Figure 110 Prime Member Purchaser % By Vertical, 1918-4018

COWEN COLLABORATIVE INSIGHTS Figure 110 Prime Member Purchaser % By Vertical, 1918-4018 February 25, 2019 Figure 109 Share Of U.S. eCommerce Sales '13 vs. ‘18E vs. ‘23E Office Equip/Supplies Garden Equip/Supplies Toys Sporting Goods Other 100% 90% 80% Media Auto 70% Food & Bev 60% Furniture & Home Furnishings 50% 40% Consumables a y 30% Electronics & Appliances 20% 10% Clothing & Accessories 6 0% 2013 2018E 2023E Source: Cowen and Company; U.S. Census Bureau Analyzing Two Key Verticals for CBD Adoption As part of our monthly survey of 2,500 US consumers, we ask Amazon.com purchasers to indicate which categories (out of a list of 30) they purchased on Amazon in the past 30 days. Our data shows that Personal Care Products and Vitamins & Supplements were more likely to be purchased (vs. the average across all categories) by both Prime and Non-Prime members throughout 2018. Taking a closer look at 4018, in each month (on average) 19% of all Amazon Prime Purchasers bought at least one personal care product and 15% purchased a Vitamin or Supplement, while the average purchase rate across all 30+ categories was only 12% of Prime purchasers. We noted a similar trend among Non-Prime Purchasers in 4Q18, with 13% who bought Personal Care Products and 10% who bought Vitamin or Supplements, compared to the average purchase rate across all categories of 8%. Figure 111 Non-Prime Purchaser % By Vertical, 1018-4Q18 25% 23% 21% 20% 15% 10% 5% 0% 22% 16% 1018 Personal Care Products mi Vitamins & Supplements Source: Cowen proprietary Consumer Internet Survey, n=~2500, Dec ‘18 66 19% 14% a 12% 1 a 12% 11% 10% 8% 7% 6% A% 2% 0% 4Q18 1918 2Q18 3Q18 4Q18 Average Across All Categories Personal Care Products mVitamins &Supplements DAverage Across All Categories Source: Cowen proprietary Consumer Internet Survey, n=~2500, Dec ‘18 COWEN.COM HOUSE_OVERSIGHT_024882