC Soft Feel Retractable Pens $2.00 - - Star Scrubs $10.00 - - Shelf Liner Magic Cover $2.00 - - DG Home Drawstring Trash Bags $8.95 - - DG Office Calculator $2.00 - - Opti-Free Express Disinfecting Solution $8.00 - - Trueliving Flexible Cutting Boards $2.00 - - Trueliving Garden Hose $8.00 - - Gerber Graduates Puffs $2.00 - - Optima Hamburger T-Shirt $7.00 - - Wishbone Italian Dressing $2.00 - - Rexall Ibuprofen $7.00 - - Trueliving Tea Lights $2.00 - - Angel Soft Toilet Paper $7.00 - - Conair Super Comb $2.00 - - Marvel Hulk Action Figure $6.00 - - Zebra Cakes $1.95 - - Sterilite Show Offs Container $6.00 - - Pure Leaf Unsweetened Black Tea $1.75 - - Gain Ultra Original Laundry Detergent Powder $5.95 - - DG Home 20oz. Foam Cups $1.50 - - Bounty Full Sheet $5.95 - - Mr. Clean Textured Sponge $1.50 - - Rexall Daytime / Nighttime Cold Medicine $5.85 - - Hefty Deluxe Extra Strong Plates $1.50 - - Adult Swim Mask $5.00 - - Rice Sides Chicken Flavor $1.25 - - Toddler Sandals $5.00 - - Speed Stick Avalanche Deodorant $1.00 - - Anchor Bakeware Glass Dish $5.00 - - EverPet Beefy Sticks Dog Treats (4.5 oz.) $1.00 - - AirWick Auto Refill $5.00 - - Trueliving Fly Swatter $1.00 - - Traditions by Waverly Candle $5.00 - - Nylon Basting Spoon $1.00 - - Evercare Lint Roller $4.85 - - Tissue Paper $1.00 - - Ziploc Freezer Bags $4.50 - - Eagle Products Rubbing Alcohol $1.00 - - Nathan's Beef Franks $4.50 - - Sweet Smiles Gummy Bears (7 oz.) $1.00 - - Peak Power Steering Fluid $4.25 - - Colgate Sparkling White $1.00 - - Kingsford Charcoal $4.00 - - Totally Awesome Liquid Fabric Softener $1.00 - - Elmer's Spray Adhesive $4.00 - - Disney Baby Rattle $1.00 - - Duck Packaging Tape $4.00 - - Trueliving Bottle Opener $1.00 - - Cutter Backwoods Insect Repellent $4.00 - - Hefty Storage Slider Quart Bags $1.00 - - Sharp Wall Clock $4.00 - - Star Snacks Salted Roasted Peanuts (5 oz.) $1.00 - - Trueliving 4 Piece Kitchen Set $4.00 - - DG Wooden Clothespins $1.00 - - DG Baby Softly Scented Wipes $4.00 - - Butter Toffee Sunflower Kernels $1.00 - - Wonka Magical Minis Ice Cream $3.65 - - Mickey Mouse Liquid Soap $1.00 - - Mr. Clean Mop Refill $3.50 - - Baby Magic Gentle Baby Wipes $1.00 - -

Sources: Company websites, store visits, and William Blair

38 Ryan Domyancic, CFA +1 312 364 5412 William Blair

Exhibit 35 Dick's Sporting Goods

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 49% 21% 9% 19% 2014 55% 23% 6% 26% 2013 56% 25% 10% 21% 2012 61% 25% 7% 29% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 69% $126 $0.79 0.6% $3.57 2.8% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product DKS AMZN ǻ Product DKS AMZN ǻ TaylorMade M2 Hybrids and Irons $899.99 $999.99 $100.00 GT Girls' Lola 20" Mountain Bike $279.99 - - Diamondback Adult Recoil 27.5" Mountain Bike $699.99 $699.99 $0.00 Fitness Gear Olympic Bench $199.99 - - Under Armour Victory Series Catcher's Set $279.99 $236.39 ($43.60) Pelican Trailblazer 100 Kayak $199.98 - - Coleman Tenaya Lake 8 Person Tent $269.99 $180.04 ($89.95) Fitness Gear 300 lb. Olympic Weight Set $199.98 - - Century Bob Torso Training Bag $269.99 $269.99 $0.00 North Face Furnace 20 Degree Sleeping Bag $179.00 - - Lifetime Amped 11 Stand-Up Paddle Board $262.97 $499.00 $236.03 Fitness Gear Standard Bench $119.99 - - DeMarini CF8 Fastpitch Bat 2016 $259.97 $247.88 ($12.09) Nike Men's Vandal Defense Lacrosse Shaft $109.99 - - Wilson 11.75" Clayton Kershaw A2000 Glove $249.99 $249.95 ($0.04) Nike Men's Air Max Typha Training Shoes $109.99 - - YETI Roadie 20 Cooler $249.99 $275.00 $25.01 PRIMED 54'' Authentic Metal Hockey Goal $109.99 - - Danner Men's Pronghorn 8" Hunting Boots $229.99 $175.05 ($54.94) Fitness Gear Hyper Bench $99.99 - - Timberland Men's Icon Waterproof Winter Boots $189.99 $175.10 ($14.89) Under Armour Men's Bora Rain Jacket $99.99 - - Thule Byway Hitch Mount 2-Bike Rack $179.99 $199.95 $19.96 The North Face Women's Stinson Rain Jacket $90.00 - - Easton S2 Big Barrel Bat 2015 $159.99 $229.95 $69.96 DonJoy Performance Bionic Knee Brace $84.99 - - The North Face Men's Apex Soft Shell Jacket $149.00 $136.00 ($13.00) Mizuno 12.5" Brown Series Fastpitch Glove $79.99 - - Eureka! Sunriver 3 Person Tent $139.99 $159.99 $20.00 Worth 12" Practice Fastpitch Softball Bucket $79.99 - - LG Tone Active Wireless Stereo Headset $129.99 $86.00 ($43.99) Quest Club Level Badminton Set $79.99 - - Nike Men's HyperVenom Phatal II Soccer Cleats $119.99 $79.99 ($40.00) Warrior Black Hole T1 Lacrosse Bag $79.99 - - STX Men's Cell III Lacrosse Shoulder Pads $119.99 $119.99 $0.00 Nike 11.5" Shadow Edge Series Glove $79.97 - - Cascade Youth CS Lacrosse Helmet $109.99 $109.99 $0.00 Nike Men's Swingman Batting Jacket $75.00 - - Easton Walk-Off Bat Pack 2016 $79.99 $58.49 ($21.50) CCM Senior 1052 Ice Hockey Skates $69.99 - - Speed Stick Carbon Blue Casting Rob $69.99 $61.37 ($8.62) BLK Heathered Tech Fleece Women's Pullover $65.00 - - Aqua Lung Sport Women's Jewel Snorkel Set $69.99 $64.95 ($5.04) STX Youth Stallion 100 Lacrosse Shoulder $59.99 - - Warrior Men's Burn Lacrosse Arm Pads $59.99 $34.99 ($25.00) Touch by Alyssa Women's MLB Team Full-Zip $55.00 - - Leatherman Rebar Multi-Tool $59.99 $59.85 ($0.14) Coleman River Gorge 40 Degree Sleeping Bag $49.99 - - STX Youth Stallion 100 Lacrosse Gloves $59.99 $69.99 $10.00 Warrior Boys' Rabil Next 2 Lacrosse Stick $49.99 - - Century Reactor Freestanding Bag $59.98 $100.83 $40.85 Primed 2015 Instant Guard $49.99 - - SKLZ 6X Hurdles $49.99 $31.33 ($18.66) Fitness Gear 45 lb. Olympic Bumper Plate $44.99 - - Easton Junior Z5 Grip/Mako Batting Helmet $49.99 $40.05 ($9.94) Cutters Youth Rev Pro Receiver Gloves $44.99 - - BamBooBat Adult Bamboo Bat $49.99 $40.44 ($9.55) Spedge SR Shoulder Pads CCM $39.99 - - RIP-IT Youth Defense Pro Softball Face Guard $49.99 $49.97 ($0.02) UFC 10 oz. Women's Boxing Gloves $39.99 - - Columbia Men's PFG Tamiami Long Sleeve Shirt $48.00 $39.95 ($8.05) Cliff Keen Adult Signature Wrestling Headgear $39.99 - - Wilson NCAA Autograph Official Football $44.99 $36.76 ($8.23) Quest 90mm Club Level Bocce Set $39.99 - - Under Armour Men's HeatGear Armour Leggings $39.99 $29.99 ($10.00) Fitness Gear Fitness Air Mat $39.99 - - Under Armour Men's Undeniable Baseball Shorts $39.99 $39.99 $0.00 Vans Men's Atwood Skate Shoes $39.97 - - Bauer Senior Supreme Ice Hockey Elbow Pads $39.99 $39.99 $0.00 STX Men's Viper 2 Strung Lacrosse Head $39.97 - - Mikasa VQ2000 Indoor Competition Volleyball $39.99 $90.00 $50.01 adidas Men's Phenom Baseball Pants $34.99 - - Mizuno LR6 Volleyball Knee Pads $29.99 $19.33 ($10.66) Nike Youth Swingman Batting Gloves $30.00 - - SKLZ Powerbase Lacrosse Trainer $29.99 $23.86 ($6.13) Easton Youth Fastpitch Batting Gloves $29.99 - - Quest 10' x 10' Wind Screen $29.99 $49.90 $19.91 CCM Extreme Flex II Mini Goalie Stick $27.99 - - Harbinger Men's 6'' CoreFlex Competition Belt $28.97 $44.17 $15.20 Under Armour Men's Sportstyle T-Shirt $24.99 - - Under Armour Men's HeatGear Shirt $27.99 $22.95 ($5.04) Women's NFL Player Jersey Shirt $21.93 - - Optimum Nutrition Whey Gold Standard (2 lbs.) $25.97 $29.50 $3.53 Easton E100T Fastpitch Tote Bag $19.99 - - Under Armour Men's Shadow AirVent Hat $24.99 $24.99 $0.00 PTEX Fitted Elbow Sleeve $14.99 - - Jordan Jumpman Flight Crew Socks $20.00 $18.76 ($1.24) adidas Adult Triple Stripe Batting Gloves 2016 $14.99 - - Quest Oversized Arm Chair $19.99 $43.50 $23.51 adidas Adult Baseball Belt 2016 $7.99 - - Forever Collectibles NHL Team Scarf $16.99 $12.97 ($4.02) PRIMED Mini Plastic Training Balls (12 Pack) $6.99 - - Heater PowerAlley Pitching Machine Balls $14.99 $24.98 $9.99 Rawlings RCAL1 Cal Ripken League Baseball $5.99 - - NFL Team Rush Motion Low Socks (3 Pack) $14.97 $8.25 ($6.72) Warrior Pro Lacrosse Shooter Pack $4.99 - - O2COOL Arctic Squeeze Mist 'N Sip Bottle $12.99 $14.99 $2.00 adidas Batting Helmet Chin Strap $2.99 - - Perception Swifty Deluxe 95 Kayak $369.99 - - Lifetime Inflation Needles (3 Pack) $2.49 - -

Sources: Company websites, store visits, and William Blair

Bhavan Suri +1 312 364 5314 39 William Blair

Exhibit 36 Dollar Tree

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 10% 5% 3% 2% 2014 14% 3% 0% 11% 2013 28% 10% 0% 18% 2012 31% 10% 2% 19% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 50% $9 $1.09 11.4% $1.47 16.4% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product DLTR AMZN ǻ Product DLTR AMZN ǻ Dirt Devil Simpli-Stik Lightweight Bagless Vacuum $24.00 $19.96 ($4.04) Tostitos Dips, Medium Con Queso Dip (15 oz.) $3.00 - - Proctor Silex Steam Iron with Nonstick Soleplate $15.00 $24.99 $9.99 Kellogg's Pop-Tarts Frosted Strawberry (12 ct.) $3.00 - - Voit Rubber Football with Laces, Junior Size $10.00 $12.72 $2.72 Cinnamon Toast Crunch Cereal (12.2 oz.) $3.00 - - Folgers Supreme Ground Coffee (24.2 oz.) $9.75 $8.13 ($1.62) Disney Frozen Clay Buddies Activity Book $3.00 - - Energizer Max Alkaline 9 Volt Battery (2 ct.) $8.00 $6.95 ($1.05) Foam Sword $3.00 - - IRWIN Vise Grip 7" Jaw Locking Pliers $5.75 $9.64 $3.89 Ja-Ru Jaru Gg Princess Set $2.75 - - Alka-Seltzer Cold and Flu Night Powder (6 ct.) $5.50 $4.97 ($0.53) Murphy Oil Soap, Original Formula (16 oz.) $2.75 - - Dove Men+Care Body and Face Wash (13.5 oz.) $4.50 $7.37 $2.87 Planters Trail Mix, Nuts and Chocolate (6 oz.) $2.50 - - Crest Pro-Health Mint Toothpaste (4 oz.) $4.25 $3.49 ($0.76) Lysol Multi-Surface Cleaner (28 oz.) $2.50 - - Old Spice Fresh Scent Men's Deodorant (3 oz.) $2.85 $6.11 $3.26 Quaker Instant Oatmeal Flavor Variety (7 Pack) $2.50 - - Interiors by Design Coffee Table With Bins $30.00 - - Prego Homestyle Alfredo $2.35 - - 34 Gallon Rugged Trash Can with Wheels $20.00 - - Elmer's Krazy Glue Maximum Bond (0.18 oz.) $2.35 - - Family Chef Pasta Cookware Set (7 Piece) $16.00 - - Family Dollar Food Storage Zip Gallon $2.15 - - Good Choice 6 Outlet Power Strip (2 Pack) $12.00 - - Foam Chucks Purple $2.00 - - Interiors by Design Fabric Shower Curtain Black $11.00 - - Cheez It Crackers Original (7 oz.) $2.00 - - Interiors by Design Textured Shower Curtain $10.50 - - TAT Roach and Ant Pest Killer (12 oz.) $2.00 - - Fresh Step Scented Cat Litter (20 lbs.) $10.50 - - Cherry 7up (20 oz.) $1.70 - - Proctor Silex Can Opener and Knife Sharpener $10.00 - - Family Chef Stainless Steel Spatula $1.65 - - Interiors by Design Grommet Window Panel $10.00 - - Family Gourmet Jalapeno Slices $1.50 - - Family Chef Mini Food Chopper $10.00 - - Knorr Pasta Sides Parmesan $1.35 - - Outdoors by Design 50' Garden Hose $10.00 - - Interiors by Design Value Shower Hooks (12 ct.) $1.35 - - Outdoors by Design 30 Can Cooler $10.00 - - Beaded Necklace (4 Pack) $1.00 - - Children's Triaminic Suspension Fever And Cold $6.50 - - Emoji Sponge Balls $1.00 - - Interiors by Design Soft & Warm Throw $6.00 - - Cello Treat Bags Pink (25 ct.) $1.00 - - Spring Bed Pillow Cool Loft Extra Firm $6.00 - - Modesa Cherry Blossom Cream (8 oz.) $1.00 - - Family Wellness Maximum Strength Mucus Relief $6.00 - - AirHeads Fruit Flavor Candy $1.00 - - Family Dollar Scented Oil Refills $5.50 - - Outdoors by Design Transplanter $1.00 - - Family Dollar Stretch Vinyl Disposable Gloves $5.25 - - Single Basil Herb Grow Kit $1.00 - - Mattel Batman & Batmobile $5.00 - - Werther's Original Chewy Caramels $1.00 - - H2 Noise Isolating Earbuds $5.00 - - Margaret Holmes Seasoned Blackeye Peas $1.00 - - Dawn Ultra Dishwashing Liquid, Original Scent $5.00 - - Pine Glo Kitchen & Bathroom Cleaner $1.00 - - Splash Fun Water Bomb $5.00 - - Storage Containers Deep Rectangle $1.00 - - ACE Standard Playing Cards 2 Decks with 5 Dice $5.00 - - Flyswatters (2-Pack) $1.00 - - Star Lytes Citronella Candle (15 oz.) $5.00 - - Fabric Softener Field Flowers (15.2 oz.) $1.00 - - Bella Solid Flat 10 Gallon Lid Tote $5.00 - - Wow Bath Tissue $1.00 - - Interiors by Design Canvas Art Set $5.00 - - Ja Ru Super Bang Cap Shot Toy $1.00 - - Powerade Mountain Berry 20 oz. Bottles (8 ct.) $5.00 - - Chef's Select Cayenne Pepper $1.00 - - Nerf Rebelle Slingback Blaster $5.00 - - Small Foil Bin $1.00 - - Scotch Brite Heavy Duty Scrub Sponges $4.75 - - Clean Touch Dual Action Scouring Sponge $1.00 - - Sterilite Rectangular Laundry Basket $4.65 - - Moon Pie Vanilla Mini Pies (6 oz.) $1.00 - - Armor All Tire Foam (20 oz.) $4.65 - - Modesa Nail Polish Remover $1.00 - - Interiors by Design Paint Brush Set $4.65 - - Handle Tie Tall Kitchen Bags (10 Bags) $1.00 - - Purex Crystals Laundry Enhancer (24 oz.) $4.25 - - Breezy Fabric Softener Sheets (55-count) $1.00 - - Clear Eyes for Maximum Itchy Eye Relief (0.5 oz.) $4.00 - - Family Chef Kitchen Shears $1.00 - - Kraft Easy Mac Macaroni Microwavable Cup $3.75 - - Interiors by Design Safety Pins (60 ct.) $1.00 - - Reese's Mini Sticks (6.3 oz.) $3.75 - - Clean Touch Duster Microfiber $1.00 - - Disposable Classic Lighters (9 Pack) $3.65 - - Family Dollar Antibacterial Hand Soap (7.5 oz.) $1.00 - - Reynolds Wrap Aluminum Foil (65 Square Feet) $3.25 - - Paper Portfolio 2 Pocket 3 Prong $0.80 - - Family Dollar Sweeper Cloths $3.25 - - Cup Noobdes Homestyle $0.70 - - Purina Beggin Strips Dog Snacks (6 oz.) $3.25 - - Potholder with Star Design $0.50 - -

Sources: Company websites, store visits, and William Blair

40 Ryan Domyancic, CFA +1 312 364 5412 William Blair

Exhibit 37 Five Below

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 10% 4% 5% 1% 2014 14% 3% 0% 11% 2013 17% 6% 1% 10% 2012 35% 14% 4% 17% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 20% $5 $1.76 36.9% $1.97 42.0% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product FIVE AMZN ǻ Product FIVE AMZN ǻ Melissa & Doug Velvet Sticker Collection $5.00 $4.74 ($0.26) Room 2 Room Bed Canopy $5.00 - - Yes To Coconut Cleansing Wipes (30 ct.) $5.00 $5.50 $0.50 Chicago Beas Mini Hoop Set $5.00 - - Sharpie Permanent Markers, Fine Point (8 Pack) $5.00 $6.79 $1.79 Gouriv Solutions Food Storage Set $5.00 - - Bejeweled Frenzy Game $5.00 $7.89 $2.89 Vice iPad Mini Case, Purple $5.00 - - Emoji Smiley Round Cushion Stuffed Pillow $5.00 $7.99 $2.99 Series 8 Fitness Men's Socks $5.00 - - Star Wars Episode 7 The Force Awakens Puzzle $5.00 $8.00 $3.00 Metropack Lunch Tote $5.00 - - Hello Kitty Dream 'N Doodle Game $5.00 $9.99 $4.99 Spektrum Glitter Hybrid Case, Purple $5.00 - - Anchor Duck Brand Duct Tape $4.99 $3.95 ($1.04) Emoji Fun Puzzles $5.00 - - The Weather Station Adult Poncho $4.00 $7.88 $3.88 Space Battle Lazer Pistol $5.00 - - Shopkins Party Invitations (8 ct.) $3.00 $3.99 $0.99 Dark Navy Dress $5.00 - - 2 Piece Ceramic Mug Gift Set $5.00 - - Bass Jaxx Krome Headphones $5.00 - - Motorized ATV Metal Construction Building Set $5.00 - - NBA Championship Pump $5.00 - - H2Woah Beach Towel $5.00 - - C&I Collectables Baseball Cards $4.99 - - Sole Mate Red Shoes $5.00 - - Weather Zone Oversize Folding Umbrella $4.00 - - Fedora Hat $5.00 - - Optial Scroll Mouse $4.00 - - Decorate-Your-Own Rubber Duck $5.00 - - Forever Collectibles MLB Baseball Sandals $4.00 - - "I Wish I was Full of Pizza" Notebook $5.00 - - Poster Black and White Design $4.00 - - Minions Lip Balm Gift Set (7 ct.) $5.00 - - Woodland Sunshire Lip Balm $4.00 - - Lots-Of-Knots Emoticon Pillow $5.00 - - Series 8 Fitness Finger Strengthener $4.00 - - Quilted Floral Backpack $5.00 - - Batman V Superman Series 2 Mighty Mini's $3.29 - - Backpack Black and White Pattern $5.00 - - Front to Back Earrings $3.00 - - Emojikins Talking Cool Cat Pillow with Lights $5.00 - - ALEX Toys Artist Studio Star Shaped Crayons $3.00 - - Sonix Stereo Headphones $5.00 - - Sharpie Accent Tank-Style Highlighters (6 ct.) $3.00 - - Fitness Slimmer Belt Waist Shaper Trimmer $5.00 - - "If Life Gives You Melons" Magnet $3.00 - - Sole Mate Red White Stripes $5.00 - - Room 2 Room 6 Pack Washcloth $3.00 - - Beyblade Extreme Top System $5.00 - - Play Visions Fun Straws $3.00 - - Women's Fringe Crossbody Hand Bag $5.00 - - Prang Thick Core Colored Pencil Set, 12 Pencils $3.00 - - Mini Skateboard $5.00 - - Disney Frozen Bead Necklaces (3 ct.) $3.00 - - Coffee Tumbler $5.00 - - SpongeBob Squarepants Playing Cards $3.00 - - Series 8 Fitness Foam Roller $5.00 - - Lysol Disinfectant Spray, "To Go" (1 oz.) $3.00 - - Heart Jewelry Tree $5.00 - - Glam Chick Luscious Lips $2.50 - - iWorld Audio Cable $5.00 - - Wrestle Rampage Tag Team $2.00 - - White Dreamcatcher $5.00 - - Ja-Ru #923 Snub Nose Cap Gun $2.00 - - Just Wireless A/C Phone Charger $5.00 - - View Binder, Pink $2.00 - - Red Lantern and Compass $5.00 - - BIC Gel-ocity Retractable Gel Pen (2 ct.) $2.00 - - Skippie Sole Mates Slippers $5.00 - - Grade 1 Math Computation Book $2.00 - - Youse Selfie Stick $5.00 - - "I Believe in Magic" Lanyard $2.00 - - High Five Horseshow Set $5.00 - - Air Freshener for Auto and Home, Plum Scented $2.00 - - Verge Soccer Ball Size 4 $5.00 - - Kray Z String, Yellow $2.00 - - Spektrum Tuff Case for IPhone, Glow in the Dark $5.00 - - Wiffle Brand Performance Baseballs $1.50 - - 2 Piece Jewelry Stand Set $5.00 - - Sprinkle Napkin Set $1.50 - - RBK Live Life Active Sport Crew Socks $5.00 - - Unique Royal Blue Round Plastic Tablecloth $1.50 - - Brix Brick N' Build iPhone 5s Case $5.00 - - Elmer's School Glue $1.00 - - Tie Dye Shirt $5.00 - - Palmer's Shea Butter Formula (1.7 oz.) $1.00 - - Room 2 Room Folding Ottoman $5.00 - - Mini Erasers (40 ct.) $1.00 - - "S" Notebook $5.00 - - Gold Bond Medicated Powder (1 oz. Container) $1.00 - - Royal Blue TyeDye Blue Smocked Dress $5.00 - - Exfoliating Glove $1.00 - - Series 8 Fitness 5 Pound Dumbbell $5.00 - - SandyLion Stickers Peace Sign $1.00 - - Youse Dual USB Wall Charger $5.00 - - Unique Window Marker, White $1.00 - - Citronella Torch Fuel (44 oz.) $5.00 - - Noxzema Twin-Blade Shaver $1.00 - -

