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eCommerce handbook 2017
June, 2017
1
2017 eCommerce handbook key takeaways
eCommerce growth
at 24% CAGR
through 2020
global eCommerce sales worth
U$1.9Tn in 2016 and
will reach U$4Tn by 2020
19M eShoppers
in Mexico,
73% aged 22-44
eCommerce in Mexico
is worth U$16Tn and is
growing at 46% CAGR
Travel accounts for
54% of eCommerce
in Mexico
eCommerce will account
for 15% of total retail
sales by 2020
8% of eCommerce
in Latam is rejected
by fraud (vs. 4.8% Europe)
53% eShoppers
globally by
2020
2
Average yearly
spend per person
U$1,189
1.6 Billion people worldwide purchased products online in 2016
Total value
U$1.9Tn
People purchasing
via eCommerce
1.6Bn
Penetration
of Internet
user penetration
39%
Mobile
commerce
Global
eCommerce
22%
Source: eMarketer, August 2016.
3
Global eCommerce sales
(US$ Bn, 2010 – 2020F)
24%
CAGR
% of Total
Retail Sales
Digital buyer
penetration*
3.8% 4.4% 6.3% 8.7% 11.5% 14.6%
38.3% 42.3% 44.8% 47.3% 50.1% 52.6%
$476
$768
$1,234
$1,915
$2,860
$4,058
2010 2012 2014 2016 2018F 2020F
eCommerce sales, by region
(2016)
57%
22%
16%
2% 1%
Asia
Pacific
North
America
Europe
Latam Middle East
& Africa
Impressive eCommerce growth worldwide
Source: eMarketer, August 2016. Note: *as % of Total Internet users.
4
US eCommerce sales, by category
(2016, not including travel)
32%
19%16%
11%
8%
7%
4%
2%
Other
Apparel &
accessoriesComputer &
electronics
Auto &
Auto-parts
Books,
music & video
Food &
beverage
Health &
personal care
Toys &
hobbies
US set to cross half a trillion USD in eCommerce sales by 2018
Source: eMarketer, February 2017. Note: *as % of Total US Internet users.
US eCommerce sales
(USD Bn, 2016)
8.2%
of Total
Retail Sales
$389Bn
77%
Digital buyer
penetration*
14%
CAGR
2008-2020F
5
B2B eCommerce is expected to reach U$1.1Tn by 2020 in the US
Source: Forrester, April 2015.
88%
of executives
purchase business
products online
93%
want to see
peer reviews
92%
want to view
product in action
before purchase
While purchasing products online, business executives are looking for:
24%
33%33%
41%43%47%51%
Corporate
Websites
Salespeople
Trade
Publications
Conferences Distributors Word of Month Social Media
Executives locate the business products and services they need through:
65
eCommerce in Latam reached $37Bn USD in 2017
Source: eMarketer, September 2016.
Latam eCommerce sales, share by country
(2016, % of total sales)
6%
9%
14%12%
17%
42%
Argentina
Mexico
Brazil
Colombia
Chile
ROLA
7
eShoppers GDP Population
Internet
Users
Smartphone
Users
MM % of Int. users $USD Bn MM MM MM
Mexico 19 29% $1,144 127 65 53
Brazil 41 34% $1,775 208 120 64
Argentina 12 40% $583 43 30 16
Colombia 9 31% $292 48 29 19
ROLA 48 47% $1,254 164 103 47
Total Latam 129 37% $5,048 591 347 199
Latin America reached 129M eShoppers, 37% penetration
Source: eMarketer, November 2016. The World Bank, 2016. eMarketer, August 2016. AMIPCI, “Estudio sobre los hábitos de los usuarios de Internet en México 2016”, 2016. eMarketer, September 2016. eMarketer, April 2016.
8
$1.8
$2.9
$4.4
$6.5
$9.5
$12.1
$16.1
2009 2010 2011 2012 2013 2014 2015
Mexico eCommerce sales
(USD Bn, 2009-2015)
Mexico eCommerce sales by category
(USD Bn, 2009-2015)
0.1% 0.4% 0.5% 0.8% 1.0% 1.2%
16.4% 18.3% 23.0% 28.4% 31.3% 32.3%
% of Total
Retail Sales
Digital buyer
penetration*
54%
46%
Travel
Not travel
46%
CAGR
The Mexican eCommerce industry is growing at 46% per year
Travel includes leisure and unmanaged business travel
sales booked via any device.
