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g to the latest U.S. Census Bureau's Advance Retail Sales report. • E-commerce growth continues to far outpace overall growth in retail spending. First Data indicated Black Friday/Thanksgiving retail sales grew 9.3% YoY, compared to online sales growth of 17.4% YoY over the same period. In this context

en its 100% e-commerce business model but still developing standalone story; Rite Aid (RAD) given potential turbulence on its path to deleveraging Deutsche Bank Securities Inc. Page 159 CONFIDENTIAL - PURSUANT TO FED. R. CRI M. P. 6(e) DB-SDNY-0086718 CONFIDENTIAL SDNY_GM_00232902 EFTA01385433

than double the number from last year. Deloitte expects online sales to represent 11% of total holiday sales between November and January. Notably, First Data reported e-commerce represented 29% of sales dollars over the two day Black Friday/Thanksgiving period, up from 25% last year and 14% in 2014. Eco

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osette MSC Black Friday/Thanksgiving retail sales tip 92% YoY; online spending up 17.4% The 2017 holiday shopping season got off to a strong start. First Data indicated retail spending, ex-grocery stores, restaurants, auto parts merchants and gas stations, rose 9.3% YoY for the two-day Black Friday/Thanks

, up 17.4% YoY over the two day period. Cyber Monday was projected to generate in excess of $6.5 billion in online sales for a 16.8% YoY increase. Deutsche Bank Securities Inc. Page 161 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086720 CONFIDENTIAL SDNY_GM_00232904 EFTA01385435