Sources: Company websites, store visits, and William Blair

Bhavan Suri +1 312 364 5314 41 William Blair

Exhibit 38 The Home Depot

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 65% 14% 11% 40% 2014 36% 20% 2% 14% 2013 40% 22% 1% 17% 2012 28% 19% 3% 6% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 28% $109 $0.35 0.7% $24.65 22.6% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product HD AMZN ǻ Product HD AMZN ǻ Gasoline Powered Portable Generator $999.00 $1,387.27 $388.27 Clean and Fresh 138 oz. Laundry Detergent $10.97 $19.99 $9.02 LG Electroincs 4.5 cu. ft. Washer $610.00 $652.00 $42.00 Collector Series 8" Poly Shrub Rake $9.97 $9.99 $0.02 LG Electronics 7.3 cu. ft. Electric Front Control Dryer in W $610.00 $659.00 $49.00 Diablo 3" x 21" 50-Grit Sanding Belt (5 pk.) $9.97 $10.63 $0.66 Recycler 22" Variable Speed Gas Lawn Mower $399.00 $389.00 ($10.00) Stanley PowerLock 25 ft. Tape Measure $9.97 $10.96 $0.99 2-Cycle 22.8 CC Straight Shaft Gas Trimmer $289.00 $420.45 $131.45 Dewalt Demo Driver Set (2 piece) $9.97 $10.99 $1.02 LG Electronics Portable Air Conditioner $279.00 $279.00 $0.00 16 oz. 2-Cycle 50:1 Motor Oil for Engines $8.97 $16.18 $7.21 Chamberlain Wi-Fi Garage Door Opener $268.00 $403.24 $135.24 Grip-Rite 1-1/4" Drywall Screws (1 lb. pack) $8.24 $10.25 $2.01 Kohler Classic Complete Toilet $258.00 $500.31 $242.31 Soft White A19 Dimmable LED Light Bulb $7.97 $5.25 ($2.72) Elkay Perfect Drain Dual Mount Stainless Steel $229.00 $385.64 $156.64 Suspend-It 300 ft. Hanger Wire for Ceiling Grids $7.48 $7.48 $0.00 20-Volt Electric Cordless Brushless Trimmer $199.00 $203.52 $4.52 0.67 oz. Fresh Waters Scented Oil Refill (3 pk.) $7.27 $6.48 ($0.79) Ridgid Oscillating Edge/Belt Spindle Sander $199.00 $245.81 $46.81 Hampton Bay Studio Wall Plate $6.97 $7.52 $0.55 Everbilt 1/2 HP Submersible Sump Pump $189.00 $144.48 ($44.52) GE 10.1 oz. White Kitchen and Bath Caulk $6.24 $11.48 $5.24 Ridgid 16 Gallon Stainless Steel Vacuum $179.00 $225.93 $46.93 Rubbermaid 2-in-1 Scrubber with Scour Pad $5.98 $6.89 $0.91 Daylesford 52" LED Indoor Ceiling Fan $169.00 $169.95 $0.95 Jumbo Red Steel Wool Soap Pads (30 ct.) $3.77 $3.77 $0.00 Ryobi 18-Volt Lithium-Ion Cordless Drill $149.00 $129.99 ($19.01) Scripto Aim 'N Flame Lighter $2.97 $6.99 $4.02 Delta Mandara Tub and Shower Faucet $149.00 $206.98 $57.98 GE 22.1 cu. ft. French Door Refrigerator in Slate $2,197.00 - - Milwaukee M18 Jobsite Radio $119.00 $114.99 ($4.01) Gallery 5.0 cu. ft. Gas Range $999.00 - - Moen Darcy 8" Widespread Chrome $119.00 $116.98 ($2.02) Ridgid 8-Gal. Gas-Powered Air Compressor $799.00 - - Ridgid 18-Volt Cordless Reciprocating Saw $119.00 $129.99 $10.99 Feather River Doors 38" x 82" Front Door $499.00 - - Dewalt 18-Gauge Pneumatic 1/4' Crown Stapler $109.00 $106.98 ($2.02) Milwaukee 30" 12-Drawer Steel Tool Chest $498.00 - - Milwaukee M18 18-Volt Cordless Circular Saw $109.00 $119.99 $10.99 Glacier Bay Vanity in Glazed Wall Mirror $269.00 - - Husky 4-Tool Air Tool Kit $99.98 $125.45 $25.47 Clopay Value Non-Insulated Garage Door $234.00 - - IDC Lighting Black and Red LED Work Light $99.00 $165.72 $66.72 Variable-Speed Turbo Cordless Electric Blower $179.00 - - Wall-Mount Roll Towel Dispenser in Smoke Gray $89.97 $89.99 $0.02 American Craftsman Double Hung Vinyl Window $157.00 - - Honeywell Programmable Thermostat $79.97 $52.21 ($27.76) 12" x 12" Tile (Price per 10 Sq. Ft.) $129.80 - - Rigid 25' Generator Cord $69.97 $72.97 $3.00 Cattleman 29" Charcoal Grill and Smoker $129.00 - - Magic Chef 1.1 cu. ft. Countertop Microwave $64.88 $79.63 $14.75 36" x 35" x 24" Sink Cabinet in Unfinished Oak $109.00 - - Empire 72 in. Aluminum Box Level $59.97 $49.99 ($9.98) 800 lb. Capacity 2-in-1 Convertible Hand Truck $87.98 - - Cranbrook Collection Iron 1-light Wall Lantern $59.97 $154.87 $94.90 5-Gallon High-Traffic Floor Polish $66.97 - - Martha Stewart Living 36" x 30" Framed Mirror $54.97 $84.43 $29.46 Husky 20" Tool Tote with Magnetic Closure $59.88 - - Gibraltar Mailboxes Wall-Mount Mailbox $49.97 $64.94 $14.97 Polished Chrome Water Cube Glass Pendant $49.97 - - 1/2" x 25' Corrugated Stainless Steel Tubing $42.47 $42.47 $0.00 Cerrowire 100 ft. 12/2 NM W/G Wire $34.97 - - Bosch 1" x 16" x 18" SDS Plus Hammer Drill Bit $41.97 $29.99 ($11.98) Ferrara Marron 17" x 17" Tile (Price per Case) $26.10 - - 4 Gallon Superior Carpet Glue Adhesive $35.97 $38.73 $2.76 10" ZZ Plant Grown by Costa Farms $24.98 - - 17" 2.7-Amp Electric Hedge Trimmer $32.97 $38.22 $5.25 Defiant Hartford Entry Knob and Deadbolt $21.97 - - Grabber 1-5/8" Phillips Wood Deck Screws $32.97 $43.92 $10.95 NactoHome Heavy Traffic Rug 5' x 7' $19.97 - - Lutron Diva Single-Pole Dimmer $29.97 $27.99 ($1.98) WaterWorks 5/8" x 100' Grade Garden Hose $19.88 - - Wiss Aviation Snip Set (3 piece) $29.96 $55.20 $25.24 Fifth Avenue 2" x 4" Lay-In Ceiling Tile (3 pk.) $19.01 - - Dewalt Wood Chisel Set (4-Piece) $28.97 $31.78 $2.81 Husky 16-Piece Air Compressor Kit $17.98 - - Hart 21 oz. Milled Face Steel Framing Hammer $25.97 $34.88 $8.91 CE Tech 50' CAT5e UTP Patch Cord $17.97 - - Commercial Manual Ranging Digital Multimeter $24.97 $19.99 ($4.98) Cerro 3/4" x 10' Copper Straight Pipe $11.38 - - Commercial Electric LED Flushmount $24.97 $33.93 $8.96 Rheem 12" x 20" x 1" Household Air Filter $8.97 - - Cerrowire 100 ft. 10-Gauge Red Stranded Wire $20.97 $44.57 $23.60 1 Gallon Ready-to-Use Weed-B-Gon Control $8.97 - - Kingsford 18.6 lb. Charcoal Briquettes (2 ct.) $19.87 $42.99 $23.12 Minwax Wood Finish Oil-Based Interior Stain $7.56 - - 42 GallonClean-Up Bags (32 ct.) $17.84 $27.02 $9.18 12" x 24" Porcelain Tile (price per sq. ft.) $4.99 - - Milwaukee Reciprocating Saw Blades (5 pk.) $16.97 $19.95 $2.98 Sphagnum Peat Moss $4.78 - - Keeper 1" x 10' Cam Buckle Tie-Downs $14.46 $18.55 $4.09 1-1/4" x 10' PVC Plain-End Drain Pipe $3.32 - - Stanley 10 in. Fine-Finish Mini Utility Saw $12.98 $12.50 ($0.48) Windex 26 oz. Disinfectant Window Cleaner $3.19 - - HART 4 in. C-Clamp with Quicktight Technology $12.97 $20.48 $7.51 USG Ceilings Sandrift Mini Pack 16 sq. ft. $3.08 - - Sweeper Dry and Wet Mop Starter Kit $11.99 $15.99 $4.00 WM 142 1/4 in. x 3/4 in. Oak Screen Moulding $0.52 - -

Sources: Company websites, store visits, and William Blair

42 Ryan Domyancic, CFA +1 312 364 5412 William Blair

Exhibit 39 hhgregg

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 83% 36% 13% 34% 2014 64% 25% 9% 30% 2013 62% 27% 9% 26% 2012 74% 34% 7% 33% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 57% $507 ($5.63) -1.9% $37.53 7.4% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product HGG AMZN ǻ Product HGG AMZN ǻ Bosch 30" Combination Convection Wall Oven $3,419.99 $3,249.00 ($170.99) Samsung 2.1 Channel Soundbar, 130 Watts $169.99 $141.46 ($28.53) Bosch 30" Convection Dual Fuel Slide-in Range $2,249.99 $2,049.00 ($200.99) Shark Navigator Lift-Away Pro Bagless Vacuum $169.95 $167.99 ($1.96) LG 65" 4K HDR HD 3D Smart TV $1,999.99 $1,997.00 ($2.99) Keurig K450 2.0 Brewer $149.99 $169.40 $19.41 LG 27.6 cu. ft. French Door Refrigerator $1,699.99 $1,629.00 ($70.99) George Foreman 15 Serving Electric Grill $129.99 $89.00 ($40.99) Samsung 28 cu. ft. French Door Refrigerator $1,699.99 $1,697.76 ($2.23) Hoover WindTunnel 2 Rewind Bagless Vacuum $129.99 $89.99 ($40.00) Frigidaire 23 cu. ft. French Door Refrigerator $1,699.99 $1,725.00 $25.01 Frigidaire 5,000 BTU Window Air Conditioner $129.99 $119.00 ($10.99) KitchenAid 30" Convection Wall Oven $1,699.99 $3,109.00 $1,409.01 Samsung Wireless Speaker Kit $129.99 $127.99 ($2.00) Bosch 30" Induction Electric Cooktop $1,619.99 $1,709.00 $89.01 Sharp 1.1 cu. ft. Countertop Microwave $99.99 $78.99 ($21.00) Epson Home Cinema1080p LCD Projector $1,499.99 $1,299.99 ($200.00) Whirlpool Automatic Ice Maker Kit $99.99 $99.00 ($0.99) Samsung 25 cu. ft. French Door Refrigerator $1,499.99 $1,495.40 ($4.59) Samsung 4K 3D Upscaling Wi-Fi Blu-ray Player $99.95 $197.99 $98.04 Samsung 55" Curved 4K Ultra HD Smart TV $1,397.99 $1,397.99 $0.00 Canon Photo Wireless Printer / Copier / Scanner $89.99 $79.99 ($10.00) Samsung 24" Stainless Steel Dishwasher $1,299.99 $1,302.00 $2.01 Sony 3D Streaming Blu-Ray Player $84.95 $62.32 ($22.63) Bose SoundTouch 120 Home Theater System $1,099.99 $1,099.00 ($0.99) Acoustic Research 6' HDMI Cable $79.99 $50.64 ($29.35) Sony 55" 4K Ultra HD Smart TV $899.99 $898.00 ($1.99) Swann Day and Night Security Camera $69.99 $37.00 ($32.99) Samsung 7.4 cu. ft. Steam Gas Dryer $899.99 $898.70 ($1.29) GPX 9" Portable DVD Player $69.99 $77.35 $7.36 Bosch 30" Stainless Steel Gas Cooktop $899.99 $984.10 $84.11 Vornado 1,500 Watt Vortex Whole Room Heater $59.99 $26.42 ($33.57) Samsung 7.4 cu. ft. Stainless Steam Gas Dryer $899.99 $1,049.00 $149.01 Danby 0.7 cu. ft. Countertop Microwave Oven $55.99 $55.00 ($0.99) Bosch 30" Pryamid Canopy Chimney Hood $854.99 $968.10 $113.11 Hamilton Beach Stainless Steel Deep Fryer $49.99 $39.99 ($10.00) Frigidaire 26 cu. ft. Side-by-Side Refrigerator $799.99 $891.00 $91.01 Innovative Technology Bluetooth Turntable $49.95 $52.99 $3.04 Samsung 5.2 cu. ft. Top-Load Steam Washer $749.99 $749.30 ($0.69) Crock-Pot 6-Quart Cook & Carry Slow Cooker $39.99 $32.67 ($7.32) Whirlpool 24" Stainless Steel Dishwasher $719.99 $944.34 $224.35 Oster DuraCeramic 12" Square Electric Skillet $39.95 $28.90 ($11.05) Samsung 24" Stainless Steel Dishwasher $699.99 $977.20 $277.21 HMDX Jam Thrill Wireless Stereo Speaker $39.95 $39.97 $0.02 LG 55" 1080p LED Smart HD TV $599.99 $497.00 ($102.99) Canon PGI-1200 XL Black Pigment Ink Tank $31.99 $31.99 $0.00 Whirlpool 36" Stainless Steel Canopy Hood $539.99 $599.00 $59.01 Swann 100' In-Wall Fire Rated BNC Cable $29.99 $24.49 ($5.50) GE 7.2 cu. ft. Gas Dryer $529.99 $730.16 $200.17 Hamilton Beach Classic Chrome 2 Slice Toaster $27.99 $24.59 ($3.40) Whirlpool 30" Stainless Steel Gas Range $499.99 $781.56 $281.57 LG DVD Player $27.99 $39.99 $12.00 TechCraft Walnut Finish Credenza $499.95 $539.82 $39.87 Surface Large Screen Cleaning Kit $19.99 $11.44 ($8.55) Samsung 2.1 cu. ft. Over-the-Range Microwave $499.00 $509.91 $10.91 VTech DECT 6.0 Cordless Phone $19.99 $17.99 ($2.00) Amana 20" Gas Range $467.99 $683.32 $215.33 GrillPro 7 Piece Stainless Tool Set $19.99 $20.99 $1.00 LG 43" 1080p LED Smart HD TV $399.99 $357.00 ($42.99) Monster Cable Essentials Surge Protector $17.99 $10.42 ($7.57) JBL 2.1 Channel Soundbar with Subwoofer $399.99 $376.66 ($23.33) GPX Clock Radio with USB Charging $14.99 $15.62 $0.63 Dyson Ball Multi-Floor Upright Vacuum $399.99 $385.98 ($14.01) Elite by Maxi-Matic Black Personal Drink Mixer $12.95 $30.20 $17.25 Frigidaire 15.6 cu. ft. Chest Freezer $399.99 $529.00 $129.01 Sony White Stereo Headphones $9.99 $14.50 $4.51 GE 4.2 cu. ft. Top-Load Washer $399.99 $606.00 $206.01 Samsung 30" Convection Slide-in Gas Range $2,299.99 - - Bose SoundTouch 20 Wireless Music System $349.99 $349.00 ($0.99) Whirlpool 19.6 cu. ft. French Door Refrigerator $1,397.00 - - Bell'O Medium Espresso Audio/Video System $299.99 $292.54 ($7.45) Whirlpool 30" Double Oven Gas Range $999.99 - - Proscan 50" 1080p LED HD TV $298.00 $367.36 $69.36 Whirlpool 21 cu. ft. Side-by-Side Refrigerator $989.99 - - Danby Stainless Steel 38 Bottle Wine Cellar $269.99 $393.88 $123.89 Frigidaire 23 cu. ft. Refrigerator (Open Box) $975.88 - - Whirlpool 24" Stainless Steel Dishwasher $259.99 $432.33 $172.34 Whirlpool 25 cu. ft. Side-by-Side Refrigerator $899.99 - - Bose Solo 5 TV Sound System $249.99 $249.00 ($0.99) Serta King Sertapedic Super Pillow Top Mattress $899.00 - - Bose SoundLink Wireless Headphones $249.99 $279.00 $29.01 Samsung 4.5 cu. ft. Front-Load Steam Washer $799.99 - - GE 1.9 cu. ft. Over-the-Range Microwave Oven $249.99 $319.89 $69.90 Corinthian Key West Sofa $699.99 - - Sony 2.1 Channel Soundbar with Subwoofer $249.95 $238.90 ($11.05) Whirlpool 19.2 cu. ft. Top-Freezer Refrigerator $629.99 - - Midea 7 cu. ft. Chest Freezer $209.99 $301.44 $91.45 Whirlpool 30" Stainless Steel Gas Range $599.99 - - Linksys AC1900 Smart Wi-Fi Router $199.99 $129.61 ($70.38) Delta Chelsea Sectional Group $599.00 - - Bose SoundTouch 10 Wireless Music System $199.99 $199.00 ($0.99) Southern Motion Slate Power Recliner $549.00 - - Samsung 2.1 Channel Soundbar, 300 Watts $197.99 $197.99 $0.00 Elements Conner Reclining Sofa $499.00 - - Whirlpool 1.7 cu. ft. Over-the-Range Microwave $188.99 $254.98 $65.99 Southern Motion Franklin Rocker Recliner $449.00 - - Ninja Coffee Bar $179.99 $148.41 ($31.58) Home Stretch Wrigley Rocker Recliner $399.00 - - Bose SoundLink Mini Bluetooth speaker II $179.99 $199.99 $20.00 iLIVE Blue Glowing Earbuds $24.99 - -

Sources: Company websites, store visits, and William Blair

Bhavan Suri +1 312 364 5314 43 William Blair

Exhibit 40 Hibbett Sports

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 72% 26% 17% 29% 2014 58% 16% 8% 34% 2013 65% 17% 9% 39% 2012 64% 32% 7% 25% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 58% $42 ($0.54) -1.4% $0.50 1.2% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product HIBB AMZN ǻ Product HIBB AMZN ǻ CAP Barbell 300 lb. Olympic Set $229.99 $299.00 $69.01 Under Armour Women's Socks (6 Pack) $19.99 $20.00 $0.01 NHL Team Premier Jersey $130.00 $98.00 ($32.00) UFC Gel Training Glove $19.99 $23.98 $3.99 Nike Men's Stefan Janoski Max $110.00 $130.00 $20.00 Habinger Padded Leather Belts $19.99 $24.99 $5.00 Under Armour Men's Bandit 2 Running Shoes $100.00 $69.87 ($30.13) Nike Women's Dri-Fit No-Show Socks (3 Pair) $18.00 $20.00 $2.00 Nike Men's Free RN Running Shoes $100.00 $92.57 ($7.43) UA Girls Play Like A Girl Short Sleeve $17.97 $22.95 $4.98 Garmin vívofit 2 Activity Tracker $99.99 $59.99 ($40.00) New Era MLB Diamond Era Fitted Cap $16.97 $20.00 $3.03 Easton Mako Comp Series Glove $99.99 $62.10 ($37.89) Wilson Youth Poly Warp Knit Baseball Pant $15.99 $21.56 $5.57 Under Armour Men's Spine Running Shoe $90.00 $145.44 $55.44 COOLOMG Moisture Wicking Headband $14.99 $9.99 ($5.00) Nike Vapor Power Backpack $80.00 $75.22 ($4.78) Valeo Quick Adjust Grip Strengthener $14.99 $12.00 ($2.99) Men's Nike Flex 2016 Running Shoe $80.00 $82.35 $2.35 Harbinger Speed Rope $14.99 $16.43 $1.44 Nike Men's Vapor Power Backpack Blue Bright $80.00 $89.99 $9.99 Nike Elite Basketball Crew Socks $14.00 $14.75 $0.75 Schutt Sports AiR XP Hybrid Football Helmet $74.97 $94.95 $19.98 Junk Ball Pro Pass Football Training Aid $12.99 $15.99 $3.00 The North Face Women's Jester Backpack $65.00 $49.95 ($15.05) Worth 11 Yellow Softballs (4 Pack) $12.99 $16.30 $3.31 Nike Golf Icon Color Block Polo $65.00 $64.99 ($0.01) adidas Copa Zone Cushion II Sock, White $12.00 $10.98 ($1.02) Nike Prime Hype DF II Shoe $64.97 $69.99 $5.02 Franklin Sports MLB Fielding Trainer $10.97 $16.58 $5.61 Everlast 80 lbs. Powercore Nevatear Bag $63.97 $83.48 $19.51 Mission Athletecare Power-Grip Basketball $9.99 $10.97 $0.98 Nike Men's Mercurial Vortex II Fg Soccer Cleat $55.00 $80.00 $25.00 Wilson Sporting Goods Youth Baseball Belt $7.00 $5.83 ($1.17) Schutt Youth Softball Fielders Guard $54.99 $44.94 ($10.05) Soft Sole Foaming Protection for Suede Shoes $6.99 $6.99 $0.00 Under Armour Storm Hustle II Backpack $54.99 $49.49 ($5.50) NCAA Team Key Strap $6.99 $7.41 $0.42 Nike Flex Men's 8" Training Short $50.00 $49.95 ($0.05) Sof Sole Water Proofer $6.99 $13.87 $6.88 Rawlings Recreational Baseballs (2 Dozen) $49.99 $39.99 ($10.00) Indestruct-A-Balls Performance Training Balls $6.97 $8.59 $1.62 Under Armour Men's Leaderboard Golf Shorts $49.99 $49.99 $0.00 Franklin Sports 1968 MLB Dry Rosin Bag $1.97 $3.00 $1.03 Girls' Under Armour Favorite Backpack $44.99 $44.99 $0.00 16 OR-OP Olympic Bench $199.99 - - Men's Under Armour Swarm II Football Gloves $44.99 $44.99 $0.00 Under Armour Crusher RM Football Cleats $119.97 - - Under Armour Men's UA Baseball Pants $39.99 $29.99 ($10.00) Nike Kid's Tri Fusion Run Running Shoes $60.00 - - Mcdavid Extended Compression Leg Sleeve $39.99 $29.99 ($10.00) Under Armour Micro G Attack Shoes $59.97 - - Mikasa Recreational Volleyball Net $39.99 $29.99 ($10.00) New Balance Men's Running Shoe $54.97 - - Louisville Slugger 12" Softball Infielders Gloves $39.99 $31.98 ($8.01) NIKE Strength 10 lb. Training Ball $50.00 - - Men's Under Armour Relentless Warm-Up Pants $39.99 $39.99 $0.00 Louisville Slugger Authentic Baseball Bat $49.99 - - Easton Training Stick $39.99 $47.99 $8.00 Nike Flex Run 4 Premium Running Shoe $49.97 - - Under Armour Kids Boy's V Sneaker $39.97 $37.99 ($1.98) Nike Flex 2016 Run Baby Shoes $46.00 - - Nike Men's HBR Basketball Shorts $35.00 $28.95 ($6.05) Men's Nike Fly Sonic Training Shorts $40.00 - - Rawlings Playmaker Series Glove $34.99 $26.25 ($8.74) Nike Heather Grey Dri-FIT Tee $40.00 - - Everlast Pro 16 oz. Style Training Gloves $34.99 $26.94 ($8.05) The Nike Tee Dri Fit $35.00 - - Under Armour Solid Molded Batting Helmet $34.99 $34.94 ($0.05) Men's Nike NCAA Team Tri-Blend Logo T-Shirt $32.00 - - Peppers Polarized Sunglasses Nomad $34.99 $39.19 $4.20 Nike Ankle Weights $30.00 - - Nike Men's Pro Cool Fitted Shirt $32.00 $31.95 ($0.05) Nike Men's NCAA Team Stadium Team Shorts $29.95 - - Nike Men's Pro Cool Fitted Shirt $32.00 $32.00 $0.00 Nike Youth Torque Football Receiver Gloves $25.00 - - Nike Men's Air Jordan Jumpman Snapback Hat $30.00 $27.95 ($2.05) Hibbett Sports Water Bottle (6 Pack) $24.99 - - SKLZ Pro Mini Basketball Hoop $29.99 $25.98 ($4.01) Under Armour HeatGear Loose Youth Shirt $19.99 - - Easton Alpha Series Baseball Glove $29.97 $37.49 $7.52 Nike NCAA Team Practice Tee $15.97 - - Under Armour Men's UA Football Icon T-Shirt $27.99 $27.99 $0.00 Nike Kids Performance Socks (6 Pack) $12.00 - - Men's Nike Legend 2.0 Training T-Shirt $25.00 $23.43 ($1.57) Hibbett Sports Field Marker Disks $10.99 - - MLB Team Adult Arch and Logo T-Shirt $25.00 $24.95 ($0.05) Sof Sole Performance Laces White $7.99 - - Vans Atwood Deluxe Youth Sneakers $24.97 $50.95 $25.98 Hibbett Sports Multi-Ball Maintenance Kit $6.99 - - Nike Mercurial Lite Soccer Shin Guards $22.00 $16.45 ($5.55) Hibbett Sports Whistle with Nylon Lanyard $4.99 - - Nike Performance Cotton Socks (6 Pack) $22.00 $19.00 ($3.00) Pro Arc Baseball Cleats $4.97 - - Sof Sole Arch Insole for High Arches $19.99 $16.53 ($3.46) Hibbett Sports System Line Up Card $3.99 - - Sof Sole Women's Boot Care Kit $19.99 $19.95 ($0.04) Rawlings Baseball Solid Cork & Rubber Center $3.99 - - Shock Doctor Gel Nano Convertible Mouthguard $19.99 $19.99 $0.00 Easton 5" Training Balls $2.97 - -

