erage (SD) Source: Re BofA Merrill Lynch Global Research, Bloomberg place this text Chart 6: Rapid relative de-rating for Staples — relative PE for Food & Beverage still 6-10% above 2010 / 2014 levels 1.70 1.60 1.50 1.40 1.30 1.20 =———PE-relative FOOD & BEV 110 eee German 10y (RHS, inverted 01/10

upplements and other Consumable items moves online at an accelerated rate. We expect growth within the Consumables (Personal Care, HH Goods, etc) and Food & Beverage verticals to consistently outpace overall eCommerce growth '18-'23, resulting in an increased share of U.S. eCommerce sales. COWEN.COM 65 H