Source: AMIPCI, “Estudio Comercio Electrónico en México 2016”, December 2016. Note: *as % of Total Mexican Internet users. eCommerce sales figures converted from MXN to USD using the yearly FX average.
vs.
73%in 2011
-
-
98
4%
8%
12%12%
16%16%
18%
20%20%
22%
24%
28%
42%
12345678910111213
Online product purchase by category, not including travel
(2016, % of affirmative answers)
Apparel &
accessories
Sports &
wellness
Computers
Digital
downloads
Electronics Furniture
Jewelry &
watches
Video
games
Books &
magazines
Office
supplies
Event
tickets
Music &
movies
Travel
Equip.
Mexicans are purchasing a wide variety of products, content & services
Source: AMIPCI, “Estudio Comercio Electrónico en México 2016, December 2016.
10
eCommerce transactions vary by device in Mexico
Desktop SmartphoneTabletRank
Banking transactions eMagazines & eBooks Taxi
Airplane tickets Videos / Movies Music
Hotel reservations Entertainment tickets Food delivery
Groceries and
home appliances Music eMagazines & eBooks
Clothing Food delivery Entertainment tickets
Source: IAB, “Estudio de Consumo de Medio y Dispositivos entre Internautas Mexicanos”, 8th edition, March 2016.
1110
Research online & purchase offline
(% of respondents)
24%24%
28%
35%
43%45%
34%36%
21%
43%
18%19%
Research online & purchase online Research online & purchase offline
Online is a core driver for online and offline commerce
Source: Google’s Consumer Barometer, 2014-2015; A.T. Kearney analysis. Note: Numbers do not add up to 100 because results are derived from a variety of samples.
1211
46%
female
54%male
19MMexican online
shoppers
87%
urban
73%
aged 22-44
Most eShoppers are 22 to 44 years old and seek price
Source: AMIPCI, “12º Estudio sobre los Hábitos de los Usuarios de Internet en México 2016”. PWC Total Retail Survey (2016, ATKearney eCommerce Mexico 2016).
Key demographic for the Mexican online shopper
(Millions of people, % share)
12%
19%
23%
45%
50%
69%
77%
Devices used to go online
(percentage of respondents, 2016)
Smartphones
Laptops
Desktop computers
Tablets
Smarts TVs
Videogame consoles
Other mobile devices
13
Online & offline payment methods used by digital buyers
(percentage of respondents, 2016)
PayPal
Debit card
Personal credit card
Bank transfer
Commercial credit card
Mercado Pago
Prepaid card
Gift card
Referenced bank transfer 12%
14%
16%
16%
17%
27%
51%
56%
62%
9%
10%
10%
22%
30%Oxxo
Bank deposit
7-Eleven
Pay on delivery
Pharmacy
Online
Offline
PayPal is the prefered online payment method for Mexicans
Source: AMIPCI, “Estudio Comercio Electrónico en México 2016, December 2016.
Main influencer for buying online
(% of respondents)
36%
58%
48%
32%
16% 10%
Mexico USA
Convenience
Price
Other
1413
There is a wide variety of eCommerce platforms
Top eCommerce platforms
(cloud-based commerce platforms designed for small
and medium-sized businesses)
Top eCommerce gateways
(service provider that authorizes credit-card or direct
payments processing)
Source: SWS research, February 2017.
15
Online fraud is still higher in Latam vs. the world
Chargeback index on
invoiced order volume
Rejected orders
Latam 1.4% 8.0%
USA & Canada - 2.8%
Europe 0.8% 4.8%
Mexico 1.9% 14.3%
Brazil 1.5% 4.6%
Argentina 0.8% 8.2%
Colombia 1.9% 10.1%
Source: CyberSource, 2016. RSA Security, 2016.
Top merchant categories affected by fraud
(2016)
46%
16%
13%
9%
5%
11% Airlines
Money
transfer
Computer
electronics
General
Retail
Clothing
Other
1616
Accelerators Barriers
Weakening
Mexican Peso
Wider banking
and credit
card adoption
Greater
smartphone/data
plan affordability
Suburb growth
and high levels
of commuting
Investment
by leading
multi-nationals
Business model
innovation
Lack of clear cost
advantages for
online shopping
Lack of supply
chain and back-end
development
Lack of
logistics
infrastructure
Cost of developing
eCommerce
platform
Cultural
preferences to
pay in cash
vs.