Sources: Company websites, store visits, and William Blair

44 Ryan Domyancic, CFA +1 312 364 5412 William Blair

Exhibit 41 J. C. Penney

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 32% 19% 7% 6% 2014 41% 14% 8% 19% 2013 32% 22% 3% 7% 2012 35% 15% 7% 13% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 63% $69 ($6.35) -14.9% $2.10 3.0% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product JCP AMZN ǻ Product JCP AMZN ǻ Serta Perfect Sleeper Mattress and Box Spring $799.00 $899.00 $100.00 Everstrand Accent Rug $42.99 - - Epicurious 11 Piece Aluminum Cookware Set $159.99 $270.30 $110.31 Liz Claiborne Jacket $42.00 - - iFit Active Band $140.00 $84.97 ($55.03) Diba London Beth Pumps $41.99 - - Bella Electric Pressure Cooker $89.99 $79.99 ($10.00) Mele & Co. Black Faux Leather Watch Box $41.66 - - Murad Hydro-Dynamic Quenching Essence $78.00 $54.84 ($23.16) Danny & Nicole Halter Colorblock Dress $39.99 - - Murad Invisiblur Shield Broad Spectrum $65.00 $43.02 ($21.98) St. John's Bay Petra Tote $36.00 - - Stacy Adams Garrison Men's Wingtip Oxfords $64.99 $66.89 $1.90 Stafford Travel Broadcloth Dress Shirt $36.00 - - Skechers Vigor 2.0 Trait Men's Training Shoes $59.99 $45.27 ($14.72) Nike Club Solid Pullover Cotton Hoodie $35.99 - - Women's Nike Revolution 3 $54.99 $54.95 ($0.04) St. John's Bay Denim Jacket $34.99 - - Hamilton Beach Easy Reach Toaster Oven $49.99 $34.00 ($15.99) J. Ferrar Dress Pants $34.99 - - New Balance 410 Men's Trail Running Shoes $44.99 $54.62 $9.63 Arizona Violet Tote Handbags $32.50 - - Champion Zip-Front Sports Bra $42.00 $23.25 ($18.75) a.n.a Raleigh Tote $30.00 - - Supergoop! Spf 30 Sunscreen Serum $42.00 $42.00 $0.00 Pop Excite Lazer Cut Slip-On Sandals $30.00 - - Fila Memory Workshift Women's Slip-Resistant Athletic $39.99 $36.29 ($3.70) Vanilla Star Destructed Skinny Jeans $29.99 - - Levi's 525 Perfect Waist Straight-Leg Jeans $39.99 $39.99 $0.00 Xersion Essential Bootcut Pants $27.99 - - Dockers D3 Crossover Cargo Pants $36.99 $36.99 $0.00 Alyx Pattern Maxi Skirt $27.99 - - Lime Juicer by Chef'n Specialty Fruit Tools $36.00 $19.95 ($16.05) Geneva Women's Two-Tone Strap Watch $25.50 - - Haggar Premium Classic-Fit Pleated Khakis $34.99 $42.50 $7.51 Geneva Men's Blue Dial Leather Strap Watch $25.50 - - Jansport SuperBreak Backpack $33.75 $31.95 ($1.80) Gunne Sax By Jessica Mcclintock Mesh Clutch $25.20 - - Set of 3 Silver Swirl Mirrors $31.99 $23.64 ($8.35) Stafford Pajama Set $24.99 - - Nike Gameday Dri-FIT Polo $31.99 $39.99 $8.00 i jeans by Buffalo Skinny Bermuda Shorts $24.99 - - Lee Plain Front All Day Pants $29.99 $29.90 ($0.09) Xersion Studio 1/2 Zip Hoodie Vest $24.99 - - Van Heusen Knit Robe $24.99 $29.99 $5.00 Blue Spice Denim Shortalls $24.99 - - philosophy Purity + Renewed Hope In A Jar Duo $24.00 $32.49 $8.49 Dockers Trizip Wallet $24.00 - - Lee Frenchie Capris $23.99 $32.90 $8.91 Stafford Cotton Full-Cut Briefs (6 Pack) $22.40 - - Hanes 4 Pack Cotton Tagless V-Neck T-Shirts $22.40 $13.83 ($8.57) Bisou Bisou Lace Embellished Tank Top $21.99 - - adidas climacool Boxer Briefs (2 Pack) $22.40 $28.00 $5.60 St. John's Bay Knit Maxi Skirt $19.99 - - Levi’s Mid Rise Skinny Cropped Jeans $21.99 $22.99 $1.00 Monet Silver-Tone Blue Glass Stone Necklace $19.20 - - adidas Voloomix Men's Slide Sandals $19.99 $19.99 $0.00 Arizona Destructed Super Skinny Jeans $19.19 - - Hanes Men's No-Show Socks (6 Pack) $17.00 $9.45 ($7.55) Nicole Miller Crystal Rose Tassel Necklace $16.80 - - Relic Double Grommet Belt $15.40 $22.00 $6.60 Bold Elements Silver Multi-Layer Necklace $16.80 - - adidas Performance No-Show Socks (2 Pack) $12.00 $12.00 $0.00 Bold Elements Circle Link Necklace $16.80 - - Leather Vintage Furniture Set (Floor Model) $1,590.00 - - Pop Divine Wedge Flip Flops $15.99 - - Oliver Loveseat (Floor Sample) $395.99 - - Worthington Blue Hem Fashion Jewelry $15.60 - - Dale Tiffany Leilani Table Lamp $179.99 - - itsy bitsy 9" Sterling Silver Anklet Bracelet $15.20 - - Gabriel Corner Wicker Couch $169.99 - - Stylus Twill Cotton Shorts $14.99 - - American Tourister 29" Spinner Luggage $149.99 - - i jeans by Buffalo Sparkle Tank Top $14.99 - - JCPenney Home 4 Piece Comforter Set $139.99 - - Liz Claiborne Short-Sleeve Slub Henley Tee $14.99 - - Protocol Centennial 2.0 30" Spinner Luggage $109.99 - - Chicago Blackhawks Bleacher Lounge Pants $13.99 - - JCPenney Home 50 Piece Dinnerware Set $99.99 - - Manhattan Hat Company Fedora Bead Band Hat $12.99 - - Roselle Lilac 5 Piece Comforter Set $99.99 - - Mixit Swirl Heart Pendant Necklace Earrings Set $12.00 - - Stafford Hopsack Sportcoat $99.99 - - Mixit Silver-Tone Imitation Opal Stretch Ring $12.00 - - JCPenney Home Classic Reversible Comforter $79.99 - - Xersion Studio Burnout Tank Top $11.99 - - Orleans Swing Arm Floor Lamp $75.00 - - Monet Drop Silver Earrings $10.80 - - Epicurious 3 Piece 10 qt. Pasta Cooker $64.99 - - St. John's Bay Fitted Polo $9.99 - - Call It Spring Gardner Men's Chukka Boots $64.99 - - St. John's Bay Americana Graphic T-Shirt $7.99 - - SM Polly Black Shoes $60.00 - - a.n.a Long-Sleeve Layered-Look Sweater $7.97 - - Arizona Laflin Ankle-Strap Wedge Pumps $50.00 - - Stylus V-Neck Swing Tank Top $7.97 - - Claiborne Neat Stretch Suit Pants $46.99 - - Outdoor Oasis Beach Towel $4.99 - - Call It Spring QEWEN Pumps $44.99 - - Fantas Eyes Holiday Floral Round Sunglasses $4.99 - -

Sources: Company websites, store visits, and William Blair

Bhavan Suri +1 312 364 5314 45 William Blair

Exhibit 42 Kohl's

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 37% 14% 12% 11% 2014 40% 18% 5% 17% 2013 43% 21% 6% 16% 2012 48% 26% 6% 16% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 76% $95 ($23.88) -31.6% ($25.04) -26.4% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product KSS AMZN ǻ Product KSS AMZN ǻ Samsung 50" 1080p 60hz LED Smart TV $899.99 $491.90 ($408.09) SONOMA Goods for Life Throw Pillow $49.99 - - Delsey Air Superlite 25" Spinner Luggage $299.99 $110.49 ($189.50) Venetian Room Darkening Window Panel $49.99 - - Beats Pill Portable Bluetooth Speaker System $299.99 $131.99 ($168.00) Rustic Arrow Beer Sign Wall Decor $49.99 - - Altec Lansing Rugged Bluetooth Speaker $149.99 $117.33 ($32.66) FILA Memory Mechanic Boys' Athletic Shoes $44.99 - - Samsonite Backpack $139.99 $55.51 ($84.48) Grey 50" x 84" Shower Curtain $44.99 - - Cuisinart 12-Cup Coffee Maker $119.99 $86.99 ($33.00) Green Bottle $39.99 - - George Foreman Removable Countertop Grill $109.99 $305.94 $195.95 FILA Travail Men's Trail Shoes $39.99 - - Innovative Technology 40" Bluetooth Speaker $99.99 $68.00 ($31.99) Bobby Flay 3 Piece Grill Tool Set $39.99 - - Innovative Technology 37" Bluetooth Sound Bar $99.99 $69.99 ($30.00) SONOMA Goods for Life Men's Chukka Boots $39.99 - - Chaise Lounge Chairs $79.99 $58.58 ($21.41) Double Bell Tabletop Clock $39.99 - - Cuisinart Ice Cream Frozen Yogurt Maker $79.99 $59.95 ($20.04) Smart Gear Indoor Outdoor Weather Station $34.99 - - Fiesta Celebration 20 Piece Flatware Set $79.99 $68.40 ($11.59) Women's Juicy Couture White Capri Jeans $34.99 - - High Sierra Loop Backpack $70.00 $31.80 ($38.20) Men's Apt. 9 Carver Skinny Tie & Tie Bar $34.00 - - Nike Tanjun Men's Camouflage Athletic Shoes $70.00 $69.95 ($0.05) Men's Croft & Barrow Microfiber Swim Trunks $30.00 - - Nearly Natural Artificial Plum Blossom Decor $69.99 $53.62 ($16.37) Home Classics Balmoral Adjustable Curtain Rod $29.99 - - Nike Reax Run 10 Women's Running Shoes $69.99 $84.79 $14.80 Food Network Serving Bowl $29.99 - - Men's Levi's 513 Slim Straight Stretch Jeans $69.50 $49.99 ($19.51) Wicker Basket $29.99 - - GNC Pro Track Ultra Wireless Activity Tracker $63.99 $20.48 ($43.51) Food Network Cords Tablecloth $29.99 - - Sony Extra Bass Driver Smartphone Headphones $59.99 $115.95 $55.96 Everyday Brown Quilted Runner $29.99 - - Nike Flex Run 4 Men's Running Shoes $54.99 $72.29 $17.30 Family Wall Sign $29.99 - - Men's Van Heusen Button-Down Shirt $50.00 $24.99 ($25.01) Croft & Barrow Reversible Faux-Leather Belt $28.00 - - adidas BBNEO Skool Men's Shoes $44.99 $39.99 ($5.00) Velvet Print Word Decorative Pillow $27.99 - - Columbia Vulc N Vent Boat Canvas Men's Shoes $44.99 $45.95 $0.96 Simple By Design Collapsible Storage Ottoman $26.99 - - Casio Men's Waveceptor Atomic Watch $43.99 $32.97 ($11.02) Vintage Stone Men's Slide Sandals, Camo $26.00 - - Joseph Joseph Nest Food Container Set $40.49 $56.75 $16.26 Burnes of Boston Fashion Album $25.99 - - Shopkins Kooky Cookie Cuddle Throw Pillow $39.99 $19.98 ($20.01) Men's Columbia Polarized Sport Sunglasses $25.00 - - Monster Core Power 8-Outlet Surge Protector $39.99 $19.99 ($20.00) Food Network 16" Faux-Marble Cheese Board $24.99 - - Keurig K-Cup Starbucks Pods (40 ct.) $36.99 $34.95 ($2.04) Men's Dockers Patterned The Perfect Shorts $24.99 - - OXO Good Grips 4.3 qt. Produce Keeper $34.99 $19.97 ($15.02) Boys 4-7 Batman v Superman Swim Trunks $24.00 - - Disney Frozen Elsa Light-Up Athletic Shoes $29.99 $19.97 ($10.02) Urban Pipeline Men's Reversible Belt $24.00 - - Blessings Fabric Shower Curtain $29.99 $59.95 $29.96 Men's Red Stripe Slide Sandals $20.00 - - Men's Jockey 2 Pack Sport Mesh Midway Briefs $26.00 $28.00 $2.00 Men's Urban Pipeline Palm Tree Bucket Hat $20.00 - - Forma Large Shower Caddy $23.99 $31.48 $7.49 SONOMA Goods for Life Sport Shirt $19.99 - - Frozen Olaf Toy $12.99 $5.98 ($7.01) Boys Black T-Shirt $18.00 - - Malden Four-Opening Collage Frame $12.49 $9.49 ($3.00) Apt. 9 Contour 20'' x 24'' Bath Rug $17.99 - - Rayovac 12 Pack AA Alkaline Batteries $7.99 $7.27 ($0.72) Celebrate Spring Together Pitcher & Cup Set $17.49 - - Nerf N-Strike Jolt $6.99 $6.99 $0.00 Apt. 9 Highly Absorbent Solid Hand Towel $15.99 - - Brown 5' x 7' Ultimate Performance Rug $189.99 - - FILA SPORT Hudson Men's Slide Sandals $14.99 - - Simply Vera Vera Wang Infinity Coverlet $169.99 - - Men's Tony Hawk Chicago Roots Tee $12.99 - - Cuddl Duds Down Alternative Comforter $149.99 - - Star Wars 11.8 oz. Melamine Straw Tumbler $11.99 - - Food Network 16 Piece Dinnerware Set $119.99 - - Home Classics Brushed Nickel Tumbler $10.19 - - SONOMA Goods for Life End Table $119.99 - - Men's Urban Pipeline Bald Eagle Crew Socks $10.00 - - Canvis Collage $109.99 - - SONOMA Goods for Life Accent Rug $8.99 - - SONOMA Goods for Life 9' Patio Umbrella $89.99 - - SONOMA Goods for Life Quick-Dry Bath Towel $7.99 - - SONOMA Goods for Life Storage Ottoman $79.99 - - Anchorman Shirt $7.20 - - iHome Clock Radio & Lightning Charging Dock $79.99 - - Yankee Candle Bermuda Beach Wax Melt Cup $5.99 - - Jennifer Lopez Bedding Chateau Coverlet $67.99 - - Food Network Spring Garden Round Placemat $4.99 - - Men's Columbia Button-Down Shirt $65.00 - - Hallmark Wedding Card $3.49 - - Hand Finished Mirror $59.99 - - All You Need is Love and a Dog Sign $2.99 - - VanHeusen Studio White Sport Coat $58.50 - - The Big One Microfiber Pillow $2.99 - -

Sources: Company websites, store visits, and William Blair

46 Ryan Domyancic, CFA +1 312 364 5412 William Blair

Exhibit 43 Lowe's

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 44% 25% 3% 16% 2014 33% 14% 5% 14% 2013 33% 12% 2% 19% 2012 25% 17% 1% 7% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 48% $164 $0.07 0.0% $2.58 1.6% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product LOW AMZN ǻ Product LOW AMZN ǻ Generac Quiet Smart Portable Generator $899.00 $791.48 ($107.52) Char-Broil Commercial Propane Gas Grill $499.00 - - Weber Genesis Copper 3-Burner Gas Grill $799.00 $799.00 $0.00 Broan Undercabinet Range Hood $349.00 - - DEWALT 12" 15-Amp Compound Miter Saw $599.00 $497.00 ($102.00) American Standard Esteem Vormax Toilet $289.00 - - DEWALT 15 Amp 3-Blade Planer $599.00 $599.00 $0.00 Husqvarna LC121P Gas Push Lawn Mower $249.00 - - Frigidaire 18 cu. ft. Top-Freezer Refrigerator $578.00 $599.00 $21.00 LARSON Geneva Black Steel Security Door $234.00 - - Hisense 400 sq. ft. Portable Air Conditioner $359.00 $411.69 $52.69 SentrySafe 1.19 cu. Ft. Electronic Safe $229.00 - - Swann Home Security System $325.00 $234.48 ($90.52) Utilitech 0.5-HP Submersible Sump Pump $199.00 - - PORTER-CABLE 6-Tool Cordless Combo Kit $299.00 $298.00 ($1.00) allen + roth Granite Single Sink Vanity Top $199.00 - - Husqvarna Professional Backpack Leaf Blower $299.00 $299.00 $0.00 Kitchen Classics 30" x 35" x 24" Base Cabinet $193.00 - - Bosch 2.25-HP Variable Speed Corded Router $219.00 $219.00 $0.00 Char-Broil 20 lb. Cylinder Ignition Gas Smoker $179.00 - - DEWALT 2.25-HP Corded Router $199.00 $199.00 $0.00 Kitchen Classics 12" x 35" x 24" Cabinet $139.00 - - Bostitch 6-Gallon Portable Air Compressor $199.00 $219.00 $20.00 Garden Treasures Patio Umbrella $128.00 - - Poulan Pro 42cc 2-Cycle 18" Gas Chainsaw $169.00 $170.63 $1.63 Milwaukee Steel Appliance Hand Truck $119.00 - - Shark Navigator Deluxe Bagless Vacuum $159.00 $144.99 ($14.01) Shop-Vac 12-Gallon 6.5-Peak HP Shop Vacuum $109.00 - - Hitachi 16-Gauge Roundhead Finishing Nailer $129.00 $147.85 $18.85 Hunter Ridgefield 44" Ceiling Fan with Light Kit $99.98 - - Keter 55.9" x 28.3" 135 Gallon Resin Deck Box $129.00 $163.99 $34.99 allen + roth 30" x 40" French Wall Mirror $99.97 - - Moen Boardwalk Spot Resist Sink Faucet $109.00 $126.69 $17.69 Kobalt 15-Amp 7-1/4" Circular Saw with Brake $89.00 - - Rev-A-Shelf 21" x 22" x 19" Metal Cabinet $99.97 $153.37 $53.40 Kobalt 21" x 25" Plastic Tool Chest $79.98 - - Werner 16' Aluminum 200 lb. Extension Ladder $99.84 $144.99 $45.15 allen + roth 72" x 16" Java Wood Closet Shelf $69.98 - - XPOWER 12.8" 3-Speed Air Mover Fan $99.00 $99.99 $0.99 Kobalt 3/8" Drive Flexible Head Ratchet $59.97 - - Garden Treasures 30" Wood-Burning Fire Pit $99.00 $124.00 $25.00 Char-Broil Natural Gas Conversion Kit $59.00 - - Delta Nura Stainless 4" Centerset Faucet $88.00 $120.25 $32.25 Utilitech 25' 15-Amp 12-Gauge Extension Cord $44.97 - - Ames Steel NeverLeak Wall-Mount Hose Reel $79.98 $74.98 ($5.00) Zircon MultiScanner OneStep Wall Scanner $39.98 - - DEWALT 10 Amp Corded Reciprocating Saw $79.00 $79.00 $0.00 Stanley FatMax 17oz. Axe Handle Hammer $34.98 - - Bostitch 18-Gauge Pneumatic Nailer $69.99 $80.99 $11.00 Architectural Mailboxes Wall Mount Mailbox $34.98 - - Honeywell 5-2 Day Programmable Thermostat $59.98 $44.99 ($14.99) 8" Burner Element $29.99 - - DEWALT Precision Trim Circular Saw Blade $49.98 $49.98 $0.00 Filtrete HEPA Air Purifier Filter $21.99 - - 10' Type M Copper Pipe $44.79 $51.67 $6.88 Cobra 1/4" x 20' Music Wire Drain Auger $20.98 - - Charlotte Pipe 4" dia Wye Cast Iron Fitting $42.56 $104.28 $61.72 Kobalt 8 Piece Variety Pack Screwdriver Set $19.98 - - FastenMaster 50-Count 3-5/8" Wood Screws $33.95 $29.26 ($4.69) Kobalt Zerust 15.75" Plastic Lockable Tool Box $19.98 - - Stanley 30' Locking SAE Tape Measure $25.47 $21.17 ($4.30) DEWALT 68 Piece Screwdriver Bit Set $19.98 - - DEWALT 16 Pack Saw Blade Set $19.98 $39.50 $19.52 Kobalt Box Beam Standard Level $19.98 - - Kwikset Balboa Universal Door Lever $19.87 $18.71 ($1.16) Rubbermaid Wardrobe 12' x 12' Wire Shelf $19.98 - - Ettore Rubber Window Squeegee $18.98 $14.05 ($4.93) Garden Treasures Umbrella Vase $19.98 - - Miracle-Gro Liquafeed Universal Feeder Food $15.99 $15.99 $0.00 True Temper Clog Free 30" Lawn and Leaf Rake $17.98 - - Majesty Palm $15.98 $19.98 $4.00 Corona 6" Steel Grass Shears $16.98 - - Wright Products 13" Metallic Storm Door Closer $14.88 $29.56 $14.68 Waxman 6" Dia Rubber Plunger with 19" Handle $14.98 - - Master Lock 1.93" Keyed Padlock $11.48 $14.50 $3.02 Utilitech 6-Outlet Surge Protector $14.97 - - Bayco 150 Watt Incandescent Work Light $11.41 $16.08 $4.67 Hefty 28 ct. 39-Gallon Black Construction Trash Bags $12.98 - - Sterilite Corporation White Wastebasket $9.98 $15.02 $5.04 Oatey 32 fl. Oz. PVC Cement $11.99 - - Angel Soft 24 Pack Toilet Paper $9.98 $19.35 $9.37 Zep Commercial 10-Minute Drain Cleaner $11.98 - - Gardner Bender Adjustable Lamp Control $6.98 $6.98 $0.00 Grip-Rite 5 lb. 11.5-Gauge Smooth Nails $11.89 - - Terro Ant Killer ShakerBag $6.97 $7.20 $0.23 allen + roth Venatino Squares Wall Tile $10.98 - - Weiman Products 12 oz. Degreaser $4.48 $4.16 ($0.32) Thermally Fused 16" x 36" x 0.6" Shelf Board $10.48 - - Frigidaire Professional Dishwasher $999.00 - - Shakespeare 125' Spool 0.095" Trimmer Line $7.97 - - Whirlpool Single Electric Wall Oven $949.00 - - Utilitech 100 Pack 11" Nylon Cable Ties $6.98 - - Monaco Oak Front Door $822.24 - - The Hillman Group 30 ct. 2" Metal Sheet Screws $5.47 - - OVE Decors Sydney Sliding Shower Door $679.00 - - Garden Treasures 14" x 6.25" Hanging Basket $4.98 - - Maytag Centennial 4.3 cu. ft. Top-Load Washer $599.00 - - Clorox Disinfecting Wipes (70 ct.) $4.58 - - Maytag Centennial 7 cu. ft. Gas Dryer $599.00 - - DAP Vinyl Spackling $3.98 - -

