…Online vs. Offline Price Decline Leaders = TVs / Furniture / Computers / Sporting Goods per Adobe DPI Price Change, Y/Y (DPI vs. CPI), USA, 3/17-3/18 10% 0% (10%) (20%) DPI vs. CPI 5% 1% 1% 0% 0% 0% 0% -1% -1% -1% -2% -2% -3% -4% Difference (%) (30%) DPI CPI Source: Adobe Digital Economy Project Note: Adobe Digital Economy Project measures prices and sales volume for 80% of online transactions at top 100 USA retailers (15B site visits & 2.2MM products) then calculates a Digital Price Index (DPI) using a Fisher 113 Ideal model. CPI calculates USA prices using a basket of 83K goods, tracked monthly, & applied to a Laspeyeres model. DPI Excludes Apparel. Austan Goolsbee serves as strategic advisor to Adobe DPI project.