E-commerce is expected to grow at a rapid pace over the next 3 years. The Asia Pacific Region is the place where most robust growth is expected with China and Indonesia leading. In Europe, Italy and Spain are two countries to watch: the below average online shopper penetration has set further room to grow and catch up over the next 3 years.

1. digital allee
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Geographies to watch in the global
B2C e-commerce market
August 2013
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2. Disclaimer
 All data and information of this presentation have been collected
from public available sources
 As it includes several forward looking statements it should be clear
that there may be a significant margin of error in the projections
 Any investment or decision should be made after a detailed due
diligence and digital allee is no way responsible for any decision
taken after looking at this presentation
 We furthermore may change or include any information without any
further notice
 E-commerce market includes travel, digital downloads and event
tickets, gaming and gambling is excluded
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3. Asia Pacific region will be largest B2C e-commerce
market by 2016 in terms of global market share
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34%
32%
24%
4%
4% 2%
North America Asia Pacific W Europe C. E. Europe Latin America Middle East Africa
31%
38%
21%
4%
4% 2%
2013 2016
Source: digital allee calculations on e-marketer data July 2013
http://www.emarketer.com/Article/B2C-Ecommerce-Climbs-Worldwide-Emerging-Markets-Drive-Sales-Higher/1010004
$1,2 tr
$1,9 tr
+52%
Market share by geographic area

4. The share of emerging markets continues to rise while
Europe and North America loose weight
4
67%
64%
62%
59%
57%
56%
33%
36%
38%
41%
43%
44%
30%
35%
40%
45%
50%
55%
60%
65%
70%
2011 2012 2013 2014 2015 2016
North America + Europe Emerging markets
Source: digital allee calculations on e-marketer data July 2013
North America and Europe vs emerging markets
(market share)
Emerging markets: Asia
Pacific, Latin America and
Middle East
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5. 5
Emerging economies will grow in a robust way, lead by
Asia Pacific, Middle East and Latin America
14%
12% 12% 11% 11%
33%
23%
29%
21%
17%17%
14%
12%
10%
8%
30%
21%
19%
11%
7%
33%
22% 22%
13%
10%
43%
31%
25%
17%
15%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
2012 2013 2014 2015 2016
North America Asia Pacific W Europe C. E. Europe Latin America Middle East Africa
Expected yearly growth rates for selected geographies
(year over year)
Source: digital allee calculations on e-marketer data July 2013
© digitalallee-ubequitysrl all rights reserved

6. China and India are hot growth areas together with
Italy, Russia and Spain
6
142%
86%
58%
41% 40% 38% 38% 36% 34% 34%
30% 28% 28% 27% 25%
0%
20%
40%
60%
80%
100%
120%
140%
160%
Total growth rate from 2013 to 2016 in absolute terms
for selected geographies
Source: digital allee calculations on e-marketer data July 2013
© digitalallee-ubequitysrl all rights reserved

7. A double digit growth until 2016 is not an exception in
most geographies
7
34%
23%
16%
12% 12% 11% 11% 11% 10% 10%
9% 9% 9% 8% 8%
0%
5%
10%
15%
20%
25%
30%
35%
40% Compounded average growth rate (CAGR) for selected
geographies from 2013-2016
Source: digital allee calculations on e-marketer data July 2013
© digitalallee-ubequitysrl all rights reserved

8. There are geographies with a low penetration rate of
online buyers, both in emerging & mature economies
8
49%
55%
44%
74%
68%
73%
36%
24%
40%
76%
81%
87%
75%
81%
78%
67%
62%
51%
80%
75% 77%
40%
27%
43%
79%
83%
89%
76%
82%
79%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Digital buyers penetration rate on total retail buyers for
selected countries
Source: digital allee calculations on e-marketer data July 2013
© digitalallee-ubequitysrl all rights reserved

9. 17,7%
7,5%
6,9% 6,6% 6,5%
4,0% 4,0%
3,5%
2,8% 2,4% 2,2%
1,7% 1,4% 1,3% 1,1%
0,0%
2,0%
4,0%
6,0%
8,0%
10,0%
12,0%
14,0%
16,0%
18,0%
20,0%
The digital buyer penetration rate is expected to catch
up in China, Spain and Italy over the next 3 years
Total increase of digital buyers penetration from 2013
to 2016 for selected countries
9
Source: digital allee calculations on e-marketer data July 2013
© digitalallee-ubequitysrl all rights reserved

10. -10.000
0
10.000
20.000
30.000
40.000
50.000
60.000
70.000
80.000
0% 5% 10% 15% 20% 25% 30% 35% 40%
USA
China
Italy
India
Russia
Brazil
Spain
Norway
Germany
Netherlands Sweden
UK
France
ball size equals the
market size of e-
commerce market
Italy and Spain are emerging markets, both are
expected to grow more than the rest of Europe
Source: digital allee calculations on e-marketer data July 2013, OECD, World Bank
GDP per capita in
2016 in USD
Componded average
yearly growth rate of
e-commerce sales
2013-2016
Prioritization matrix for slected e-commerce markets
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