Sources: Company websites, store visits, and William Blair

Bhavan Suri +1 312 364 5314 47 William Blair

Exhibit 44 Macy's

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 36% 19% 4% 13% 2014 39% 13% 4% 22% 2013 45% 25% 5% 15% 2012 48% 29% 5% 14% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 81% $124 ($22.44) -19.4% ($26.25) -21.2% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product M AMZN ǻ Product M AMZN ǻ Lenox Westchester 5 Piece Place Setting $715.00 $298.99 ($416.01) Michael Men's Taupe and Blue Sport Coat $119.99 - - Croscill Imperial Queen Comforter Set $425.00 $399.99 ($25.01) Men's Darby Limit Wing-Tip Derbys $119.99 - - Tumi Men's Lyons Backpack $345.00 $345.00 $0.00 Men's Garment Dye Slim Fit Pants $110.00 - - Hotel Collection Linen Queen Duvet Cover $270.00 $272.00 $2.00 Mesa Stitch Knot 12" x 16" Decorative Pillow $100.00 - - Mille Nuits Flutissimo Flute $260.00 $173.89 ($86.11) Kenneth Cole Reaction Sandals $89.95 - - Men's 3D Slim-Fit Jeans $210.00 $210.00 $0.00 Men's Slim-Fit Poolside Jeans $89.50 - - Men's Relaxed-Fit Straight Ricky Jeans $188.00 $188.00 $0.00 Egyptian Cotton Duvet Cover $85.00 - - Theory Men's Plaid Button Down Shirt $185.00 $189.22 $4.22 Ralph Lauren Anchor Shirt $85.00 - - Flutes and Pearls Large Salad Set (3 Piece) $167.00 $44.44 ($122.56) Grey Polo Shirt $85.00 - - Stemware Lismore Toasting Flutes (Set of 2) $160.00 $104.55 ($55.45) Bar iii Sand Slim-fit Jacket $79.99 - - Lenox Dinnerware Artemis 5 Piece Place Setting $143.00 $56.90 ($86.10) Ralph Lauren Checked Anchor Shorts $79.50 - - Lenox Alvarado 10" Vase $134.00 $72.74 ($61.26) Men's Plaid Shirt $79.50 - - Men's McGuffey Slip-ons $125.00 $124.95 ($0.05) Men's Short-Sleeve Pop-Over Shirt $79.00 - - Nambe Butterfly Collection Small Bowl $100.00 $99.95 ($0.05) Men's Liquid Polo Shirt $75.00 - - Men's Danforth Drivers $99.99 $134.95 $34.96 Melli Mello Isabelle Collection Serving Bowl $72.00 - - Granville 8" Vase $89.00 $89.00 $0.00 Damask Stripe Wrinkle Resistant Twin Sheets $70.00 - - OBSESSION for men Eau de Toilette (6.7 oz.) $82.00 $96.00 $14.00 Men's Custom Fit Furyk Paisley-Print Shorts $65.00 - - Damask Stripe Pillowcase Pair $80.00 $55.37 ($24.63) Men's Revel Multi-Stitch Shorts $59.50 - - Polo Ralph Lauren Men's Chino Shorts $79.50 $54.99 ($24.51) Whim Ceramic Bakeware Lasagna Pan $56.99 - - Mikasa Palazzo Crystal 12" Vase $58.00 $42.06 ($15.94) Grant Solid Skinny Tie $55.00 - - Villeroy & Boch French Garden Dinner Plate $52.00 $36.03 ($15.97) Fitted Performance French Cuff Dress Shirt $52.50 - - Men's 513 Slim-Fit Straight-Leg Jeans $50.00 $49.99 ($0.01) Men's Brown Jeans $51.75 - - Alsey Lion Skinny Tie $49.50 $24.94 ($24.56) Kate Spade New York Pearl Place (Set of 2) $50.00 - - Men's Tiro 15 Tapered-Leg Pants $45.00 $31.62 ($13.38) Men's Classic-Fit Non-Iron Plaid Dress Shirt $49.99 - - Men's Elite Dri-FIT Basketball 9" Shorts $45.00 $50.48 $5.48 Polo Sport All-Sport Mesh Piece Shorts $49.50 - - Novelty Print Twin Sheet Set - Seagull $40.00 $38.95 ($1.05) Hotel Collection Wood Table $46.00 - - Men's Custom-Fit Ivy Polo $39.99 $42.00 $2.01 Men's Braided Straw Banded Fedora $45.00 - - Men's Slim-Fit V-Neck Short-Sleeve Shirt $39.50 $29.62 ($9.88) Men's Essential KD 9" Basketball Shorts $45.00 - - Godiva 19 Piece Gold Bow Box of Chocolates $30.00 $30.00 $0.00 Nike Dri Fit Shirt $45.00 - - Men's Graphic-Print Logo T-Shirt $29.00 $24.04 ($4.96) Men's Austin Mesh Driver $39.99 - - Adidas Sport Performance Boxer Brief (2 Pack) $28.00 $16.99 ($11.01) Men's Mariner Swim Trunks $39.98 - - Towle Modernist Moscow Mule Hammered Mug $22.50 $9.98 ($12.52) Webbed Leather Trim Belt $39.50 - - 45 Piece Assorted Box of Chocolates $21.00 $36.76 $15.76 Men's Woven Plaid Pajama Pants $39.00 - - Yankee Candle Tumbler Candle $20.00 $15.99 ($4.01) Nautica Straight Fit Dark Jeans $33.72 - - Basketweave Woven Vinyl Placemat $18.00 $14.00 ($4.00) Men's Elite Dri-FIT Basketball T-Shirt $30.00 - - Women's The Scream Trouser Socks $12.00 $7.48 ($4.52) Ryan Seacrest Distinction Pacific Pocket Square $30.00 - - Halkin Leather Sectional (2 Sofas and Wedge) $3,999.00 - - Hotel Collection Linen 2 Piece White Napkins $30.00 - - Grey Herringbone Suit $395.00 - - Men's Graphic Basketball T-Shirt $30.00 - - Theory Tech Stand Collar Jacket $395.00 - - Marc Terro Clock Purse $30.00 - - Hotel Collection Linen Stripe Duvet Cover $330.00 - - Ralph Lauren Blue Checked Shirt $25.20 - - Light Blue Solid Extra Slim-Fit Suit $329.99 - - Adidas Performance Tee Black $25.00 - - Hotel Collection 12 Piece Dinnerware Set $200.00 - - Men's Palm Print Tank Top $25.00 - - Laurent Jeans Stretch Denim $179.00 - - Marshall Field's Shirt $18.00 - - Damask Solid Full Sheet Set $170.00 - - Men's Socks, Athletic Cushioned Crew (4 Pack) $16.00 - - Winston Side Chair $159.00 - - Melli Mello Eliza Stripe Collection Dinner Plate $15.00 - - Men's White Athletic Jacket $145.00 - - Villeroy & Boch Grace 4 Piece Placesetting $15.00 - - Team USA Track Jacket $145.00 - - Frango Peanut Butter & Jelly Box of Chocolates $12.00 - - Men's Arizona Two Band Oiled Leather Sandals $135.00 - - Mug $12.00 - - Men's Textured Full-Zip Jacket $127.50 - - Kate Spade New York Brush Strokes Napkin $8.00 - - Men's Long-Sleeve Ombré Linen Sport Shirt $125.00 - - Lenox Bardil Quilt $5.99 - -

Sources: Company websites, store visits, and William Blair

48 Ryan Domyancic, CFA +1 312 364 5412 William Blair

Exhibit 45 Michaels

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 29% 16% 8% 5% 2014 -- - - 2013 -- - - 2012 -- - - Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 83% $20 ($4.79) -23.4% ($4.99) -25.1% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product MIK AMZN ǻ Product MIK AMZN ǻ Artist's Loft Box Table Easel $79.99 $65.89 ($14.10) Artist's Loft Protégé Portfolio $11.99 - - Royal & Langnickel Deluxe Sketching Art Set $44.99 $25.00 ($19.99) Gold Taklon Brush Set By Craft Smart $9.99 - - Studio Décor Marquee "@" Sign $39.99 $29.49 ($10.50) Rust-Oleum Sandable Wood Filler, Natural $9.99 - - Golden High Flow Acrylic Marker Set $37.99 $25.68 ($12.31) Imagine 8 Black Canvas Shoes $9.99 - - Faber-Castell PITT Artist Pen Manga Basic Set $34.99 $10.98 ($24.01) Tea Party Set By Creatology $9.99 - - Black Trendsetter Frame 22" x 34" $34.99 $39.99 $5.00 Boho Washi Tape Dispenser $9.99 - - Disney Memories Scrapbook Album $29.99 $18.51 ($11.48) Journal With Button By Artist's Loft $7.99 - - Walnut Hollow HotMarks $29.99 $18.95 ($11.04) ArtMinds Suede Leather Trim $7.99 - - Tulip Tie-Dye Party One-Step Tie-Dye Kit $29.99 $25.72 ($4.27) C.R. Gibson Mug $7.99 - - Revell Plastic Model Kit, 1966 Shelby GT350H $21.99 $13.19 ($8.80) ArtMinds Latigo Lace, 4 yards $6.99 - - Wilton Cake Knife & Server $19.99 $13.97 ($6.02) Color Zone Bead Pets Craft Kit $6.99 - - Staedtler Triplus Fineliner $17.99 $12.38 ($5.61) APV Peace Signs $5.99 - - Bowdabra Designer Bowmaker $15.99 $11.60 ($4.39) Mr. with Foil Sign $5.49 - - Liquitex Matte Varnish $15.99 $12.99 ($3.00) Creatology Foam Stickers, Sea Life $5.49 - - Celebrate It Bubble Favors $11.49 $8.98 ($2.51) Creatology 16 Mm Jingle Bells $5.49 - - ArtBin Pencil & Utility Box $9.99 $5.08 ($4.91) Gartner Studios Monogram Wax Stamper $5.49 - - Crayola Model Magic Secondary Colors $9.49 $6.45 ($3.04) Dark Red Silk Queen Rosebud By Ashland $4.99 - - Mona Lisa Metal Leaf Spray Adhesive $9.49 $11.23 $1.74 Recollections Bling Stickers Color Splash $4.99 - - Martha Stewart Crafts Alphabet Stencil Set $8.99 $4.62 ($4.37) Ashland Huckleberry Leaf Spray $4.99 - - Mod Podge Mod Molds, Nature $8.49 $6.32 ($2.17) Celebrate It Wired Satin Ribbon, Zebra $4.99 - - Mod Podge Professional Tool Set $8.49 $7.16 ($1.33) Monogram Ornament Frame By Studio Décor $4.99 - - Faber-Castell PITT Big Brush Artist Pen, White $8.49 $10.60 $2.11 Recollections South Beach Cardstock Paper $4.99 - - Lion Brand Wool-Ease Thick & Quick Yarn $7.99 $5.98 ($2.01) White Cotton Ribbon $4.99 - - Artist's Loft Gallery Wrapped Canvas $7.99 $9.99 $2.00 Lara's Crafts Wood Doll Heads/Knobs $4.29 - - Elmer's Clear Repositionable School Glue Sticks $6.99 $2.29 ($4.70) Loops & Threads Multi-Purpose Scissors $4.29 - - Scotch Mounting Tape, Clear $6.99 $5.35 ($1.64) Super Chunk Glitter Cherry $3.99 - - E6000 Jewelry & Bead Glue $6.99 $6.22 ($0.77) Jolee's Boutique Baseballs Repeat Stickers $3.99 - - Duck Tape, Pink Polka Dot $4.99 $13.23 $8.24 Burlap Ribbon By Recollections $3.99 - - Elmer’s CraftBond Permanent Dot Runner $3.99 $3.29 ($0.70) Head To Toe Bow By Celebrate It $3.99 - - Art Easel & Portfolio Set By Artist's Loft $69.99 - - MambiCHIPS Chipboard Stickers $3.99 - - Studio Décor Home Collection Classic Frame $54.99 - - Rainbow Grosgrain Ribbon By Celebrate It $3.99 - - Studio Décor Platinum Collection Hampton Frame $52.99 - - Elmer’s Rubber Cement $3.49 - - Celebrate It Occasions White Satin Card Box $49.99 - - Craft Smart Mini Glue Gun, High Temp $2.99 - - Studio Décor Home Collection Frame $46.99 - - Cloth Pins Tiny (50 ct.) $2.99 - - Studio Decor Stockholm Poster Frame 20" x 28" $44.99 - - Celebrate It Occasions Tulle Fabric Red $2.99 - - Studio Décor Home Collection Brown Frame $44.99 - - Celebrate It 360 Satin Ribbon, Cherry Blossom $2.99 - - Black Clip 20" X 24" Wall Frame By Studio Décor $39.99 - - Multicolor Clear Plastic Lacing By Creatology $2.99 - - ArtMinds Framed Chalkboard $34.99 - - Sparrow Innovations Miniatures Guitar $2.59 - - Studio Décor Bronze Frame With Mat $29.99 - - Heidi Swapp Mini Say Cheese Card $2.49 - - Studio Décor Home Collection Scoop Frame $26.99 - - New Purple Napkins Chevron (16 ct.) $2.17 - - ArtMinds Wood Castle Dollhouse $24.99 - - Blue Mosaic Glass Gems By ArtMinds $1.99 - - Artist's Loft Gallery Wrapped Heavy Duty Canvas $23.99 - - Anchor Hocking Aquatic Vase, Clear $1.99 - - PSP Multi Henna Glitter Kit $22.99 - - Tiny Square Apothecary Jar $1.49 - - Belmont 9" x 9" Shadowbox By Studio Décor $19.99 - - Twine Ficelle Cordel $1.00 - - USA Banner 3" x 6" $19.99 - - Mini Wood Crate By ArtMinds (5" x 3" x 3") $1.00 - - Black Tyler Frame 8" x 8" $16.99 - - USA Flag 4" x 6" $0.99 - - ArtMinds Cork Tiles $14.99 - - Acrylic Craft Yarn By Loops & Threads $0.99 - - Artist's Loft Necessities Canvas Panel $12.99 - - Ashland Glass Votive Holder $0.99 - - Fragrance Oils Kit By ArtMinds, Home Baked $12.99 - - Chalkboard Circle By ArtMinds $0.49 - - Pastel Petals Value Pack $12.99 - - Creatology Basic Felt $0.39 - -

Sources: Company websites, store visits, and William Blair

Bhavan Suri +1 312 364 5314 49 William Blair

Exhibit 46 Office Depot

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 62% 36% 13% 13% 2014 62% 18% 3% 41% 2013 57% 29% 5% 23% 2012 51% 18% 1% 32% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 77% $70 ($9.91) -15.1% ($10.49) -15.1% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product ODP AMZN ǻ Product ODP AMZN ǻ Microsoft Project 2016 $589.99 $403.94 ($186.05) INFUSE Premium Leatherette 1" Binder $8.99 $12.58 $3.59 Brother Wireless Color Laser All-In-One Printer $529.99 $490.98 ($39.01) HP Office Paper, 8 1/2" x 11" (500 Sheets) $8.99 $12.87 $3.88 HP LaserJet Pro M402dn Laser Printer $299.99 $159.99 ($140.00) BIC Automatic Mechanical Pencils (Pack of 2) $8.49 $4.99 ($3.50) Samsung Xpress Wireless Color Laser Printer $299.99 $312.51 $12.52 Scotch Removable Double-Sided Photo Tape $8.29 $5.98 ($2.31) HP LaserJet Pro M127fw Multifunction Printer $259.99 $217.99 ($42.00) Sharpie Liquid Accent Highlighters (Box of 5) $7.79 $5.91 ($1.88) HP 49X, Black Original Toner Cartridge $187.99 $141.89 ($46.10) Office Depot Scissors, 8" (2 ct.) $7.79 $9.99 $2.20 HP Officejet 8620 Wireless All-In-One Printer $149.97 $225.00 $75.03 Cross Ballpoint Refill, Fine Point (2 ct.) $6.79 $6.47 ($0.32) HP 12A, Black Original Toner Cartridges (2 ct.) $143.99 $114.99 ($29.00) Geographics Certificates (25 ct.) $6.00 $8.56 $2.56 Samsung 21.5" Widescreen LED Monitor $139.99 $129.99 ($10.00) Staedtler Stainless Steel Ruler, 12" $5.99 $5.00 ($0.99) Solo Bradford 17.3" Laptop Rolling Case $129.99 $95.00 ($34.99) Office Depot Brand Economy Clipboard $4.19 $9.94 $5.75 Dell PK941 High-Yield Black Toner Cartridge $125.79 $59.95 ($65.84) Adams Vehicle Expense Book $3.99 $6.48 $2.49 Netgear Powerline 1000 Homeplug Wi-Fi Kit $119.99 $99.99 ($20.00) Scotch Double-Sided Adhesive Roller $2.99 $2.19 ($0.80) Heritage Leather Laptop Case For 16" Laptops $109.99 $75.99 ($34.00) Keurig K425 Coffee Brewer $139.99 - - Omni Premium Bluetooth Wirelss Headphones $69.99 $69.99 $0.00 Innovative Storage File And Storage Cart $34.91 - - Brother TN-310BK Black Toner Cartridge $63.79 $36.88 ($26.91) Marcal C-Fold Hand Towels (1,500 ct.) $31.49 - - HP 88XL, Black Original Ink Cartridge $62.99 $42.41 ($20.58) Really Useful Boxes Tower Drawer, 4 Drawers $30.99 - - Brother Monochrome Laser Printer, HL-L2320D $59.99 $99.99 $40.00 Bankers Box FastFold (4 ct.) $29.99 - - Cross Ballpoint Pen, Medium Point, Black Ink $57.79 $57.56 ($0.23) Heavy-Duty D-Ring Binder $29.49 - - HP Office Paper Letter Size, Case Of 10 Reams $56.99 $47.90 ($9.09) Office Depot Binder Box Storage Clipboard $25.99 - - HP 126A, Black Original Toner Cartridge $49.99 $41.30 ($8.69) Office Depot Classification Folders (5 ct.) $25.49 - - Epson Expression Home XP-430 Inkjet $49.99 $69.99 $20.00 Highmark 2-Ply Bath Tissue (Case Of 48 Rolls) $24.99 - - HP 701, Black Original Ink Cartridge $45.99 $33.05 ($12.94) Epson Claria High Yield Yellow Ink Cartridge $18.99 - - Office Depot 1080 Black Fax Ribbons (2 ct.) $43.99 $38.90 ($5.09) Epson 78 Claria Hi-Definition Black Ink Cartridge $17.99 - - Epson 69 Tricolor Ink Cartridge Multipack $42.99 $36.48 ($6.51) PNY Monkey Tail Attaché USB 2.0 Flash Drive $17.99 - - X-ACTO Powerhouse Electric Pencil Sharpener $35.79 $28.59 ($7.20) Office Depot Brand 292 Black Ink Cartridge $16.99 - - Lexmark 17 Black Ink Cartridge $33.99 $14.75 ($19.24) Office Depot ODPG30 Black Ink Cartridge $15.99 - - Post-it Dry-Erase Easel Pad, (20 Sheets) $31.99 $21.99 ($10.00) Quartet Home Magnetic Dry-Erase Calendar $14.99 - - HP 920 Yellow Ink Cartridges (3 ct.) $29.99 $26.19 ($3.80) Office Depot Standard File Pocket $14.99 - - Avery Laser CD/DVD Labels (50 ct.) $29.99 $33.28 $3.29 Glad 30-Gallon ForceFlex Trash Bags (25 ct.) $10.49 - - XActo Basic Knife Soft Case $25.99 $21.34 ($4.65) Realspace Tablet Holder, 6" x 4" x 4" $8.99 - - Avery Inkjet/Laser CD/DVD Labels (20 ct.) $24.99 $11.99 ($13.00) HP Advanced Photo Paper Card & Invitation Kit $8.99 - - HP 564XL, Photo Original Ink Cartridge $24.99 $16.64 ($8.35) Adams Pre-Lease & Post-Lease Inspections $8.79 - - Vaultz Personal Storage Box, 8" x 10" x 7" $23.99 $20.98 ($3.01) Office Depot Heavy-Duty D-Ring View Binder $8.49 - - WallMates Dry-Erase Monthly Calendar Surface $21.99 $21.63 ($0.36) Office Depot Legal Exhibit Unpunched Dividers $6.99 - - Business Jacket Professional Planner $21.49 $20.22 ($1.27) Office Depot Sturdy Foam Board, 20" x 30" $6.49 - - Office Depot Brand Binding Covers (25 ct.) $19.99 $12.07 ($7.92) Neenah Brights Certified Paper (48 Sheets) $5.99 - - Craig Bluetooth Speaker $19.99 $17.99 ($2.00) Office Depot Professional Legal Pad (3 ct.) $5.99 - - Logitech Z50 Multimedia Speaker $19.99 $19.99 $0.00 Power Gear Coil 12' Cord $5.99 - - Neenah Astrobrights Paper (250 Sheets) $17.99 $15.99 ($2.00) Fashion Binder, 1" Rings $5.99 - - HP Advanced Photo Paper, 13" x 19" (20 ct.) $17.89 $31.16 $13.27 Five Star Poly Binder 1 1/2" Rings (400 Sheets) $5.99 - - Prismacolor Watercolor Pencils (Pack of 12) $17.29 $13.21 ($4.08) Clorox Disinfecting Wipes (75 ct.) $5.99 - - Carson-Dellosa Math Practice Workbook $16.99 $14.21 ($2.78) Brides Wide Tip Chalk Marker $5.59 - - Pendaflex SureHook Hanging Folders (10 ct.) $14.99 $12.00 ($2.99) Office Depot Plastic Tabs (25 ct.) $5.49 - - Engineer's Computation Pads (200 Sheets) $14.99 $12.99 ($2.00) Really Useful Boxes Storage Box (1.6 Liters) $4.79 - - D-Link 5-Port 10/100 Desktop Switch $14.99 $14.51 ($0.48) Custom Note-Taking System (Pack of 12) $3.99 - - Sheaffer Sentinel Ballpoint Pen $14.79 $14.25 ($0.54) Ticonderoga Shape Eraser Yellow (3-Pack) $2.99 - - Eccolo Desk Journals, 8" x 9 3/4" $13.99 $21.59 $7.60 tug 2-Hole Manual Pencil Sharpener $1.49 - - Memorex CD/DVD Sleeves (Pack of 100) $9.99 $7.37 ($2.62) Really Useful Boxes Storage Box (0.7 Liters) $1.29 - - Epson DuraBrite 288 Magenta Ink Cartridge $9.99 $9.99 $0.00 Highmark Antibacterial Hand Soap (7.5 oz.) $1.00 - - Crayola Color Pencils (Box of 50) $9.29 $11.65 $2.36 Puffs Facial Tissues White (56 ct.) $1.00 - -