Source: A.T. Kearney, Kantar Retail Analysis.
Mexico has clear accelerators and barriers to be addressed
17
Shop Gateways CRM
Market
Places
Control +
Visualization
Online
Promotion
Logistics
Tools needed to launch an eCommerce business in Mexico
Source: SWS Research, April 2017.
18
Mexico´s tech ecosystem has seen the rise of 100´s of startups
Source: SWS Research, April 2017.
1917
Cyber November
Consumers spent US$400 Bn Nov 16’
(100Bn more than 15’), hence the
entire Christmas season will kick off
early November every year.
Real-time customization
Just as search results differ from one person
to the next, 2017 will see the emergence of
an online shopping experience that is unique
to each consumer.
Data-as-a-Service
Retailers are working with data aggregators to
compile data on products: pictures, descriptions,
price comparisons, specifications and comments.
Artificial Intelligence
2017 will be the year where consumers will
have their first interaction with Chatbots.
These will become as common as automated
phone systems, only much more interactive
and interesting.
Shipping “Uber-ization”
Smaller stores, local drop-off points and same-day
delivery. In 2017, many consumers will receive
their first same-day delivery, whether at home, or
at a drop-off point of their choosing.
Predictive Analysis
By exploiting the amount of Big Data collected
through customer interactions and profiles,
merchants can use predictive analysis to better
understand purchasing habits, preferences, and,
even their next purchases.
Unified Commerce
Instead of adding a digital storefront to the
in-store infrastructure, merchants will
instead integrate their stores (physical or
digital) into a centralized infrastructure.
Disintermediation
Buyers want to interact directly with brands and
retailers are being cut out of the equation.
Automated processes and CRMs are used
more than ever to maintain relationships and to
simplify the ordering process.
Global tech eCommerce trends to follow in 2017
Source: Absolunet, “10 eCommerce trends for 2017”.
2018
8 tech events to attend in 2017
Source: SWS Research, March 2017.
Premier event for the eCommerce
industry, with over 800 retailers and
400 companies attending.
Boston, MA
14 July
IRCE brings together
eCommerce industry leaders
from the largest online retailers.
Chicago, IL
6-9 June
JulJunApr May DecNovOctSepAug
Programmatic marketing summit.
Scottsdale, AZ
31st May
Immersive event bringing together
commerce and creativity to explore
trends, opportunities and disruptions.
Montreal, Canada
24-26 May
Design professionals from all over the
world gather for the premiere design
conference.
San Francisco, CA
29 August
Premier event for the eCommerce
industry, with over 800 retailers and
400 companies attending.
London, UK
25-26 October
The definitive conference on
conversion rate optimization
since 2010.
Las Vegas, NV
19-20 April
20182017
Main Sources
Juan Saldívar Paula Velasco
Ari Davidoff
José Vázquez
(Design)
Credits
SWS is a hands-on consulting firm specialized in disruptive and results-oriented strategy.
Our client list includes global players and local industry leaders in search for solid future
positions that embrace the powerful benefits the connected world can offer.
Focused on both the US Latino and Mexican markets, our strengths comprise proven
expertise in the telecom, media, marketing and digital space.
Rise Capital is a global investment firm that focuses on making expansion-stage
investments in Internet businesses in Emerging Markets.
We back industry-leading businesses run by world-class entrepreneurs who attack large
addressable market opportunities. Leveraging our experience as Emerging Market Internet
operators and investors, we strategically guide these businesses to scale.
info@sws.ms | sws.ms
info@risecapital.com | risecapital.com
This presentation has been prepared by “JSW Servicios de Estrategia SC”. (SWS) and/or its affiliates
or subsidiaries for the exclusive use of the party to whom SWS delivers this presentation to. This
presentation was developed internally using public data. SWS has not independently verified the
information contained herein, nor does SWS make any representation or warranty of that, either
express or implied, as to the accuracy, completeness and reliability of the information contained in this
presentation. Any estimates or projections as to events that may occur in the future (including
projections of revenue, expenses, net income, and stock performance) are based on the best judgment
of SWS gathered from publicly available information from of the date of this presentation. There is no
guarantee that any of these estimates or projections will be achieved.
