Grocery Price Growth = Declining Trend… Owing To Grocery Competition Grocery Price Change Y/Y & Market Share of Top 20 Grocers Top 20 Grocer Market Share 10% 75% 8% SA SA U U , 6% 50% Y e, Y/ ar e g Sh 4% t an h ke C ar 2% 25% M ce i Pr Grocery* Price Y/Y Change 0% -2% 0% 1990 1995 2000 2005 2010 2015 2017 Source: USDA Research Services, using data from the USA Census Bureau’s Annual Retail Trade Survey + Company Reports, USA Bureau of Labor Statistics (BLS). *Grocery Price growth refers to the growth in prices for “Food at Home” as reported by the USA Census Bureau. Note: Includes all food 108 purchases in CPI, other than meals purchased away from home (e.g., Restaurants). Grocery @ 56% of Food Spend in 2017 vs. 58% in 1990 per BLS.