Sources: Company websites, store visits, and William Blair

50 Ryan Domyancic, CFA +1 312 364 5412 William Blair

Exhibit 47 Ollie's

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 21% 11% 8% 2% 2014 -- - - 2013 -- - - 2012 -- - - Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 10% $33 $11.97 36.3% $12.59 38.5% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product OLLI AMZN ǻ Product OLLI AMZN ǻ Bissell DeepClean Professional Carpet Cleaner $159.99 $173.47 $13.48 Wilson Defender Right-Handed Baseball Glove $17.99 - - Char-Broil Vertical Electric Smoker $119.99 $120.99 $1.00 HFC Horizon Vinyl Flooring (22 sq. ft.) $17.39 - - LawnMaster 10' Cordless Grass Trimmer $69.99 $118.71 $48.72 Mudi Luxe Ladies Rain Boots $16.99 - - J. Terence 5-Tier 24" Storage Shelf $44.99 $63.99 $19.00 Black+Decker Light Iron (Factory Serviced) $15.99 - - Fisher-Price Talk To Baby Digital Monitor $39.99 $55.48 $15.49 Star Wars The Force Awakens Slumber Bag $14.99 - - Rowenta Oscillating 12" Table Fan $39.99 $74.95 $34.96 Rain-X Wood Protectors $14.99 - - Wenzel Stow-N-Go Twin Airbed; Twin $29.99 $43.94 $13.95 King Microfiber Sheet Set by Sunbeam $14.99 - - Sony MDR-XD150 Stereo Headphones $19.99 $33.09 $13.10 Town & Country Latex Flat House (One Gallon) $12.99 - - Pro Care Cool Mist Humidifier $19.99 $41.51 $21.52 Bella Storage 71.8 qt. Dry Erase Box $12.99 - - Nike Youth NCAAF Football Jersey $19.99 $49.99 $30.00 Miracle-Gro Organic Plant Food (15-lbs.) $12.99 - - H2O Freestanding Coat Rack with Hangers $17.99 $29.99 $12.00 Miracle-Gro Garden Weed Preventer (9 lbs.) $9.99 - - Ultra Steel Electric Drill $14.99 $25.00 $10.01 Armstrong Floor Cleaner Citrus (32 oz. Bottle) $9.99 - - Finish Powerball Fresh Scent Tabs (100 ct.) $13.99 $21.64 $7.65 Designer Home Silver Lamp $9.99 - - Crayola Colored Bubbles Machine $12.99 $17.23 $4.24 Laguna Shower Curtain $9.99 - - Rawlings Coolflo T-Ball Molded Helmet $12.99 $19.99 $7.00 BBQ Mat $8.99 - - Royal Crest Home Products Shoe Organizer $9.99 $10.00 $0.01 Gold 18" Diameter Wall Clock $8.99 - - Philips SHP1900 Stereo Headphones $9.99 $11.45 $1.46 Fresh Kitty Litter Trapper Mat Jumbo Size $7.99 - - Miracle-Gro All Purpose Plant Feeding System $9.99 $13.99 $4.00 George Men's Solid Jersey Polo $7.99 - - Weber Wok Tool Set $7.99 $16.79 $8.80 Home Collections Fleece Blanket; Twin/Full $6.99 - - Vivitar Binoculars $5.99 $5.99 $0.00 Melannco 5" x 7" Black Flower Frame $5.99 - - 4 Chisel-Point Dry Erase Markers in Mixed Colors $4.99 $2.99 ($2.00) Mirro Carbon Steel Saute Pan $5.99 - - Aloe Vera Cool Gel Mattress Set; Queen $359.99 - - Anchor Hocking 8" x 8" Baking Dish $5.99 - - Magnavox P-12PE Air Conditioner $299.99 - - Steelton Tools Hedge Shears $5.99 - - Finlay & Smith Baja Folding Round Table Set $179.95 - - Franklin Sports Official Size Grip-Rite Basketball $5.99 - - Bissell Powerglide Pet Vac (Remanufactured) $89.99 - - Tramontina Saute Pan $5.99 - - George Foreman Electric Grill (Factory Serviced) $79.99 - - Palermo Grapeseed Oil $5.49 - - Residential Super Plush 8' x 12' Bound Carpet $79.99 - - Nylabone Rawhide Dog Treats (9.5 oz.) $4.99 - - Bistro Toy Kitchen $69.99 - - Radiance Luxury Bath Towel 30" x 54" $4.99 - - Mr. Coffee Coffeemaker (Remanufactured) $59.99 - - Thomas & Friends Steam Team Collection $4.99 - - Sarasota Breeze 9' Steel Umbrella $49.99 - - Magic Jinn Food Game $4.99 - - Valspar 2000 Series Latex Paint (5 Gallons) $49.99 - - NCAA University of Indiana Hat $4.99 - - Walls Men's Twill Insulated Coverall $49.99 - - Starbucks Holiday Blend K-Cups (10 ct.) $3.99 - - Royal 12-Sheet Shredder (Factory Refurbished) $44.99 - - Steelton Tools 1" x 25' Tape Measure $3.99 - - 7-compartment Storage Organizer $39.99 - - KitchenAid Nylon Basting Spoon $3.99 - - Challenger 21-inch Spinner Suitcase $39.99 - - Core Nylon Slotted Turner $3.99 - - Oster Countertop Oven (Remanufactured) $39.99 - - GE Energy Smart Bright Light Bulbs (2 ct.) $3.99 - - Coppertone Ready Set Family Cabana $39.99 - - Garden Clog $3.99 - - Russell Hobbs Electric Kettle (Factory Serviced) $29.99 - - Austin's Pool Tech Shock; 1 Gallon $2.99 - - Erin's Garden Telescoping Bursh Wand $24.99 - - Dockers Men's 2 Pack Ultimate Fit Crew Socks $2.99 - - Oster Smash 300 Blender (Remanufactured) $24.99 - - How to Be a Christian Book $2.99 - - Everlast Medicine Ball (12 lbs.) $24.99 - - Tone's Coconut Lime Seasoning $2.99 - - MLB Bird Bath & Feeder $24.99 - - Ghirardelli 4.85 oz. Chocolate Squares $2.79 - - Steelton Tools 50' Extension Cord $22.99 - - SuperClean Foaming Grill Cleaner (22 oz. Bottle) $2.49 - - Perfect Hose Deluxe; Two 50-foot Hoses $19.99 - - Charmin Toilet Paper Ultra Strong (4 Rolls) $1.99 - - 4 Tier Bookcase $19.99 - - Febreze Fabric Refresher Spring Air Freshener $1.99 - - Design by Rachel Multi-purpose Sofa Table $19.99 - - Hellmann's 11.5 oz. Mayonnaise $1.99 - - Aroma Rice Cooker $19.99 - - LA's Totally Awesome Window Cleaner (40 oz.) $1.89 - - Shakespeare Conquest Spincast Combo $19.99 - - Club Crackers Original $1.49 - - Josh Capon Signature Collection 12" Frypan $18.99 - - Brawny Drawstring Outdoor Trash Bags $1.29 - - Mop Genie Bucket and Mop $17.99 - - Keebler Red Velvet Fudge Stripe Cookies $1.29 - -

Sources: Company websites, store visits, and William Blair

Bhavan Suri +1 312 364 5314 51 William Blair

Exhibit 48 O'Reilly Automotive

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 72% 52% 4% 16% 2014 53% 27% 5% 21% 2013 40% 17% 3% 20% 2012 45% 19% 4% 22% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 64% $27 ($2.47) -8.8% ($2.73) -10.2% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product ORLY AMZN ǻ Product ORLY AMZN ǻ Edelbrock Performer Series Carburetor $335.99 $334.95 ($1.04) Eagle One Never-Dull Wadding Polish $7.99 $5.47 ($2.52) Speed by Spectre Air Intake Kit $169.99 $152.99 ($17.00) Super Clean Cleaner & Degreaser $7.99 $6.99 ($1.00) Mr. Gasket Valve Cover $114.99 $11.95 ($103.04) Performance Tool Filter Socket $7.99 $8.88 $0.89 Schumacher Electric Battery Charger $99.99 $99.26 ($0.73) Turtle Wax Wax & Dry Spray Wax $7.49 $4.97 ($2.52) K&N Engineering Air Filter $84.99 $80.99 ($4.00) Permatex Ultra Blue Multipurpose Gasket Maker $7.49 $7.49 $0.00 Kraco Seat Cover $56.99 $49.99 ($7.00) Meguiar's Hot Rims Chrome Wheel Cleaner $7.49 $10.71 $3.22 Budge Duro Car Cover $52.99 $30.07 ($22.92) K & W Trans-X Slip-Stop & Leak Fix $6.99 $5.47 ($1.52) MSD Ignition Street Fire Spark Plug Wire Set $45.99 $45.85 ($0.14) Tub O' Towels Solution Scrubbing Towels $6.99 $11.33 $4.34 Bayco LED Work Light $44.99 $60.00 $15.01 WD-40 Smart Straw Penetrating Lubricant $6.79 $16.07 $9.28 Reese Towpower Security Kit $39.99 $33.44 ($6.55) Simple Green All-Purpose Cleaner $6.49 $10.98 $4.49 Mobil 1 Motor Oil $36.99 $22.02 ($14.97) Viking Wash Mitt $6.29 $3.99 ($2.30) Signature Products Group Oak Seat Cover $34.99 $34.95 ($0.04) Dorman AutoGrade Acorn Wheel Nut $6.29 $8.97 $2.68 TYC Tail Lamp $33.99 $24.23 ($9.76) Rain-X 2-In-1 Glass Cleaner $5.99 $4.49 ($1.50) Speed by Spectre Exhaust Tail Pipe Tip $32.99 $26.95 ($6.04) Pennzoil Cap Wrench $5.99 $11.99 $6.00 Sylvania XtraVision Halogen Headlight Bulb $29.99 $18.23 ($11.76) Gunk Engine Degreaser $4.49 $4.49 $0.00 Littelfuse SmartGlow Smartfuse Assortment $28.99 $39.33 $10.34 Gumout Fuel Injector Cleaner $4.49 $5.53 $1.04 Keeper 12-Piece Bungee Assortment $26.99 $19.99 ($7.00) VersaChem Muffler Bandage $4.49 $6.48 $1.99 Keeper Ratchet Tie Downs $26.99 $21.99 ($5.00) Dorman Help PCV Grommet $3.99 $3.99 $0.00 Mothers PowerCone Polishing Tool $26.99 $22.30 ($4.69) Performance Tool Fitting Assortment $3.99 $5.94 $1.95 Pennzoil Motor Oil $25.99 $16.47 ($9.52) Dorman Help Exhaust Spring Kit $3.99 $6.11 $2.12 Dupli-Color Paint Shop Base Coat $25.99 $20.15 ($5.84) Dorman Conduct-Tite Alligator Lead $3.19 $3.19 $0.00 Bearing Buddy Bearing Protector $25.99 $20.63 ($5.36) Hopkins FloTool Quick-fill Funnel $2.99 $2.44 ($0.55) Performance Tool Impact Socket Set $24.99 $29.03 $4.04 ACDelco Garage Jack $199.99 - - Reese Towpower Trailer Hitch Receiver Tube $22.99 $33.73 $10.74 Super Start Premium Battery $130.99 - - Mothers California Gold Clay Bar System $21.99 $17.99 ($4.00) Peak Back-Up Camera $128.99 - - Kraco Floor Mats $19.99 $21.20 $1.21 ACDelco SUV High Lift Jack Stands $54.90 - - Performance Tool Grease Gun $18.99 $20.57 $1.58 MasterPro Chemicals Moly Grease $39.90 - - Midwest Can Gasoline Can $18.99 $24.01 $5.02 PowerTorque Tools 3/4" Dr. Ratchet Handle $37.99 - - Shell Rotella Heavy Duty Motor Oil $17.99 $12.97 ($5.02) PowerTorque Tools - Adjustable Wrench $29.99 - - Wolo Full Blast OE Replacement Horn $16.99 $15.90 ($1.09) ACDelco Lug Wrench $29.99 - - Dorman AutoGrade Wheel Spacer $16.99 $17.49 $0.50 Gila Window Film $28.99 - - Custom Accessories Shift Knob $15.99 $6.73 ($9.26) Viking Monster Drying Towel $16.99 - - Permatex Fast Orange Dry Skin Hand Cleaner $15.99 $15.99 $0.00 MicroGard Air Filter $16.99 - - Dupli-Color Scratch Fix All-in-1 Touch-Up Paint $14.99 $11.03 ($3.96) Super Start Booster Cables $14.99 - - Slime Tire Sealant $13.99 $13.99 $0.00 Hy-Per Lube - Radiator Additive $13.99 - - Master Lock Padlock $12.99 $9.90 ($3.09) Reese Towpower Hitch Ball Interlock $10.99 - - Mobil 1 Oil Filter $12.99 $9.99 ($3.00) Cowles Products Edge Trim $10.99 - - TRICO Exact Fit Wiper Blade $11.99 $7.60 ($4.39) PowerTorque Tools Combination Wrench $8.99 - - Dorman Help Heater Hose Elbow $11.99 $9.83 ($2.16) O'Reilly Chemicals Synthetic DOT 3 Brake Fluid $6.99 - - Dorman Help Oil Filter Cap $11.99 $16.88 $4.89 MicroGard Oil Filter $6.59 - - Keeper California Truck Rope $10.99 $11.99 $1.00 Super Start Battery Terminal $6.49 - - Red Line Synthetic Oil Water Super Coolant $10.49 $13.21 $2.72 Super Start Battery S-S Cable $5.99 - - Turtle Wax ICE Interior Detailer / Protectant $9.99 $5.99 ($4.00) Purple Power Prime-Shine Tire Shine $5.99 - - Armor All Original Protectant $9.99 $9.99 $0.00 Wix Oil Filter $5.99 - - Titan Hex Key Set $9.99 $11.13 $1.14 MasterPro Refinishing Microfiber Bonnet $5.49 - - Power Service Products Diesel Fuel Treatment $9.99 $14.89 $4.90 CRC Industries Brakleen Brake Parts Cleaner $4.79 - - K Source Fit System Replacement Mirror Head $9.49 $10.02 $0.53 Armor All New Car Wipes $4.79 - - Dorman Conduct-Tite Tester $8.99 $8.99 $0.00 Dorman AutoGrade Rubber Expansion Plug $3.99 - - Mr. Gasket Wire Looms $8.99 $10.23 $1.24 Nickson Exhaust Pipe Reducer $2.99 - - Bondo Glazing & Spot Putty $7.99 $2.99 ($5.00) Viking Bug Mitt $2.49 - -

Sources: Company websites, store visits, and William Blair

52 Ryan Domyancic, CFA +1 312 364 5412 William Blair

Exhibit 49 Party City

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 35% 9% 14% 12% 2014 -- - - 2013 -- - - 2012 -- - - Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 20% $10 $0.81 9.6% $2.38 23.7% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product PRTY AMZN ǻ Product PRTY AMZN ǻ Wilton Silver Heart Toasting Ensemble $25.00 $44.14 $19.14 Woodland Baby Shower Balloons (15 ct.) $4.99 - - Large Helium / Air Tank 14.9 cu. Ft. $39.99 $47.99 $8.00 Child American Dream Mask $4.99 - - Totally 80s Room Roll $19.99 $27.69 $7.70 Birthday Sweets Swirl Decorations (12 ct.) $4.99 - - Summer Flower Table Decorating Kit (2 ct.) $19.99 $27.30 $7.31 Gold Hip Hop Rings (2 ct.) $4.99 - - 3D Patriotic Paper Stars (2 ct.) $8.99 $13.99 $5.00 New Mommy Advice Cards $3.99 - - Disco Fever Paper Lanterns $7.99 $12.92 $4.93 Clear Plastic Portion Cups (100 ct.) $3.99 - - Place Your Bets Casino Printed Glasses (10 ct.) $9.99 $14.51 $4.52 Smiley Pong Balls (6 ct.) $3.99 - - Pirate Dress $29.99 $34.19 $4.20 White Hair Spray $3.99 - - Pink Stripe Athletic Knee-High Socks $4.99 $8.90 $3.91 Football Birthday Candle Picks (6 ct.) $3.99 - - Super Mario Plastic Hat $1.99 $5.45 $3.46 Spider-Girl Necklace $3.99 - - Black Firefighter Hat $9.99 $13.36 $3.37 Ticket Roll (500 ct.) $3.99 - - Clear Plastic Double Shot Glasses (10 ct.) $4.99 $8.19 $3.20 Giant Red Outline Number 1 Birthday Candle $3.99 - - Dark Knight Batman Streamer Kit $9.99 $12.95 $2.96 Stainless Steel Slotted Serving Spoon $3.99 - - Red & White Striped Socks $5.99 $8.87 $2.88 Child Mickey Mouse Slotted Shades $3.50 - - Pearl Bead Necklaces 60" (4 ct.) $5.99 $8.81 $2.82 Ty Beanie Babies Unicorn Clip $3.00 - - Flip Flop Garland $4.99 $7.67 $2.68 Peppa Pig Magnifying Glasses (12 ct.) $2.99 - - Totally 80s Sunglasses (10 ct.) $9.99 $12.64 $2.65 SpongeBob Pencils (12 ct.) $2.99 - - Classic '50s Dessert Plates (8 ct.) $1.75 $4.23 $2.48 Jake and the Never Land Pirates Cups (8 ct.) $2.99 - - Multistrand Faux Pearl Bracelet $3.99 $6.39 $2.40 Spider-Man Bubbles (6 ct.) $2.99 - - Paisley Duck Tape $4.99 $6.49 $1.50 Hollywood Movie Scene Marker $2.99 - - Neon Pink Thigh-High Fishnet Stockings $5.99 $7.42 $1.43 Pink Princess Confetti $2.99 - - Feeling Groovy String Decorations (6 ct.) $3.99 $5.37 $1.38 5' Torch Natural Bamboo $2.99 - - Patriotic Flag Bunting $3.99 $5.33 $1.34 White Crinkle Paper Shreds $2.99 - - Classic 50s Foil Banner $4.99 $6.05 $1.06 Orange Sugar Sprinkles 3.25 oz. $2.29 - - Recipe Right 12 Cup Mini Muffin Pan $5.99 $6.99 $1.00 Fisher-Price Baby Shower Napkins (16 ct.) $2.02 - - Adult Neon Green Footless Fishnet Stockings $6.99 $7.94 $0.95 Baby Lamb Place Card Holder $1.99 - - Silver Wedding Thank You Notes (25 ct.) $7.99 $8.85 $0.86 White Grease Makeup 0.49 oz. $1.99 - - Pokemon Birthday Banner $6.99 $7.22 $0.23 Graduation Cupcake Decorating Kit (24 ct.) $1.99 - - Kiwi Green Fluffy Decorations (3 ct.) $6.99 $6.99 $0.00 Orange Whistling Tube $1.99 - - Princess Scene Setter $6.99 $6.95 ($0.04) Sunny Plaid Dessert Plates (40 ct.) $1.99 - - White Paper Lanterns (3 ct.) $6.99 $6.93 ($0.06) 48" American Flag Windsock $1.99 - - Neon Shot Glasses (60 ct.) $7.99 $6.00 ($1.99) Black Light Neon Green Shot Glass Necklace $1.99 - - Opal Opalessence Table Cover $6.99 $4.49 ($2.50) Yellow Tissue Paper Value Pack (20 ct.) $1.99 - - Child Elsa Frozen Wig $16.99 $11.49 ($5.50) Hibiscus Ring Garland $1.99 - - Mega Pack favor Box Kit Silver $19.99 $9.91 ($10.08) Large Hula Hoop $1.99 - - Giant Disney Princess Pinata $34.99 - - White Cream Makeup 0.7 oz. $1.99 - - Toddler Boys Superman Muscle Costume $29.99 - - Graduation Smiley Baking Cups (75 ct.) $1.99 - - Colonial Wig $19.99 - - Kiwi Green Plastic Stemless Wine Glass $1.99 - - Inflatable Ring Toss Flamingo Cooler $19.99 - - Strawberry Shortcake Bottle $1.99 - - Teenage Mutant Ninja Turtles Horseshoes Game $9.99 - - Toasting Glass Glitter Accents (8 ct.) $1.93 - - Royal Blue Chocolate Coins (72 ct.) $9.99 - - Chafing Fuel $1.49 - - Kiwi Green Plastic Shot Glasses (100 ct.) $7.99 - - Mario Kart Highlighters (3 Pack) $1.00 - - Marvel's "The Avengers" Candy Mix $6.99 - - Red Aluminum Half Chafing Dish Steam Pan $0.99 - - Football Punch Balloons (16 ct.) $6.99 - - Yellow Plastic Serving Spoon $0.99 - - Summer Flannel-Backed Vinyl Table Cover $6.99 - - Purple Mini Popcorn Treat Boxes (5 ct.) $0.99 - - Hip Hop Bracelets (3 ct.) $5.99 - - Red Glow Stick Necklace $0.99 - - Bright Pink Chocolate Sixlets (450 ct.) $5.99 - - Red Plastic Fedora $0.99 - - Splash Balls (24 ct.) $5.99 - - Tinsel Silver Star Decoration $0.79 - - Shades of Summer Sunglasses $5.00 - - Mason Jar Shot Glass $0.79 - - Self-Adhesive Yellow Tinsel False Eyelashes $4.99 - - Aluminum Half Chafing Dish Steam Pan $0.79 - -

Sources: Company websites, store visits, and William Blair

Bhavan Suri +1 312 364 5314 53 William Blair

Exhibit 50 Sears

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 53% 19% 11% 23% 2014 55% 27% 5% 23% 2013 47% 22% 7% 18% 2012 45% 25% 5% 15% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 62% $246 ($10.36) -6.1% $10.30 4.2% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product SHLD AMZN ǻ Product SHLD AMZN ǻ Samsung 65" Class 4K HD Curved Smart TV $2,499.99 $2,397.99 ($102.00) Sunbeam Hand-held Cordless Sewing Machine $12.99 $9.99 ($3.00) LG 23.7 cu. ft. French Door Refrigerator $2,199.99 $1,969.99 ($230.00) Joe Boxer Women's 10-Pairs No Show Socks $7.99 $9.99 $2.00 Kenmore 5.9 cu. ft. Double-Oven Gas Range $1,099.99 $1,446.00 $346.01 UltraCare Eureka VacBelt $4.99 $8.75 $3.76 LG 7.4 cu. ft. Gas Dryer with Steam $749.99 $822.00 $72.01 KitchenAid 25.8 cu. ft. 36" Multi-Door Refrigerator $2,999.99 - - GE Appliances Built-In Dishwasher $599.99 $783.44 $183.45 Kenmore High Efficiency 27" Gas Laundry Center $1,499.99 - - Whirlpool 4.8 cu. ft. Cabrio Top Load Washer $499.99 $828.85 $328.86 Frigidaire Gallery 25.6 cu. ft. Refrigerator $1,093.99 - - Kenmore Elite Canister Vacuum Cleaner $349.99 $429.50 $79.51 Whirlpool 7.4 cu. ft. Gas Dryer $899.99 - - Frigidaire 24" Built-In Dishwasher $349.99 $458.92 $108.93 Kenmore 18 cu. ft. Top Freezer Refrigerator $629.99 - - Delsey Paris Luggage Belfort Carry-On Spinner $299.99 $99.95 ($200.04) Kenmore Elite 17.5 cu. ft. Chest Freezer $599.99 - - Samsung 3.1-Channel 340 watt Soundbar $299.99 $297.99 ($2.00) Kenmore 4.3 cu. ft. Top Load Washer $575.93 - - Piper All-in-One Wireless Security System $299.99 $349.99 $50.00 Maytag 24' Built In Dishwasher $559.00 - - Samsung 40" Class 1080p LED HD TV $279.99 $268.88 ($11.11) Kenmore 5.0 cu. ft. Gas Range $499.99 - - Kenmore 1.7 cu. ft. Over-the-Range Microwave $249.99 $424.94 $174.95 Kenmore 40 gallon Natural Gas Water Heater $463.93 - - Samsung Galaxy Tab A 8.0" Tablet $229.99 $178.94 ($51.05) Kenmore 4.2 cu. ft. Gas Range $440.93 - - Kenmore Elite 2.2 cu. ft. Countertop Microwave $219.99 $210.60 ($9.39) Kenmore 50 Pint Dehumidifier $249.99 - - Kenmore Canister Vacuum Cleaner $199.99 $187.50 ($12.49) Kenmore 4.4 cu. ft. Compact Refrigerator $209.99 - - Ring Video Doorbell $199.99 $230.00 $30.01 Kenmore 30" Convertible Range Hood $149.99 - - Seiki 39" Class 720p LED HD TV $199.88 $231.42 $31.54 Elizabeth Jewelry Amour Hives Honey $149.97 - - Kenmore 3/4 Horsepower Garbage Disposer $179.99 $149.99 ($30.00) Structure Men's Big & Tall Basket $126.00 - - Amazon Echo $179.99 $179.99 $0.00 Cannon 8-Piece Jacquard Frete Comforter Set $99.99 - - Kenmore 1.6 cu. ft. Countertop Microwave $149.99 $122.10 ($27.89) Elk Woods Men's Soft Toe 6" Hiker Work Boot $90.00 - - Hoover Power Path Deluxe Carpet Washer $139.99 $119.23 ($20.76) Cannon Pima Cotton Sheet Set $89.99 - - Keen Utility Men's Milwaukee Steel Toe Boot $129.99 $143.31 $13.32 DieHard Men's 6" Soft Toe Work Boot $79.99 - - Nakamichi NK6 300 Watt Soundbar $109.99 $109.99 $0.00 Structure Men's Bryden Leather Chelsea Boot $70.00 - - TV Wall Mount for 19"-80" TV $99.99 $49.86 ($50.13) Thom McAn Men's Nubuck Leather Boat Shoe $60.00 - - Altec Lansing Life Jacket Speaker $99.99 $99.99 $0.00 Grand Resort Mayfair Comforter Set $53.97 - - Seiki 20" Class 720p LED HD TV $99.99 $127.88 $27.89 Traveler's Choice 19.5" Upright Carry-On $47.99 - - Kenmore Upright Bagless Vacuum Cleaner $89.99 $69.99 ($20.00) Emerson Grommet 84" Curtain $44.99 - - Sauder Soft Modern Night Stand $79.99 $71.25 ($8.74) T Mobile Gift Card $40.00 - - Habitat Shag Rug $79.99 $80.20 $0.21 Black + Decker Handheld Wireless Hand Vacuum $39.99 - - Lugz Men's Fringe Wheat Moccasin Boot $60.00 $55.95 ($4.05) Colormate Micro Velvet Blanket Turquoise $34.99 - - Philips Hue Wireless Dimming Kit $59.99 $34.99 ($25.00) Craftsman Men's Duck Canvas Carpenter Pants $34.99 - - iLive Portable Bluetooth Boombox $59.99 $36.99 ($23.00) Thom McAn Men's Montrose Casual Oxford $30.00 - - Reebok Twistform $59.49 $55.99 ($3.50) Big Fab Find Big Fabulous Find Mattress Pad $29.99 - - Kenmore Replacement Refrigerator Filter $54.99 $64.99 $10.00 KIDdesigns Star Wars Bluetooth Speaker $29.99 - - Sleep Innovations Memory Foam Contour Pillow $49.99 $25.13 ($24.86) Red Placemat Foam $29.99 - - Skullcandy Uproar Wireless Headphones $49.99 $42.97 ($7.02) Kenmore 60" Gas Range Connector $27.99 - - Pitbull Women's Perfume Spray $40.00 $20.97 ($19.03) Fila Men's T-Minus Running Shoes $24.99 - - Samsung SmartThings Multipurpose Sensor $39.99 $31.99 ($8.00) Roebuck & Co. Men's Paxton Moccasin Slippers $24.99 - - Panasonic Digital Cordless Answering System $37.99 $39.43 $1.44 Converse Aspin Stripes Shoe $24.99 - - LG DVD Player with DivX Playback $34.99 $38.00 $3.01 Roebuck & Co. Men's Cargo Pants $21.99 - - Lee Men's Modern Series Straight Fit Jeans $32.99 $32.90 ($0.09) Kenmore 8' Dishwasher Connector Kit $19.99 - - Allerease Hot Water Washable Mattress Pad $27.99 $34.99 $7.00 New Balance Low Cut Colored Socks 6-Pack $18.00 - - Alphaline 3' HDMI Cable $19.99 $4.75 ($15.24) Structure Men's Slim Fit Long-Sleeve Shirt $17.99 - - Bissell Pet Stain Advanced Carpet Cleaner $19.99 $19.49 ($0.50) David Taylor Collection Men's Patriotic Necktie $14.99 - - RCA 6' Audio Digital Optical Cable $17.99 $8.99 ($9.00) Women's Reversible Tote Bag $14.99 - - Champion Young Men's Jersey Sweatpants $16.99 $13.99 ($3.00) Canyon River Blues Crew Neck Women's Shirt $12.99 - - HP Black 63 Ink Cartridge $15.99 $15.48 ($0.51) Kenmore Stainless Steel Spray $7.99 - - RCA 10' VGA Cable $14.99 $15.99 $1.00 Sherlock Holmes Collection $4.99 - - JVC Inner Ear Riptidz $12.99 $5.59 ($7.40) Peak 54' Boot Lace $2.49 - -