Actual results may vary from the projections and such variations may be material. Nothing contained
herein is, or shall be relied upon as, a promise or representation as to the past or future. SWS
expressly disclaims any and all liability relating or resulting from the use of the presentation. Any
opinions expressed in this material are subject to change without notice and may differ or be contrary
to opinions expressed by other business areas or groups of SWS as a result of using different
assumptions and criteria. The opinions expressed in this material are subject to change without notice
and may differ or contradict the opinions expressed by other business areas or groups of SWS as a
result of using different assumptions and criteria. SWS has no obligation to keep the information
contained herein. This presentation has been prepared solely for informational purposes and should
not be construed as solicitation or an offer to buy or sell securities or related financial instruments
Legal Disclaimer

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eCommerce handbook 2017 - Mexican Market Insights

  • 2. 1 2017 eCommerce handbook key takeaways eCommerce growth at 24% CAGR through 2020 global eCommerce sales worth U$1.9Tn in 2016 and will reach U$4Tn by 2020 19M eShoppers in Mexico, 73% aged 22-44 eCommerce in Mexico is worth U$16Tn and is growing at 46% CAGR Travel accounts for 54% of eCommerce in Mexico eCommerce will account for 15% of total retail sales by 2020 8% of eCommerce in Latam is rejected by fraud (vs. 4.8% Europe) 53% eShoppers globally by 2020
  • 3. 2 Average yearly spend per person U$1,189 1.6 Billion people worldwide purchased products online in 2016 Total value U$1.9Tn People purchasing via eCommerce 1.6Bn Penetration of Internet user penetration 39% Mobile commerce Global eCommerce 22% Source: eMarketer, August 2016.
  • 4. 3 Global eCommerce sales (US$ Bn, 2010 – 2020F) 24% CAGR % of Total Retail Sales Digital buyer penetration* 3.8% 4.4% 6.3% 8.7% 11.5% 14.6% 38.3% 42.3% 44.8% 47.3% 50.1% 52.6% $476 $768 $1,234 $1,915 $2,860 $4,058 2010 2012 2014 2016 2018F 2020F eCommerce sales, by region (2016) 57% 22% 16% 2% 1% Asia Pacific North America Europe Latam Middle East & Africa Impressive eCommerce growth worldwide Source: eMarketer, August 2016. Note: *as % of Total Internet users.
  • 5. 4 US eCommerce sales, by category (2016, not including travel) 32% 19%16% 11% 8% 7% 4% 2% Other Apparel & accessoriesComputer & electronics Auto & Auto-parts Books, music & video Food & beverage Health & personal care Toys & hobbies US set to cross half a trillion USD in eCommerce sales by 2018 Source: eMarketer, February 2017. Note: *as % of Total US Internet users. US eCommerce sales (USD Bn, 2016) 8.2% of Total Retail Sales $389Bn 77% Digital buyer penetration* 14% CAGR 2008-2020F
  • 6. 5 B2B eCommerce is expected to reach U$1.1Tn by 2020 in the US Source: Forrester, April 2015. 88% of executives purchase business products online 93% want to see peer reviews 92% want to view product in action before purchase While purchasing products online, business executives are looking for: 24% 33%33% 41%43%47%51% Corporate Websites Salespeople Trade Publications Conferences Distributors Word of Month Social Media Executives locate the business products and services they need through:
  • 7. 65 eCommerce in Latam reached $37Bn USD in 2017 Source: eMarketer, September 2016. Latam eCommerce sales, share by country (2016, % of total sales) 6% 9% 14%12% 17% 42% Argentina Mexico Brazil Colombia Chile ROLA
  • 8. 7 eShoppers GDP Population Internet Users Smartphone Users MM % of Int. users $USD Bn MM MM MM Mexico 19 29% $1,144 127 65 53 Brazil 41 34% $1,775 208 120 64 Argentina 12 40% $583 43 30 16 Colombia 9 31% $292 48 29 19 ROLA 48 47% $1,254 164 103 47 Total Latam 129 37% $5,048 591 347 199 Latin America reached 129M eShoppers, 37% penetration Source: eMarketer, November 2016. The World Bank, 2016. eMarketer, August 2016. AMIPCI, “Estudio sobre los hábitos de los usuarios de Internet en México 2016”, 2016. eMarketer, September 2016. eMarketer, April 2016.