Sources: Company websites, store visits, and William Blair

54 Ryan Domyancic, CFA +1 312 364 5412 William Blair

Exhibit 51 Staples

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 61% 31% 9% 21% 2014 65% 19% 2% 44% 2013 57% 22% 7% 28% 2012 48% 22% 3% 23% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 74% $74 ($10.96) -13.5% ($5.27) -7.1% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product SPLS AMZN ǻ Product SPLS AMZN ǻ HP Pavilion 14" Notebook Computer $549.99 $714.99 $165.00 PNY Power Pack 2200mAh 1 Amp $10.00 $9.57 ($0.43) HP 80X Toner Cartridge, High Yield, Black $321.99 $259.95 ($62.04) Staples Letter/Legal File Box $10.00 $18.44 $8.44 Brother Mono Laser All-In-One Printer $299.99 $189.99 ($110.00) Glad 13-gallon Tall Kitchen Trash Bags (80 ct.) $9.29 $14.49 $5.20 HP 27" IPS LED Backlit Monitor $249.99 $238.40 ($11.59) Staples Slanted Sign Holder $8.99 $6.79 ($2.20) Fellowes Saturn Laminating Machine $239.99 $166.99 ($73.00) Prang Metallic Markers (6 Pack) $7.99 $4.98 ($3.01) DYMO LabelWriter 450 Label Maker $199.99 $104.48 ($95.51) Geographics Ivory & Gold Envelopes (25 ct.) $7.99 $12.28 $4.29 Epson WorkForce All-In-One Color Inkjet Printer $199.99 $199.99 $0.00 Staples Manila File Folders (100 ct.) $7.00 $13.94 $6.94 HP 125A C/M/Y Color Toner Cartridges $196.99 $165.89 ($31.10) Command Large Picture Hanging Strips (4 ct.) $5.99 $3.38 ($2.61) Netgear ProSafe Gigabit Ethernet Switch $187.99 $157.35 ($30.64) Joy Pure Sugar Value Pack (20 oz. Canister) $5.49 $5.84 $0.35 Netgear ProSAFE 16-Port Gigabit Click Switch $149.99 $133.85 ($16.14) BIC Atlantis Exact Ballpoint Pens (3 ct.) $4.99 $5.93 $0.94 Casio SE-S800 Cash Register $139.99 $221.92 $81.93 Scotch Heavy-Duty Shipping Tape $3.00 $5.81 $2.81 Keurig Single-Cup Commercial Coffee Brewer $129.99 $134.58 $4.59 La-Z-Boy Leather Executive Chair $299.99 - - All-New Amazon Kindle Paperwhite $119.00 $199.99 $80.99 OtterBox Fre Avalanche iPhone 6s Case $79.99 - - HP OfficeJet Pro 6830 e-All-in-One Printer $99.99 $89.99 ($10.00) Samsonite 17" Computer Case $74.99 - - Scotch Heavy-Duty Packing Tape (18 ct.) $89.99 $67.70 ($22.29) Staples Elkerton Bonded Leather Chair $72.50 - - Epson 48 Color C/M/Y/LC/LM Ink Cartridges $75.99 $62.90 ($13.09) Staples Blue Marbled Hardcover Record Book $29.99 - - High Sieera TSA Backpack $69.99 $59.95 ($10.04) Staples 25' Patch Cable $26.99 - - Targus Black Keyboard Case for iPad Air 2 $69.99 $89.95 $19.96 Staples Plastic Storage Drawer Cart, 4 Drawer $26.99 - - HP 128A Yellow Toner Cartridge $67.99 $56.97 ($11.02) Southworth Granite Envelopes (50 ct.) $22.99 - - Brother Black Toner Cartridge $63.99 $45.99 ($18.00) Staples Black Wire Mesh DVD Storage Box $21.99 - - Logitech Wireless Keyboard and Mouse $59.99 $47.95 ($12.04) Staples File Jackets, 2" Expansion (10 ct.) $19.49 - - Canon Printing Calculator (MP25DV) $59.99 $49.94 ($10.05) Cynthia Rowley 2016 Weekly Planner $18.99 - - Power Estimator Construction Pro CD $55.99 $32.94 ($23.05) Gartner Studios Invitation & Envelope $18.99 - - HammerMill Copy Plus Copy Paper (Case) $53.99 $50.15 ($3.84) Staples Document 19 Pocket 2-tone Legal File $16.99 - - Linksys AE3000 Dual-Band USB Adapter $49.99 $37.95 ($12.04) Paperchase Paradiso Metal Tray, 13" x 9" x 2" $14.99 - - Optimizers Black 6-Pocket Organizer $43.99 $39.81 ($4.18) Optimizers Incline Sorter Clear $13.79 - - Southworth Granite Specialty Paper (500 ct.) $40.99 $29.66 ($11.33) Really Useful 17L Box Smoke $13.00 - - Southworth Linen Business Paper (500 ct.) $38.99 $25.69 ($13.30) PC Kraft Magazine File Brown $12.99 - - Solo Classic Expandable Laptop Messenger $36.99 $31.09 ($5.90) Staples CAT5e Inline Coupler $12.99 - - Bankers Box Stor/File, Medium Duty $34.99 $34.98 ($0.01) Staples Dual USB Wall Charger $11.99 - - Kodak 30B/30C Black and Color Ink Cartridges $33.98 $27.99 ($5.99) Staedtler Math Tool Set $11.99 - - Brother P-Touch Label Tape Black on Yellow $30.99 $18.99 ($12.00) Buxton Sapphire Pink Card Case $11.99 - - Staedtler Ergosoft Pencils (24 ct.) $29.99 $20.08 ($9.91) Tops 7 Pocket File and 1" Document Case Black $11.79 - - HP 951XL Ink Cartridge $29.99 $20.99 ($9.00) Brother DR-360 Drum Cartridge $10.99 - - Apple 30-pin to VGA Adapter $29.00 $23.00 ($6.00) Really Useful 7L Storage Box Blue $8.70 - - Scosche Dual 2 port 12 watt USB Car Charger $24.99 $12.74 ($12.25) Canvas Cube Solid Asst. $8.00 - - Epson 200 Color C/M/Y Ink Cartridges $24.99 $21.09 ($3.90) Staples 18 Gallon Plastic Flat Lid Tote $6.00 - - Swingline Full Strip Stapler, 25 Sheet Capacity $22.99 $14.99 ($8.00) Cynthia Rowley "Holds Everything" Pouch $5.99 - - Pendaflex SureHook Hanging File Folders $21.49 $13.99 ($7.50) Gartner Blank Note Card (10 ct.) $4.99 - - Belkin 90 Degree Lightning to USB Cable Blue $19.99 $19.99 $0.00 Paperchase Brown and Pink Notecards $4.99 - - Moleskine Shell Case $19.95 $14.86 ($5.09) Quickie Dust Pan and Brush Set $4.99 - - HP Premium Choice Laser Paper (Ream) $19.49 $16.36 ($3.13) Staples White Wove Catalog Envelopes $4.49 - - Southworth Cotton Resume Paper (100 ct.) $18.79 $7.99 ($10.80) Staples Magnetic Dry-Erase Markers (4 ct.) $3.99 - - Pigment Liner 6-piece Sketch Pens Set $18.79 $10.72 ($8.07) Gartner Studios Seals Heart & Arrow (48 ct.) $3.99 - - Scott Choose-A-Sheet Paper Towels (15 Rolls) $17.99 $24.44 $6.45 Scotch Sure Start Shipping Packing Tape $3.99 - - Duracell 8' Lightning Cable White $14.99 $13.19 ($1.80) Globe-Weis Expandable Pocket File $3.49 - - Cosco Restroom Signs, Men/Women, 6" x 9" $13.99 $7.23 ($6.76) 1" Staples Standard Binder Blue $2.99 - - Staples Better 2-Inch D 3-Ring View Binder $11.49 $16.94 $5.45 Skinnypop Popcorn 4.4 oz. $2.99 - - Staples Better 2" 3-Ring View Binder $11.49 $19.24 $7.75 Cynthia Rowley Floral Pencils (4 Pack) $1.99 - - Staples Poly Envelopes (5 ct.) $10.49 $16.74 $6.25 Staples 3" x 5" White Index Cards (100 ct.) $1.79 - -

Sources: Company websites, store visits, and William Blair

Bhavan Suri +1 312 364 5314 55 William Blair

Exhibit 52 T.J. Maxx

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 23% 9% 8% 6% 2014 29% 2% 1% 26% 2013 21% 10% 1% 10% 2012 17% 8% 0% 9% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 9% $26 $13.55 53.6% $15.42 59.2% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product TJX AMZN ǻ Product TJX AMZN ǻ Michael Kors Kempton Tote Handbag Navy $69.99 $81.99 $12.00 Jimmy Choo Blossom $29.99 - - Lucky Brand Women's Modesto Stash $69.00 $110.47 $41.47 Silver Table Lamp $29.99 - - London Times Women's Eyelet Dress $39.99 $49.00 $9.01 Kanna Women's Sandals $29.00 - - Calvin Klein Women's Dress with Belted Waist $39.99 $89.00 $49.01 Grove Hollow Full Sheet Set $24.99 - - Bandolino Women's Tufflove Wedge Pump $29.99 $34.99 $5.00 Perry Ellis Jacquard Shirt $24.99 - - Solo Urban 17.3" Laptop Briefcase $29.99 $38.55 $8.56 Baroque Velvet Blanket $24.99 - - Animal Planet Free Standing Wooden Pet Gate $29.99 $60.37 $30.38 Levi's Men's '522 Slim' Jeans $24.99 - - Ivanka Trump Women's Crop Pants $29.99 $79.00 $49.01 Belldini Top $24.99 - - Levi's Men's 514 Straight Jean, Milkweed $24.99 $35.99 $11.00 Lucky Brand Women's Straight Leg Jean $20.00 - - Nautica Voyage By Nautica For Men $19.99 $14.19 ($5.80) Andrea Jovine Top $19.99 - - Calvin Klein Men's Classic Boxer Brief (3 Pack) $19.99 $19.99 $0.00 Flower Painting $16.99 - - BlkSmith Stainless Steel Moscow Mug (Set of 2) $19.99 $27.99 $8.00 Lands' End Traditional Fit Red Pants $16.99 - - Nike Mens Challenger Fuse 7" Shorts $19.99 $34.40 $14.41 Berkshire Blanket Grace Fur Throw Blanket $16.99 - - aden by aden + anais Swaddleplus (4 pack) $19.99 $34.95 $14.96 Levi's Men's 501 Customized Tapered-Fit Jean $16.99 - - Deco 79 Metal Nickel 9" x 5" Table Clock $19.99 $39.00 $19.01 Lucky Brand Women's Sandals $15.00 - - Sealy Posturepedic Barrier Mattress Pad $19.99 $40.00 $20.01 Nike Men's Perforated Reversible $14.99 - - John Deere Hauling Farm Tractor Toy $16.99 $20.97 $3.98 Michael Kors Men's Tie $14.99 - - Bino Chrome Corner Spa Tower $16.99 $34.99 $18.00 Decorative Glass Jug $14.99 - - Michael Kors Leather Macbook Air Sleeve $14.99 $32.98 $17.99 London Fog Shorts $14.99 - - Bamboo Pineapple-Shaped Cutting Board $12.99 $14.99 $2.00 Asics Hot Shorts $14.99 - - Nautica Little Boys Printed Swim Trunk $12.99 $19.69 $6.70 Bino Step Trash Can $12.99 - - Nike Performance Cushioned White (6 Pack) $9.99 $19.98 $9.99 Trunks Surf & Swim Green Swim Trunks $12.99 - - Nautica Infant Girls Pale Blue Drop Waist Dress $9.99 $19.99 $10.00 Kathy Ireland Home Leather Basket $12.99 - - Wood Console Table $199.99 - - NYDS Slim Fit Shirt $12.99 - - 3 Door Storage Locker $129.99 - - Pebble Beach Solid Pique Polo $12.99 - - White Gloss Bench $129.99 - - Airwalk Pattern Shirt $12.99 - - Grey Wood Bench $129.00 - - Romeo & Juliet Couture Dress $12.00 - - Villeroy & Boch Bathroom Stand $99.99 - - Dockers Men's Signature Khaki Straight-Fit Pant $10.00 - - Blue Night Stand $99.99 - - Steel Waste Basket $9.99 - - Delsey Luggage 29" $89.99 - - "Every Little Thing Is Gonna Be Alright" Painting $9.99 - - Tainoki Chair $69.99 - - Grand Slam Performance Polo $8.00 - - Cuisinart Classic Non-stick Starter Set, 8-pieces $59.99 - - Geoffrey Beene Wrinkle Free Shirt $8.00 - - Hotel Down Alternative Comforter $59.99 - - R&K Collections Over the Door Hooks $7.99 - - Sterling Manor Egyptian Sateen Sheet Set $49.99 - - Countess Mara Orange Tie $7.99 - - Vineyard Vines Breaker Pants $39.99 - - Perry Ellis Men's Sleep Shorts $7.99 - - Ralph Lauren Classic Light Blue Shirt $39.99 - - Life Is Good Hat $7.99 - - Ralph Lauren Patterned Slim Fit Dress Shirt $39.99 - - Spyder Big Boys Mechanical T-Shirt $7.99 - - Donna Morgan Dress $39.99 - - Isaac Mizrahi Standard Pollowcases $7.99 - - Taylor Dresses Women's Cotton Jacquard $39.99 - - Free Planet Hooded Shirt $7.99 - - Max Studio Table Lamp $39.99 - - Baby Thro Penguin Blanket $7.99 - - Calvin Klein Jeans Women's Skinny Jean $29.99 - - Baum Journey Rope Divided Tank Basket $6.99 - - Canton Post Queen Comforter Set $29.99 - - Pavilion Bath Towel $6.99 - - Lucky Brand 221 Original Straight Leg Pants $29.99 - - Kurgo Reflective Dog Vest $6.00 - - Brooks Brothers Blue Stripe Shirt $29.99 - - Gooby Soft Mesh Harness for Small Dogs $5.99 - - Counterparts Tummy Control Dress Pants $29.99 - - Pantry Bar Mops (4 ct.) $5.99 - - Max Studio Dress $29.99 - - Chaps Bow Tie $5.99 - - Franco Sarto White Women's Sandals $29.99 - - "Kiss Me I'm Irish" Decorative Block $3.99 - - Calvin Klein Cool Tech Non-Iron Men's Shirt $29.99 - - Carters Baby Girls Snap Up Sleep & Play $3.00 - - Ralph Lauren Straight Khaki Shorts $29.99 - - Cosmic Catnip Owl The Whoooo $2.99 - - Aersoles White Women's Dress Shoes $29.99 - - Caspari Entertaining Salad Plates (8 Pack) $1.69 - -

Sources: Company websites, store visits, and William Blair

56 Ryan Domyancic, CFA +1 312 364 5412 William Blair

Exhibit 53 Target

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 47% 24% 11% 12% 2014 44% 20% 2% 22% 2013 48% 25% 6% 17% 2012 47% 17% 6% 24% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 68% $107 ($17.86) -13.7% ($13.41) -12.6% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product TGT AMZN ǻ Product TGT AMZN ǻ VIZIO D-Series 65" Class LED Smart TV $999.99 $848.00 ($151.99) Threshold Windham One Door Accent Cabinet $99.99 - - Canon EOS Rebel T5i EF-S Kit $799.99 $599.00 ($200.99) American Tourister 20" Carry On Luggage $89.99 - - Weber Spirit Liquid Propane Gas Grill $399.00 $399.00 $0.00 Threshold Camelot Dinning Chair $79.99 - - Motorola WiFi 4.3” Video Baby Monitor $259.99 $236.58 ($23.41) Simply Shabby Chic 2-Piece Comforter Set $79.99 - - Sony 20.1MP Zoom Point and Shoot Camera $219.99 $168.00 ($51.99) Wild Sports Wooden Cornhole Bag Set $79.99 - - Shark Rocket Professional $199.99 $180.96 ($19.03) Threshold Rumford Saddle 24" Counter Stool $74.99 - - Parrot Jumping Race MiniDrone $189.99 $136.51 ($53.48) Room Essentials Desk Wood & Metal $69.99 - - Linksys AC1900 Wi-Fi Router $179.99 $119.99 ($60.00) Room Essentials Zero Gravity Chair $59.00 - - Arlo Smart Home Add-on HD Security Camera $179.99 $164.79 ($15.20) Threshold Blue Table Lamp $49.99 - - Fellowes Powershred $149.99 $147.98 ($2.01) Kensington Station Wall Clock Wood Finish $39.99 - - Ninja Coffee Bar Brewer and Glass Carafe $149.99 $151.79 $1.80 Star Marquee Wall Decor $28.49 - - Bose SoundLink Color Bluetooth Speaker (Red) $129.99 $129.00 ($0.99) Denizen from Levi's 285 Relaxed Fit Jeans $24.99 - - VIZIO SB3820 Sound Bar $99.99 $97.88 ($2.11) Merona Flat Front Shorts $24.99 - - Casio Portable Keyboard $99.99 $99.95 ($0.04) Mirage LED Wax Candle $24.99 - - Hot Wheels Star Wars Playset $79.99 $39.09 ($40.90) Mossimo Supply Company Long-sleeve Shirt $19.99 - - Sure Fit Soft Suede 1-Piece Loveseat Slipcover $74.99 $50.93 ($24.06) Threshold Decorative Bin $19.99 - - Suncast 50-Gallon Deck Box $69.99 $59.00 ($10.99) Threshold Medium Weight Shower Curtain Liner $17.99 - - Triple Wall Mount Pump Shower Caddy $69.99 $69.99 $0.00 Threshold Gray Throw $16.99 - - Waterpik "PowerSpray+" 2 in 1 Shower System $61.99 $49.99 ($12.00) OXO Softworks Pop 2.6 qt. Container $15.99 - - Catan 5th Edition $49.99 $37.70 ($12.29) Circo Pineapple Baby Top $15.49 - - Tony Hawk Circuit Boards Skatepark $49.99 $39.99 ($10.00) Nate Berkus Bath Towel $9.99 - - Epson XP-424 Wireless Color Photo Printer $49.99 $84.90 $34.91 Coppertone Sport Spray (8 oz.) $9.29 - - John Frieda Body & Shine Waves Rollers $39.99 $36.99 ($3.00) Monopoly T-Shirt "Lucky" $8.99 - - Canon mini-Desktop Printing Calculator $32.99 $22.20 ($10.79) Sterlite Utility Bin $8.99 - - Fisher-Price Princess African-American Doll $29.99 $20.18 ($9.81) Angel Soft Double Roll Bath Tissue (12 ct.) $5.89 - - GE 8' High Speed HDMI Cable with Ethernet $27.99 $20.47 ($7.52) Old Spice Collection Men's Body Wash (21 oz.) $4.99 - - Enfamil Reguline (20.4 oz.) $26.99 $25.98 ($1.01) Q-Tips Cotton Swabs (750 ct.) $4.79 - - Champion Performance Pants $24.99 $25.25 $0.26 Kellog's Fruit Loops (21.7 oz. Box) $4.09 - - Umbra Loft Ball Drapery Rod Set (36"-66") $24.69 $69.09 $44.40 Windex Original Glass Cleaner (26 oz.) $3.14 - - Fiskars 15' PowerGear Super Pruner $21.99 $21.99 $0.00 Wesson Canola Oil (48 fl. oz.) $2.84 - - Apex 50' Sprinkler Hose $19.99 $13.97 ($6.02) Sweet Baby Ray's Original BBQ (28 oz.) $2.77 - - Aroma Electric Water Kettle $19.99 $20.99 $1.00 Fresh Grocery #1 $5.00 - - First Alert Smoke Alarms (2-Pack) $17.69 $17.96 $0.27 Fresh Grocery #2 $5.00 - - Lego City Fire Ladder Truck $16.79 $18.45 $1.66 Fresh Grocery #3 $5.00 - - Fruit of the Loom Stripe Boxer Briefs (Pack of 5) $15.99 $14.99 ($1.00) Fresh Grocery #4 $5.00 - - Miracle-Gro Shake'n Feed Plant Food (4.5 lbs.) $15.99 $15.95 ($0.04) Fresh Grocery #5 $5.00 - - Wilson NFL Enforcer Football with Pump $14.99 $19.99 $5.00 Fresh Grocery #6 $5.00 - - Full Speed (Kid Ink) Audio CD $13.99 $5.29 ($8.70) Fresh Grocery #7 $5.00 - - Hanes Men's No Show Socks (Pack of 6) $13.99 $7.74 ($6.25) Fresh Grocery #8 $5.00 - - Star Wars Darth Vader Bank $12.99 $16.25 $3.26 Fresh Grocery #9 $5.00 - - GE LED 60w 10.5w Daylight Light Bulbs $12.99 $18.14 $5.15 Fresh Grocery #10 $5.00 - - Supra Clens Daily Protein Remover $9.19 $12.64 $3.45 Fresh Grocery #11 $5.00 - - Duracell Coppertop AA Batteries (10 ct.) $7.99 $8.35 $0.36 Fresh Grocery #12 $5.00 - - Dunkin Donuts Coffee Cake Coffee (11 oz.) $7.59 $13.15 $5.56 Fresh Grocery #13 $5.00 - - Neutrogena Oil-Free Acne Wash (9.1 oz.) $6.49 $9.65 $3.16 Fresh Grocery #14 $5.00 - - TreSemmé Two Aerosol Hairspray (11 oz.) $4.99 $4.00 ($0.99) Fresh Grocery #15 $5.00 - - Method Foaming Body Wash (18 oz.) $4.99 $10.98 $5.99 Fresh Grocery #16 $5.00 - - Whirlpool 3.1 cu. ft. Mini Refrigerator $199.00 - - Fresh Grocery #17 $5.00 - - Spalding NBA 44" Portable Basketball Hoop $169.99 - - Fresh Grocery #18 $5.00 - - Chloe & Conner Kids 3 Drawer Dresser $149.99 - - Fresh Grocery #19 $5.00 - -

Sources: Company websites, store visits, and William Blair

Bhavan Suri +1 312 364 5314 57 William Blair

Exhibit 54 Tractor Supply Company

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 50% 32% 7% 11% 2014 45% 21% 4% 20% 2013 38% 20% 0% 18% 2012 42% 20% 2% 20% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 38% $54 $3.15 5.6% $2.75 5.1% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product TSCO AMZN ǻ Product TSCO AMZN ǻ Red Lion 4 Hp Engine Driven Water Pump $499.99 $635.46 $135.47 Countyline 35 Ton Log Splitter $1,599.99 - - Earthquake One Man Earth Auger $249.99 $199.99 ($50.00) Tractor Supply Co. Aluminum Tool Box $249.99 - - Rubbermaid 7.5 cu. ft. Big Wheel Farm Cart $179.99 $194.00 $14.01 Tractor Supply Co. 5-Drawer Steel Storage Box $219.99 - - Petsafe Elite Big Dog Remote Trainer $159.99 $147.78 ($12.21) Tractor Supply Co. Underbed Truck Box $199.99 - - Ariat Men's 10" Sierra Saddle Work Boots $149.99 $111.82 ($38.17) Red Shed Double Glider Chair With Table $159.99 - - Zareba 5 Mile Solar Fence Charger $149.99 $171.41 $21.42 Utility Shed In A Box $139.99 - - Bulldog A-Frame Collar-Lok Trailer Coupler $119.99 $72.55 ($47.44) Sunny Point 6 ft. Picnic Table With Two Benches $74.99 - - Wahl Stable Pro Plus $99.99 $99.99 $0.00 Groundwork Raised Garden Bed $59.99 - - Universal Tractor Seat $89.99 $120.73 $30.74 Large Rectangular Garden Planter $59.99 - - Schumacher Instant Power Jump Starter $79.99 $84.74 $4.75 Grease Joint Rejuvenator Professional Model $49.99 - - Gpi Auto Unleaded Nozzle, 3/4" $59.99 $67.28 $7.29 Jobsmart Canvas Tarp (8' x 10') $49.99 - - Arnold 16" x 6.5" Front Tractor Tire $49.99 $48.02 ($1.97) Fender And Axle Back $44.99 - - Baygard By Parmak Electric Fence Wire $44.99 $40.05 ($4.94) Iver On 1 Liter Pour On For Cattle Medication $29.99 - - Mighty Mule Dual Button Entry Transmitter $39.99 $24.57 ($15.42) Groundwork 3-Tier Stained Gardening Shelf $29.99 - - Legacy Lock-N-Load Pistol Grease Gun $36.99 $33.37 ($3.62) Reese Towpower Heavy-Duty Ball Mount $29.99 - - Crocs Men's Classic Clog $34.99 $23.96 ($11.03) Western Chief Ladies' Ditsy Dot Rain Boot $19.99 - - Shell Rotella Diesel Engine Oil (2.5 Gallons) $34.99 $46.27 $11.28 Royal Wing Mesh Star Feeder $19.99 - - Blue Freedom Chicken Flavor Dog Food $31.99 $26.77 ($5.22) Huskee Kevlar V-Belt, 1/2" x 73" $17.99 - - Bulldog Weld-On Swivel Jack $31.99 $55.57 $23.58 Hoof Wraps Brand Equine Gel Pad $16.99 - - Ingersoll Rand 3-Piece 1/2" Flip Socket Set $29.99 $27.50 ($2.49) Countyline Wheel Spinner $15.99 - - Reese Towpower Universal Coupler Lock $27.99 $35.85 $7.86 Traveller Battery Harness Repair Splice $14.99 - - Farm-Tuff Plastic Poultry Fountain (3 gal.) $27.99 $38.87 $10.88 Groundwork 60' Medium-Duty Hose $13.99 - - Taste Of The Wild Appalachian Valley Dog Food $26.99 $25.99 ($1.00) Country Vet Instant Knockdown (18.5 oz.) $12.99 - - National Hardware V25 Swinging Door Latch $24.99 $20.15 ($4.84) S.A.M. Snow Plow Trip Spring $12.99 - - Koch Industries Twisted Rope, 1/2" x 100' $22.99 $24.99 $2.00 Big Red 2 Ton Jack Stand $12.99 - - Campbell Hausfeld Tire Inflator With Gauge $22.99 $30.64 $7.65 Ideal Animal Health Fura-Zone Ointment $12.99 - - Safe-Guard Canine Dewormer (3 ct.) $19.99 $8.82 ($11.17) Royal Wing Feeder Pack (4 ct.) $12.99 - - Smartstraps 20' Tow Strap With Loop Ends $19.99 $19.99 $0.00 Royal Wing Total Care Wild Bird Food (6 lb.) $11.99 - - Weaver Leather Flat Cotton Lunge Line $19.99 $22.22 $2.23 Flattie Farms Natural Assistant $9.99 - - Smartstraps 10' 3,000 lbs. Ratchetx Tie Down $19.99 $24.96 $4.97 Cowboy Magic Rosewater Shampoo (32 fl. oz.) $9.99 - - Gordon's Livestock & Premise Spray $19.99 $26.61 $6.62 Countyline Nozzle Blue Filter, 50 Mesh (4 ct.) $9.99 - - Fi-Shock Fence Tool Combo $19.99 $31.02 $11.03 Groundwork Multi Function Chop Saw $9.99 - - Briggs & Stratton Air Filter $17.99 $7.30 ($10.69) Royal Wing Finch Sock Feeder $9.99 - - Nutri-Vet Hip & Joint Chewables For Dogs (75 ct.) $17.99 $15.44 ($2.55) Start To Finish Peppermint Horse Treats $8.99 - - Garden Zone Galvanized Hex Netting $17.99 $22.32 $4.33 Manna Pro's Fresh Flakes Poultry Bedding $8.49 - - Countyline Saw Chain, 16" $17.99 $25.48 $7.49 Countyline Nozzle Yellow Filter 100 Mesh (4 ct.) $7.99 - - Elite Standard Galvanized Steel Rural Mailbox $16.99 $18.87 $1.88 Royal Wing Dried Mealworms (7 oz.) $7.49 - - National Hardware Interlocking Spring Snap $14.99 $12.13 ($2.86) Crazy Cat Little Kitty Wormer $6.99 - - Bish's Original Tear Mender (16 fl. oz.) $14.99 $16.05 $1.06 Briggs & Stratton Advanced Formula Fuel $6.99 - - Evolved Harvest Prograze (2 lbs.) $14.99 $19.83 $4.84 Traveller Marine Grease (3 ct.) $5.99 - - Remington 1/4" x 50' Check Cord $13.99 $18.23 $4.24 Fiebing's Silicone-Lanolin Saddle Oil (16 fl. oz.) $4.99 - - Finish Line Apple-A-Day Electrolyte (5 lbs.) $12.99 $21.75 $8.76 Herdlife Billy Block-Goat Block (4 lbs.) $4.49 - - Colorconnex Industrial 7-Piece Coupler $11.99 $12.79 $0.80 Paws & Claws Scoopable Cat Litter (14 lbs.) $4.49 - - Premium Pork Chomps Pork Earz (10 ct.) $9.99 $14.86 $4.87 Premier Pet Pine Bedding $3.99 - - Fi-Shock Steel Wire (17 Gauge) $8.99 $15.99 $7.00 Blueberry 1 Gallon Container $3.99 - - Manna Pro Carefree Enzymes Egg Cleanser $8.79 $13.79 $5.00 Evolved Habitats Herdlife Steed Candy (4 lb.) $3.99 - - Fram Heavy-Duty Oil Filter $7.99 $11.31 $3.32 Hillman Solid Brass Round Swivel Bolt Snap $3.99 - - Farmers' Helper Foragecake Supplement $7.99 $12.55 $4.56 Scotts Colorstay Mulch, Black $3.49 - - Three Dog Bakery Wafers Sweet Potato (13 oz.) $5.99 $8.51 $2.52 Animal Farms Water Wells (8 oz.) $3.49 - - Wire Strainer $3.49 $4.11 $0.62 Champion Premium Copper Spark Plug $2.99 - -

Sources: Company websites, store visits, and William Blair

58 Ryan Domyancic, CFA +1 312 364 5412 William Blair

Exhibit 55 ULTA Salon

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 86% 41% 27% 18% 2014 76% 7% 11% 58% 2013 73% 16% 10% 47% 2012 74% 24% 8% 42% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 71% $29 ($2.45) -9.6% ($2.11) -7.3% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product ULTA AMZN ǻ Product ULTA AMZN ǻ Clarisonic Smart Profile Skin Cleansing System $265.00 $265.00 $0.00 Revlon Age Defying Cc Cream Light $13.99 $10.04 ($3.95) Babylisspro Volare V1 Dryer With Ferrari Engine $199.95 $235.28 $35.33 Revlon Age Defying Firming + Lifting Makeup $13.99 $11.38 ($2.61) T3 Singlepass 2 Straightening & Styling Iron $180.00 $159.99 ($20.01) Maui Babe Body Butter $13.99 $17.00 $3.01 Instyler Max 2-Way Rotating Iron 1-1/4" $99.99 $79.99 ($20.00) Physicians Formula Nude Wear Concealer Nude $12.99 $9.45 ($3.54) Dermalogica Age Smart Super Rich Repair $84.00 $49.79 ($34.21) Jergens Natural Glow Pump $12.99 $9.99 ($3.00) EXUVIANCE Antiredness Calming Serum $72.00 $43.99 ($28.01) L'oréal Superior Preference Glam Lights $12.99 $11.99 ($1.00) Exuviance Firm-Ng6 Non-Acid Peel $68.00 $48.75 ($19.25) Real Techniques Bold Metals Liner Brush $12.99 $12.08 ($0.91) Calvin Kleine Ternity For Men Eau De Toilette $60.00 $58.00 ($2.00) Sheamoisture Honey & Black Seed Sugar Wax $11.99 $9.61 ($2.38) Nioxin Diamax Advanced Treatment $52.00 $28.88 ($23.12) Aveeno Daily Moisturizing Lotion With Sunscreen $11.99 $9.95 ($2.04) Hot Tools Turbo Ceramic Dryer $49.99 $35.46 ($14.53) Neutrogena Sheer Dry Touch Sunblock Spf 85 $11.99 $10.41 ($1.58) Minerva Pure Gold Collagen $49.99 $65.45 $15.46 Turbie Twist Turbie Twist Hair Towels $11.99 $14.99 $3.00 Devacurl Delight Weightless Waves Cleanser $44.00 $37.99 ($6.01) TIGI B For Men Daily Clean Up Shampoo $11.50 $8.25 ($3.25) Dermalogica Gentle Cream Exfoliant $42.00 $24.83 ($17.17) Revlon Powder Blush $10.99 $8.50 ($2.49) Mally Beauty Poreless Face Defender $40.00 $54.95 $14.95 Sheamoisture Zanzibar Age-Defy Shampoo $10.99 $16.78 $5.79 Bliss Fat Girl Sleep $38.00 $38.00 $0.00 Macadamia Travel Size Nourishing Oil Spray $10.95 $10.96 $0.01 Dermadoctor Cream Spectrum Spf 30 $38.00 $38.00 $0.00 Garnier Olia Brilliant Color $9.99 $7.00 ($2.99) Clinique Clinique For Men Anti-Age Moisturizer $37.00 $45.99 $8.99 John Frieda Frizz Beyond Immunity Shampoo $9.99 $8.75 ($1.24) Denman Cushion Natural Boar Grooming Brush $35.00 $15.65 ($19.35) Morgan Taylor Professional Nail Lacquer $9.00 $6.00 ($3.00) Anthony Ingrown Hair Treatment $32.00 $32.00 $0.00 Real Techniques Blush Brush $8.99 $5.99 ($3.00) First Aid Beauty Ultra Repair Cream $30.00 $22.05 ($7.95) Ogx Hydrate + Repair Argan Conditioner $8.99 $6.79 ($2.20) Anthony All Purpose Facial Moisturizer $30.00 $30.00 $0.00 Ogx Sensually Soft Tsubaki Blossom Conditioner $8.99 $10.45 $1.46 St. Tropez Gradual Tan Everyday Body Lotion $30.00 $30.00 $0.00 Revlon Ultra Hd Matte Lip Color $8.99 $12.99 $4.00 Jack Black Face Buff Energizing Scrub $30.00 $30.00 $0.00 Skinactive Cleansing Water Makeup Remover $8.99 $19.41 $10.42 La Roche-Posay Effaclar System $29.99 $29.99 $0.00 Almay Gentle Eye Makeup Remover Pads $8.49 $6.28 ($2.21) Big Sexy Hair Color Safe Shampoo (33.8 oz.) $26.95 $27.46 $0.51 Maybelline Eyestudio Master Graphic $7.99 $6.39 ($1.60) Clinique Clinique Broad Spectrum Moisturizer $26.00 $35.88 $9.88 Nip + Fab Glycolic Fix Cleanser $7.99 $7.90 ($0.09) Matrix Total Results High Amplify Shampoo $22.00 $19.28 ($2.72) Garnier Ultra Color Hair Color $7.99 $7.99 $0.00 Matrix Total Results High Amplify Conditioner $22.00 $19.43 ($2.57) Almay Eye Makeup Remover Pads (80 ct.) $6.49 $4.47 ($2.02) Gillette Fusion Proglide Power Cartridges $21.99 $17.97 ($4.02) Almay Clear Complexion Face Towelettes $6.49 $10.60 $4.11 Laura Geller Iconic Baked Sculpting Lipstick $21.00 $21.00 $0.00 Sally Hansen Creme Hair Remover Kit $5.99 $4.79 ($1.20) Laura Geller Luscious Lips Liquid Lipstick $21.00 $21.00 $0.00 Palladio Precision Eyeliner $5.99 $6.00 $0.01 Ag Hair Style Shampoo & Body Wash Cleanser $20.00 $13.74 ($6.26) Andrea Deluxe Pack Lash #53 Black $5.99 $8.20 $2.21 Japonesque Cut Crease Brush $20.00 $20.00 $0.00 Not Your Mother's Beach Soft Waves Spray $5.99 $11.19 $5.20 Neutrogena Hydro Boost Gel-Cream $19.99 $16.99 ($3.00) Sally Hansen Insta-Dri Fast Dry Nail Color $4.99 $5.66 $0.67 Braun Mobile Shaver $19.99 $24.11 $4.12 Rimmel London Brow This Way Brow Styling Gel $4.49 $7.40 $2.91 Wella Eimi Root Shoot Precise Root Mousse $19.00 $8.45 ($10.55) Demert Nail Enamel Dryer $3.99 $11.07 $7.08 Sebastian Shaper Plus Extra Hold Hairspray $18.95 $11.08 ($7.87) Calista Tools Perfecter Progrip $99.99 - - Dermorganic Daily Hydrating Conditioner $18.00 $8.00 ($10.00) Montblanc Legend Spirit Eau De Toilette $85.00 - - Butter London Patent Shine 10x Lacquer $18.00 $18.00 $0.00 Hairdo 18" Human Hair Highlight Extension $69.00 - - Philosophy Fresh Cream Shampoo & Bubble Bath $18.00 $18.99 $0.99 John Frieda Multi-Sized Roller Setter $59.99 - - American Crew Grooming Cream $17.96 $12.41 ($5.55) Burberry Eau De Toilette $55.00 - - Mario Badescu Plastic Bottle Drying Lotion $17.00 $17.00 $0.00 Devacurl Condition Daily Cream Cleanser $44.00 - - Redken For Men Work Hard Molding Paste $17.00 $19.76 $2.76 Murad Acne Complex Clarifying Cleanser $28.00 - - Neutrogena Body Oil Light Sesame Formula $16.99 $12.97 ($4.02) Ulta Favorites Kit $19.99 - - Garnier Skinactive Dark Spot Corrector $16.99 $13.59 ($3.40) Chi Styling Cream Gel $17.00 - - Japonesque Waterless Brush Cleanser $16.00 $16.00 $0.00 Nail Tek Maintenance Plus 1 $11.00 - - Dermelect Fortifying Nail & Cuticle Treatment $16.00 $18.00 $2.00 Ulta Suncare Spf 15 Spray Sunscreen $9.99 - - Burt's Bees Natural Skin Sensitive Night Cream $14.99 $9.98 ($5.01) Tree Hut Bare Shave Prep Sugar Scrub $9.99 - - Redken For Men Stand Tough Extreme Gel $14.00 $14.96 $0.96 Mineral Fusion Intense Hydration Face Cream $4.74 - - Nexxus Comb Thru Natural Hold & Finishing Mist $13.99 $9.86 ($4.13) Burt's Bees Lip Balm $3.29 - -

Sources: Company websites, store visits, and William Blair

Bhavan Suri +1 312 364 5314 59 William Blair

Exhibit 56 Walgreens

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 50% 13% 14% 23% 2014 41% 12% 1% 28% 2013 43% 23% 1% 19% 2012 49% 19% 5% 25% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 46% $12 ($1.12) -7.6% $0.89 7.3% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product WBA AMZN ǻ Product WBA AMZN ǻ Simply Straight Simply Straight $39.99 $36.99 ($3.00) Viviscal Man Hair Growth Program, Capsules $52.99 - - Vicks Personal Steam Inhaler $35.99 $23.52 ($12.47) Icy Hot Smart Relief Therapy Back and Hip $43.99 - - Walgreens Senna Laxative Tablets $32.99 $42.99 $10.00 Living Solutions Flocked Air Bed (Queen) $39.99 - - Red by Kiss Handle-Less Hair Dryer $24.99 $24.97 ($0.02) Walgreens Foot Sleep Support $32.99 - - Brita Water Filter Pitcher Replacement Filters $22.99 $13.39 ($9.60) Giant Teddy Bear $29.99 - - Nature Made Melatonin Adult Gummies Strawberry $21.99 $11.68 ($10.31) Swiffer WetJet Floor Mop Starter Kit $26.99 - - Spiderman Legends 6" Daredevil Figure $19.99 $12.56 ($7.43) Finest Nutrition Vitamin C Caplets $16.99 - - Yes to Grapefruit Dark Circle Correcting Cream $16.99 $10.67 ($6.32) Walgreens Cimetidine 200 Acid Reducer Tablets $15.99 - - Coppertone Sport AccuSpray Sunscreen, (2 ct.) $16.99 $21.78 $4.79 Airborne Everyday Immune Support Gummies $14.99 - - Revlon Colorstay for Combo/Oily Skin Makeup $15.49 $10.99 ($4.50) Mucinex Maximum Strength Cold & Flu Liquid $14.49 - - Walgreens Vitamin B-12 Timed Release Tablets $14.99 $22.45 $7.46 Lindt Lindor Gourmet Truffles Gift Box $12.99 - - Iman Second to None Cover Cream $14.49 $10.20 ($4.29) NoDoz Alertness Aid Caplets $10.99 - - Emergen-C Vitamin C Dietary Supplement $13.99 $11.79 ($2.20) Olay Regenerist Detoxifying Pore Scrub Cleanser $10.49 - - Neutrogena CoolDry Sport Sunscreen Spray $12.99 $8.99 ($4.00) Hanes Women's No Show Socks (6 count) $9.99 - - Ch- ch- ch- Chia Omega-3 Chia Seeds $12.99 $11.45 ($1.54) Raid Wasp & Hornet Killer Spray $9.49 - - Banana Boat Baby Sunscreen Lotion, SPF 50 $12.99 $13.95 $0.96 Body Fantasies Signature Fragrance Body Spray $9.49 - - Centrum Silver Men 50+ Multivitamin Tablets $11.99 $12.40 $0.41 Gillette Fusion Hydro Shave Gel (2 ct.) $8.99 - - Iman Luxury Lip Shimmer $10.99 $8.51 ($2.48) Atkins Day Break Snack Bars (5 ct.) $8.99 - - Vicks Cough Suppressant Topical Ointment $10.99 $13.84 $2.85 Children's Tylenol Pain & Fever Reducer $8.99 - - Walgreens Green Tea Supplements, Caplets $10.99 $23.62 $12.63 Gold Bond Men's Essentials Powder Spray $8.90 - - Burt's Bees Radiance Body Lotion with Royal Jelly $10.49 $9.85 ($0.64) Hefty Odor Block Tall Kitch Drawstring Bags $8.49 - - Vitafusion Power C Absolutely Orange (150 ct.) $9.99 $7.39 ($2.60) Quenching Coconut Curls Shampoo $7.99 - - L'Oreal Paris True Match Liquid Makeup $9.99 $8.99 ($1.00) Head & Shoulders Shampoo & Conditioner $6.99 - - SpinBrush Pro Clean Replacement Brush Heads $9.99 $8.99 ($1.00) Band-Aid Secure Flex Wrap Medium $6.99 - - As Seen On TV Card Lock Leather Black $9.99 $9.00 ($0.99) Patriot Candles Jar Candle Cinnamon Spice $6.99 - - Gillette Fusion ProGlide Razor Handle with Blade $9.99 $10.29 $0.30 Scotch Removable Double Sided Tape $6.79 - - Neutrogena MoistureSmooth Color Stick $9.49 $6.06 ($3.43) Cutter Skinsations Insect Repellent (6 oz.) $6.79 - - L'Oreal Paris Triple Protection Hair Color Creme $9.49 $12.30 $2.81 Walgreens Instant Mouth Sore Relief Liquid $6.79 - - Huggies Little Movers Diapers $8.99 $15.14 $6.15 Dial for Men Bodywash $6.49 - - Well Beginnings Premium Diapers $8.99 $15.24 $6.25 Eucerin Cream Tube (20 oz.) $6.49 - - Simple Moisturizing Facial Wash $8.79 $4.69 ($4.10) DNLA Spring Legging in Black $5.99 - - Garnier Clean + Blackhead Scrub for Oily Skin $8.79 $5.97 ($2.82) Starbucks Coffee Iced Coffee Plus Milk (4 ct.) $4.99 - - Tide Coldwater Laundry Detergent (24 Loads) $8.49 $13.48 $4.99 Walgreens Foam Ear Plugs (14 ct.) $4.79 - - Walgreens Headache Relief Gelcaps $8.49 $19.34 $10.85 Mr. Bubble Bath Liquid Original $4.49 - - Gold Bond Body Powder (10 oz.) $8.29 $9.74 $1.45 Burt's Bees Lip Balm Beeswax $3.99 - - CytoSport Muscle Milk Protein Shake (4 ct.) $8.29 $17.45 $9.16 La Croix Lime Sparkling Water (6 ct.) $3.49 - - Listerine Total Care Mouthwash (33.8 oz.) $7.99 $11.98 $3.99 Werther's Original Hard Candies $3.29 - - Burt's Bees Tinted Lip Balm $7.49 $14.74 $7.25 Studio 35 Beauty Cotton Swabs $3.29 - - Maybelline Dream Blender $6.99 $4.99 ($2.00) Nice! Gallon Slider Storage Bags $2.99 - - Advil Pain Reliever Fever Reducer Liqui-Gels $6.99 $6.80 ($0.19) Studio 35 Nail Polish Remover Liquid (8 oz.) $2.99 - - Milani Color Statement Lipstick $6.79 $7.46 $0.67 Cheez-It Crackers Hot & Spicy (7 oz.) $2.79 - - Walgreens Aloe Vera Replenishing Body Gel $6.79 $15.99 $9.20 Edge Shave Gel Sensitive Skin with Aloe $2.49 - - Not Your Mother's Beach Babe Spray $6.49 $8.52 $2.03 Listerine Antiseptic Mouthwash Cool Mint $2.49 - - Milk-Bone Dog Snacks Original, Medium $5.99 $7.94 $1.95 Speed Stick by Mennen Deodorant Regular $1.99 - - St. Ives Blackhead Clearing Scrub Green Tea $5.49 $6.03 $0.54 Kleenex Go Pack Facial Tissues (3 ct.) $1.69 - - Studio 35 Make-Up Removing Towelettes $5.49 $13.44 $7.95 Sour Patch Kids Watermelon Soft & Chewy Candy $1.49 - - Bounce Fabric Softener Sheets $5.49 $16.00 $10.51 Studio 35 Hand Soap Cotton $1.49 - - High Time Bump Stopper Shaving Gel (5.3 oz.) $4.99 $5.84 $0.85 Tide Travel Size Single Load Detergent $1.49 - - Ricola Natural Herb Cough Drops Honey-Herb $3.19 $3.94 $0.75 Irish Spring Body Wash Original $1.49 - - LifeSavers Mints; Peppermint Pep O Mint $2.69 $7.35 $4.66 Nestle Nips Hard Candy Butter Rum $1.39 - -

Sources: Company websites, store visits, and William Blair

60 Ryan Domyancic, CFA +1 312 364 5412 William Blair

Exhibit 57 Wal-Mart

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 38% 15% 6% 17% 2014 36% 16% 5% 15% 2013 37% 20% 3% 14% 2012 34% 20% 3% 11% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 37% $99 $4.98 4.7% $7.37 7.5% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product WMT AMZN ǻ Product WMT AMZN ǻ Hisense 55" 4K Smart LED TV $648.00 $649.99 $1.99 Iberia Extra Virgin Olive Oil (68 oz.) $7.52 - - Samsung 50" 1080p 60Hz LED Smart HD TV $548.00 $599.99 $51.99 Ziploc Slider Storage Gallon Family Pack (60 ct.) $6.88 - - Vizio 43" 4K Ultra HD Smart LED TV $538.00 $567.75 $29.75 Dixie 8.5" Paper Plates (160 ct.) $6.72 - - Mainstays Bryant Meadows 5-Piece Dining Set $247.00 $259.25 $12.25 Coca-Cola (24 pack) $6.48 - - Linksys Dual-Band Smart Wi-Fi Router $224.00 $199.99 ($24.01) Badia: Ground Black Pepper (7 oz.) $4.78 - - Graco FastAction Click Connect Travel System $199.98 $183.00 ($16.98) King Arthur Flour Unbleached Bread Flour (5 lbs.) $3.98 - - Ionic Pro TA400 Turbo Max Ionic Air Purifier $173.99 $159.84 ($14.15) Universal Blend: Premium Birds Seed (3 lbs.) $3.32 - - HP LaserJet Pro M125nw Multifunction Printer $139.00 $124.49 ($14.51) Formula 409 All Purpose Cleaner (32 oz.) $2.88 - - Graco Pack 'N Play Playard $99.98 $79.96 ($20.02) Top Ramen Chicken Ramen Noodle Soup (12 ct.) $2.16 - - Roku 3 Streaming Media Player $98.00 $90.99 ($7.01) Bertolli Vodka Pasta Sauce (24 oz.) $2.12 - - Workchoice 1,500 PSI Electric Pressure Washer $89.00 $104.45 $15.45 Wine and Spirits #1 $20.00 - - Ozark Trail 6 Person Instant Dome Tent $74.00 $114.26 $40.26 Wine and Spirits #2 $20.00 - - Farberware Nonstick 15-Piece Cookware Set $59.00 $76.77 $17.77 Wine and Spirits #3 $20.00 - - Cosco 5-Piece Card Table Set $49.96 $70.00 $20.04 Wine and Spirits #4 $20.00 - - Home Elegance 42" Dual Mount Ceiling Fan $49.64 $119.99 $70.35 Frozen Foods #1 $5.00 - - King Kooker Outdoor Cooker Package $48.56 $48.56 $0.00 Frozen Foods #2 $5.00 - - Woods 50' Outdoor Heavy Duty Extension Cord $44.97 $44.97 $0.00 Frozen Foods #3 $5.00 - - Step2 Sand Castle Play Table $44.97 $57.76 $12.79 Frozen Foods #4 $5.00 - - Disney Frozen Toddler Bedding Set $36.97 $59.99 $23.02 Frozen Foods #5 $5.00 - - Canon Pixma Photo All-in-One Inkjet Printer $34.88 $32.99 ($1.89) Frozen Foods #6 $5.00 - - Fisher-Price Bright Beats Dance & Move Beatbo $34.73 $28.91 ($5.82) Frozen Foods #7 $5.00 - - Better Homes and Gardens Sheet Set $29.83 $48.00 $18.17 Frozen Foods #8 $5.00 - - Hamilton Beach Wave Action Blender $26.96 $40.09 $13.13 Meat #1 $3.00 - - Huggies Snug & Dry Ultra Diapers $24.94 $39.10 $14.16 Meat #2 $3.00 - - Prince Lionheart Soft Booster Seat $24.86 $28.42 $3.56 Meat #3 $3.00 - - GE Pro Flat Panel HD Antenna $19.96 $19.12 ($0.84) Meat #4 $3.00 - - Spider-Man Legends 6" Action Figure $19.96 $21.25 $1.29 Meat #5 $3.00 - - LEGO City Great Vehicles Van & Caravan $19.87 $15.99 ($3.88) Meat #6 $3.00 - - Apples to Apples Party Box $17.88 $9.92 ($7.96) Meat #7 $3.00 - - Intex Classic Downy Airbed (Queen) $15.97 $15.99 $0.02 Meat #8 $3.00 - - Tide Pods Laundry Detergent (72 ct.) $11.97 $19.79 $7.82 Meat #9 $3.00 - - Clif Bar Energy Bars (12 ct.) $11.95 $11.78 ($0.17) Produce #1 $3.00 - - Gildan Men's Short Sleeve V-Neck T-Shirt (5 ct.) $9.97 $19.00 $9.03 Produce #2 $3.00 - - Tide Laundry Detergent (138 oz.) $9.46 $20.33 $10.87 Produce #3 $3.00 - - Frank's Red Hot Cayenne Pepper Sauce (64 oz.) $7.98 $16.96 $8.98 Produce #4 $3.00 - - Air Wick Life Scents (2 ct.) $4.88 $9.95 $5.07 Produce #5 $3.00 - - Brawny Big Roll Paper Towels (3 ct.) $4.47 $11.78 $7.31 Produce #6 $3.00 - - Sriracha: Hot Chili Sauce (28 Oz.) $3.48 $5.61 $2.13 Produce #7 $3.00 - - VIZIO 60" 1080p 120Hz Class LED HD TV $698.00 - - Produce #8 $3.00 - - Pavilion All-In-One Desktop $649.00 - - Produce #9 $3.00 - - Gold's Gym Cycle Trainer 400 Ri Exercise Bike $247.00 - - Bakery #1 $3.00 - - Bissell Lift-off Deep Cleaner $198.00 - - Bakery #2 $3.00 - - GE 5,000 BTU Window AC $134.00 - - Bakery #3 $3.00 - - Brown Clay Loveseat Slipcover $45.96 - - Bakery #4 $3.00 - - Dr. Scholl's Men's Escape Freestyle Sneakers $29.87 - - Bakery #5 $3.00 - - George Women's Knightly Belted Tote with Strap $22.97 - - Bakery #6 $3.00 - - Parent's Choice Training Pants for Boys $19.97 - - Bakery #7 $3.00 - - Faded Glory Men's Marvin Comfort Start Shoes $18.97 - - Bakery #8 $3.00 - - Wrangler Big and Tall Men's Short Sleeve Shirt $13.97 - - Bakery #9 $3.00 - - Purina Tidy Cats Clumping Cat Litter (20 lb. Jug) $7.88 - - Bakery #10 $3.00 - -

Sources: Company websites, store visits, and William Blair

Bhavan Suri +1 312 364 5314 61 William Blair

Exhibit 58 Williams-Sonoma

Historical Product Assortment and Price Comparison Percentage of Store Items at Amazon.com Total Overlap Amazon.com Third-Party FBA Third-Party 2016 43% 26% 13% 4% 2014 45% 12% 4% 29% 2013 56% 28% 4% 24% 2012 54% 30% 6% 18% Amazon.com Price Premium (Discount) on Identical Items % of Item Lower at Average Retail Price Amazon Price Premium (Discount) Amazon of Overlapping Items 1P & FBA 1P, 3P FBA, & 3P 2016 84% $128 ($6.83) -5.7% ($6.64) -5.2% 2016 SKU-Level Assortment and Price Comparison With Amazon.com Product WSM AMZN ǻ Product WSM AMZN ǻ Nespresso Delonghi Lattissima Espresso Maker $599.95 $500.58 ($99.37) Le Creuset Reservoir Grill $199.95 - - Breville Barista Express Espresso Maker $599.95 $599.95 $0.00 All-Clad Cast-Aluminum Fondue Pot $179.95 - - Vitamix Professional Series 300 Blender $529.95 $528.95 ($1.00) Williams-Sonoma Stainless-Steel Multipot $179.95 - - KitchenAid® Design Series Stand Mixer $399.95 $350.54 ($49.41) Pizzeria Pronto Stovetop Pizza Oven $179.95 - - Technivorm Moccamaster Coffee Maker $309.95 $309.00 ($0.95) Williams-Sonoma Nonstick Wok $179.95 - - Le Creuset Signature Cast-Iron Oval Dutch Oven $300.00 $299.95 ($0.05) Wüsthof Legende 4-piece Steak Set $169.95 - - Breville Smart Oven Pro with Light $269.95 $247.99 ($21.96) Hammered Copper Tray $119.95 - - Le Creuset Cast-Iron Fait Tout $249.99 $324.95 $74.96 Apilco Hemstitch Porcelain Cups (Set of 4) $107.80 - - Breville Custom Loaf Bread Maker $249.95 $249.00 ($0.95) Williams-Sonoma Prep Carving Board, Walnut $99.95 - - Breville Hemisphere Control Blender $199.95 $195.00 ($4.95) Williams Ceramic Canisters (Set of 3) $99.95 - - Fagor Innova Pressure Cooker $179.95 $164.95 ($15.00) Tramontina Deep Fryer $99.95 - - simplehuman Butterfly Trash Can $159.95 $176.39 $16.44 Williams-Sonoma Nonstick Fry Pan, 8" $99.95 - - Nespresso Inissia Espresso Maker $149.95 $125.67 ($24.28) Williams-Sonoma Nonstick Saucepan with Lid $99.95 - - Breville No-Mess Classic Round Waffle Make $129.95 $129.95 $0.00 Apilco Hemstitch Porcelain Plates (Set of 4) $99.80 - - Le Creuset Classic Tea Kettle $100.00 $97.99 ($2.01) Apilco Hemstitch Porcelain Mugs (Set of 4) $91.80 - - Cuisinart Pressure Cooker $99.95 $69.99 ($29.96) Apilco Hemstitch Porcelain Bowls (Set of 4) $91.80 - - KitchenAid Spiralizer Attachment $99.95 $75.50 ($24.45) Ceramic Knife Holder with Kapoosh Insert $79.95 - - OXO On 2-Slice Motorized Toaster $99.95 $99.95 $0.00 Wüsthof Legende Hollow-Edge Santoku, 7" $74.95 - - Classic Soda Siphon $89.95 $99.99 $10.04 Hammered Copper Coasters (Set of 4) $69.95 - - All-Clad Stainless-Steel Asparagus Pot $59.95 $58.98 ($0.97) Milady 5-Piece Flatware Place Setting $69.95 - - Riedel Vinum Bordeaux Glasses (Set of 2) $54.95 $49.95 ($5.00) Williams-Sonoma Molcajete $59.95 - - Nordic Ware Ebelskiver Filled-Pancake Pan $49.95 $25.36 ($24.59) Williams-Sonoma Touchless High-Capacity Scale $59.95 - - KitchenAid Stand Mixer Food Grinder Attachment $49.95 $34.85 ($15.10) Linen Double Hemstitch Table Runner $59.95 - - Paderno Drum Grater $49.95 $39.00 ($10.95) Wüsthof Legende Serrated Utility Knife, 5" $44.95 - - Paderno Spiralizer 4-Blade $49.95 $39.96 ($9.99) Trudeau Graviti Electric Pepper Mill $39.95 - - Lodge Round Cast-Iron Fry Pan, 12" $35.95 $28.60 ($7.35) Copper Round Votives Candleholder $39.95 - - Vinturi Wine Aerator $29.95 $18.98 ($10.97) Williams-Sonoma Classic Slotted Spatula, Large $39.95 - - Gobel Nonstick Mini Madeleine Plaque $25.00 $28.34 $3.34 Williams-Sonoma Essential Oval Baker $30.00 - - Corkcicle Air $24.95 $15.73 ($9.22) Hammered Copper Salt & Pepper Shakers $29.95 - - Flour Sifter (5 Cup) $24.95 $16.95 ($8.00) Wüsthof Legende Paring Knife, 3 1/2" $29.95 - - de Buyer Crêpe Pan $24.95 $21.95 ($3.00) Williams-Sonoma Seafood Picks (Set of 4) $29.95 - - Epicurean Mini Pizza Peel $24.95 $24.95 $0.00 Williams-Sonoma Oil-Free Salad Dressing Set $29.95 - - OXO Instant-Read Digital Thermometer $20.00 $19.99 ($0.01) Black Handled Stainless-Steel Grill Tongs $29.95 - - Done.: Guide to Knowing When Food Is Cooked $19.99 $22.15 $2.16 Red Pillar Candle $26.95 - - Adjustable Nonstick Burger Press $19.95 $16.62 ($3.33) Ceramic Lazy Susan $24.95 - - Epicurean Pizza Cutter $19.95 $19.35 ($0.60) Williams-Sonoma Stainless-Steel 6-Sided Grater $20.00 - - OXO Stainless-Steel Soap & Lotion Dispenser $19.95 $19.99 $0.04 Ceramic Spoon Rest $19.95 - - OXO Pop-Up Vegetable Steamer $17.95 $12.95 ($5.00) All Purpose Pantry Towel (Set of 4) $19.95 - - Fluted Biscuit Cutters (Set of 5) $16.95 $15.93 ($1.02) Quesadilla Grill Basket $19.95 - - OXO Meat Shredding Claws $14.95 $14.95 $0.00 Williams-Sonoma Egg Boiling Rack $19.95 - - OXO Cookie Scoop, Small $12.95 $12.95 $0.00 Williams-Sonoma Avocado Cuber $17.95 - - OXO Burger Press $12.95 $12.99 $0.04 Williams-Sonoma Doughnut Mix $14.95 - - Cooking Twine $7.95 $4.99 ($2.96) Williams-Sonoma 8" Straight Icing Spatulas $14.95 - - Shun Hiro 7-Piece Knife Block Set $1,399.95 - - Williams-Sonoma Sriracha Ketchup $12.95 - - All-Clad Gourmet Slow Cooker $299.95 - - Williams-Sonoma Cast Iron Link Trivet $12.95 - - Le Creuset Cast-Iron Cassadou $299.95 - - Williams-Sonoma Classic Old-Fashioned Glasses $12.95 - - All-Clad TK Sautoir, 3 Qt. $249.95 - - Williams-Sonoma Burger Bomb Sriracha Sauce $10.95 - - Finex Cast-Iron Skillet with Lid $249.95 - - Gold Monogram Mugs $9.99 - - All-Clad TK™ Copper Core Saucier $225.00 - - Williams-Sonoma Palm Dish Brush $9.95 - - Le Creuset Signature Cast-Iron Deep Skillet, 13" $225.00 - - Dexas Flexi Cutting Boards (Set of 4) $9.95 - -

Sources: Company websites, store visits, and William Blair

62 Ryan Domyancic, CFA +1 312 364 5412 William Blair

IMPORTANT DISCLOSURES William Blair or an afiliate is a market maker in the security of Amazon.com, Inc.

William Blair or an afiliate expects to receive or intends to seek compensation for investment banking services from Amazon.com, Inc. within the next three months.

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Please contact us at +1 800 621 0687 or consult williamblair.com/Research-and-Insights/Equity- Research/Coverage.aspx for all disclosures.

Ryan Domyancic and Bhavan Suri attests that 1) all of the views expressed in this research report accurately relect their personal views about any and all of the securities and companies covered by this report, and 2) no part of their compensation was, is, or will be related, directly or indirectly, to the speciic recommendations or views expressed by them in this report. We seek to update our research as appropriate, but various regulations may prohibit us from doing so. Other than certain periodical industry reports, the majority of reports are published at irregular intervals as deemed appropriate by the analyst. In addition, the analyst has not received compensation from any subject company in the past 12 months.

DJIA: 18,868.69 S&P 500: 2,164.20 NASDAQ: 5,218.40

The prices of the common stock of other public companies mentioned in this report follow:

Bed Bath & Beyond Inc. (Market Perform) $45.84 Best Buy Co., Inc. $39.94 Big Lots Inc. $51.30 Cabela’s Incorporated $60.65 Costco Wholesale Corporation $152.05 CVS Health Corporation $76.00 Dillard’s Inc. $71.22 Dollar General Corporation $76.66 Dick’s Sporting Goods Inc. $60.89 Dollar Tree, Inc. $78.34 Five Below, Inc. $41.22 The Home Depot, Inc. $127.67 hhgregg, Inc. $1.60 Hibbett Sports, Inc. $45.80 J. C. Penney Company, Inc. $9.52 Kohl’s Corp. $53.79 Lowe’s Companies, Inc. $70.01 Macy’s, Inc. $41.56 The Michaels Companies, Inc. $24.34 Ofice Depot, Inc. $4.33 Ollie’s Bargain Outlet Holdings, Inc. $30.55 O’Reilly Automotive Inc. (Outperform) $262.14 Party City Holdco Inc. (Market Perform) $16.35 Sears Holdings Corporation $12.82

Bhavan Suri +1 312 364 5314 63 William Blair

Staples, Inc. $8.89 Target Corp. $72.17 The TJX Companies, Inc. (Outperform) $74.22 Tractor Supply Company $72.05 ULTA Salon, Cosmetics & Fragrance, Inc. (Outperform) $240.41 Walgreens Boots Alliance, Inc. $81.76 Wal-Mart Stores Inc. $70.49 Williams-Sonoma Inc. (Outperform) $52.95

Amazon.com, Inc. (AMZN) Nov 08,2013 - Nov 09,2016 Previous Close: $764.27

$800

$700

Date: 6/9/2016 rec_name: I-O $600 tg_price: @NA

$500

$400

$300

Jan-14 Jan-15 Jan-16

Source: FactSet and William BlairLegend: I = Initiation, @ = Analyst Change, @NA = No Recommendation Change, tg_price = Price Target

Current Ratings Distribution (as of 10/31/16) Coverage Universe Percent Inv. Banking Relationships* Percent Outperform (Buy) 63% Outperform (Buy) 10% Market Perform (Hold) 36% Market Perform (Hold) 3% Underperform (Sell) 1% Underperform (Sell) 0%

* Percentage of companies in each rating category that are investment banking clients, deined as companies for which William Blair has received compensation for investment banking services within the past 12 months.

The compensation of the research analyst is based on a variety of factors, including performance of his or her stock recommendations; contributions to all of the irm’s departments, including asset management, corporate inance, institutional sales, and retail brokerage; irm proitability; and competitive factors.

OTHER IMPORTANT DISCLOSURES Stock ratings, price targets, and valuation methodologies: William Blair & Company, L.L.C. uses a three- point system to rate stocks. Individual ratings and price targets (where used) relect the expected performance of the stock relative to the broader market (generally the S&P 500, unless otherwise indicated) over the next 12 months. The assessment of expected performance is a function of near-, intermediate-, and long-term company fundamentals, industry outlook, conidence in earnings estimates, valuation (and our valuation methodology), and other factors. Outperform (O) – stock expected to outperform the broader market over the next 12 months; Market Perform (M) – stock expected to perform approximately in line with the broader market over the next 12 months; Underperform (U) – stock expected to underperform the broader market over the next 12 months; not rated (NR) – the stock is not currently rated. The valuation methodologies used to determine price targets (where used) include (but are not limited to) price-to-earnings multiple (P/E), relative P/E (compared with the relevant market), P/E- to-growth-rate (PEG) ratio, market capitalization/revenue multiple, enterprise value/EBITDA ratio, discounted cash low, and others.

Company Proile: The William Blair research philosophy is focused on quality growth companies. Growth companies by their nature tend to be more volatile than the overall stock market. Company proile is a fundamental assessment, over a longer-term horizon, of the business risk of the company relative to the

64 Ryan Domyancic, CFA +1 312 364 5412 William Blair broader William Blair universe. Factors assessed include: 1) durability and strength of franchise (management strength and track record, market leadership, distinctive capabilities); 2) inancial proile (earnings growth rate/consistency, cash low generation, return on investment, balance sheet, accounting); 3) other factors such as sector or industry conditions, economic environment, conidence in long-term growth prospects, etc. Established Growth (E) – Fundamental risk is lower relative to the broader William Blair universe; Core Growth (C) – Fundamental risk is approximately in line with the broader William Blair universe; Aggressive Growth (A) – Fundamental risk is higher relative to the broader William Blair universe.

The ratings, price targets (where used), valuation methodologies, and company proile assessments relect the opinion of the individual analyst and are subject to change at any time.

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Bhavan Suri +1 312 364 5314 65 Equity Research Directory

John F. O’Toole, Partner Manager and Director of Research +1 312 364 8612 Kyle Harris, CFA, Partner Operations Manager +1 312 364 8230

CONSUMER HEALTHCARE Sharon Zackia, CFA, Partner +1 312 364 5386 Ben Andrew, Partner +1 312 364 8828 Group Head–Consumer Group Head–Healthcare Lifestyle and Leisure Brands, Restaurants Medical Technology Jon Andersen, CFA, Partner +1 312 364 8697 Ryan Daniels, CFA, Partner +1 312 364 8418 Consumer Products Healthcare Technology, Healthcare Services

Ryan Domyancic, CFA +1 312 364 5412 Margaret Kaczor, CFA +1 312 364 8608 E-commerce Medical Technology

Daniel Hokin +1 312 364 8965 John Kreger, Partner +1 312 364 8597 Hardlines, Specialty Retail Distribution, Outsourcing, Pharmacy Beneϔit Management Amy Noblin +1 415 248 2874 Kaila Krum +1 312 364 5169 Apparel and Accessories Medical Technology Tim Lugo, Partner +1 415 248 2870 FINANCIAL SERVICES AND TECHNOLOGY Therapeutics Adam Klauber, CFA, Partner +1 312 364 8232 Amanda Murphy, CFA +1 312 364 8951 Co-Group Head–Financial Services and Technology Diagnostic Services, Life Sciences Financial Analytic Service Providers, Insurance Brokers, Property & Casualty Insurance John Sonnier, Partner +1 312 364 8224 Biotechnology Robert Napoli, Partner +1 312 364 8496 Co-Group Head–Financial Services and Technology Brian Weinstein, CFA, Partner +1 312 364 8170 Business Development Companies, Financial Technology, Specialty Diagnostic Products, Medical Technology Finance Y. Katherine Xu, Ph.D., Partner +1 212 237 2758 Christopher Shutler, CFA +1 312 364 8197 Biotechnology Asset Management, Financial Technology TECHNOLOGY, MEDIA, AND COMMUNICATIONS GLOBAL INDUSTRIAL INFRASTRUCTURE Jason Ader, CFA, Partner +1 617 235 7519 Nick Heymann +1 212 237 2740 Co-Group Head–Technology, Media, and Communications Co-Group Head–Global Industrial Infrastructure Enterprise and Cloud Infrastructure Multi-industry Bhavan Suri, Partner +1 312 364 5341 Larry De Maria, CFA +1 212 237 2753 Co-Group Head–Technology, Media, and Communications Co-Group Head–Global Industrial Infrastructure IT Services, Software, Software as a Service Capital Goods Jim Breen, CFA +1 617 235 7513 Nate Brochmann, CFA +1 312 364 5385 Internet Infrastructure and Communication Services Commercial Services, Logistics/Transportation Anil Doradla +1 312 364 8016 Brian Drab, CFA, Partner +1 312 364 8280 IT Services, Technical Software, Semiconductors and Wireless Filtration and Water Management, Industrial Technology Justin Furby, CFA +1 312 364 8201 Chase Jacobson +1 212 237 2748 Software as a Service Engineered Equipment, Engineering and Construction Jonathan Ho +1 312 364 8276 Ryan Merkel, CFA +1 312 364 8603 Cybersecurity, Security Technology Commercial Services, Industrial Distribution Dmitry Netis +1 212 237 2714 GLOBAL SERVICES Uniϔied Communications and Communications Equipment Brandon Dobell, Partner +1 312 364 8773 Matthew Pfau, CFA +1 312 364 8694 Group Head–Global Services Software as a Service Energy Services, Information Services, Marketing Services, Ralph Schackart III, CFA, Partner +1 312 364 8753 Real Estate Services and Technology, Education Services and Technology Digital Media, Internet Timothy McHugh, CFA, Partner +1 312 364 8229 Consulting, HR Technology, Information Services, Stafϔing EDITORIAL AND SUPERVISORY ANALYSTS Steve Goldsmith, Head Editor and SA +1 312 364 8540 Beth Pekol Porto, Editor and SA +1 312 364 8924 Kelsey Swanekamp, Editor and SA +1 312 364 8174 Lisa Zurcher, Editor and SA +44 20 7868 4549