  • 9. 8 $1.8 $2.9 $4.4 $6.5 $9.5 $12.1 $16.1 2009 2010 2011 2012 2013 2014 2015 Mexico eCommerce sales (USD Bn, 2009-2015) Mexico eCommerce sales by category (USD Bn, 2009-2015) 0.1% 0.4% 0.5% 0.8% 1.0% 1.2% 16.4% 18.3% 23.0% 28.4% 31.3% 32.3% % of Total Retail Sales Digital buyer penetration* 54% 46% Travel Not travel 46% CAGR The Mexican eCommerce industry is growing at 46% per year Travel includes leisure and unmanaged business travel sales booked via any device. Source: AMIPCI, “Estudio Comercio Electrónico en México 2016”, December 2016. Note: *as % of Total Mexican Internet users. eCommerce sales figures converted from MXN to USD using the yearly FX average. vs. 73%in 2011 - -
  • 10. 98 4% 8% 12%12% 16%16% 18% 20%20% 22% 24% 28% 42% 12345678910111213 Online product purchase by category, not including travel (2016, % of affirmative answers) Apparel & accessories Sports & wellness Computers Digital downloads Electronics Furniture Jewelry & watches Video games Books & magazines Office supplies Event tickets Music & movies Travel Equip. Mexicans are purchasing a wide variety of products, content & services Source: AMIPCI, “Estudio Comercio Electrónico en México 2016, December 2016.
  • 11. 10 eCommerce transactions vary by device in Mexico Desktop SmartphoneTabletRank Banking transactions eMagazines & eBooks Taxi Airplane tickets Videos / Movies Music Hotel reservations Entertainment tickets Food delivery Groceries and home appliances Music eMagazines & eBooks Clothing Food delivery Entertainment tickets Source: IAB, “Estudio de Consumo de Medio y Dispositivos entre Internautas Mexicanos”, 8th edition, March 2016.
  • 12. 1110 Research online & purchase offline (% of respondents) 24%24% 28% 35% 43%45% 34%36% 21% 43% 18%19% Research online & purchase online Research online & purchase offline Online is a core driver for online and offline commerce Source: Google’s Consumer Barometer, 2014-2015; A.T. Kearney analysis. Note: Numbers do not add up to 100 because results are derived from a variety of samples.
  • 13. 1211 46% female 54%male 19MMexican online shoppers 87% urban 73% aged 22-44 Most eShoppers are 22 to 44 years old and seek price Source: AMIPCI, “12º Estudio sobre los Hábitos de los Usuarios de Internet en México 2016”. PWC Total Retail Survey (2016, ATKearney eCommerce Mexico 2016). Key demographic for the Mexican online shopper (Millions of people, % share) 12% 19% 23% 45% 50% 69% 77% Devices used to go online (percentage of respondents, 2016) Smartphones Laptops Desktop computers Tablets Smarts TVs Videogame consoles Other mobile devices
  • 14. 13 Online & offline payment methods used by digital buyers (percentage of respondents, 2016) PayPal Debit card Personal credit card Bank transfer Commercial credit card Mercado Pago Prepaid card Gift card Referenced bank transfer 12% 14% 16% 16% 17% 27% 51% 56% 62% 9% 10% 10% 22% 30%Oxxo Bank deposit 7-Eleven Pay on delivery Pharmacy Online Offline PayPal is the prefered online payment method for Mexicans Source: AMIPCI, “Estudio Comercio Electrónico en México 2016, December 2016. Main influencer for buying online (% of respondents) 36% 58% 48% 32% 16% 10% Mexico USA Convenience Price Other
  • 15. 1413 There is a wide variety of eCommerce platforms Top eCommerce platforms (cloud-based commerce platforms designed for small and medium-sized businesses) Top eCommerce gateways (service provider that authorizes credit-card or direct payments processing) Source: SWS research, February 2017.
  • 16. 15 Online fraud is still higher in Latam vs. the world Chargeback index on invoiced order volume Rejected orders Latam 1.4% 8.0% USA & Canada - 2.8% Europe 0.8% 4.8% Mexico 1.9% 14.3% Brazil 1.5% 4.6% Argentina 0.8% 8.2% Colombia 1.9% 10.1% Source: CyberSource, 2016. RSA Security, 2016. Top merchant categories affected by fraud (2016) 46% 16% 13% 9% 5% 11% Airlines Money transfer Computer electronics General Retail Clothing Other
  • 17. 1616 Accelerators Barriers Weakening Mexican Peso Wider banking and credit card adoption Greater smartphone/data plan affordability Suburb growth and high levels of commuting Investment by leading multi-nationals Business model innovation Lack of clear cost advantages for online shopping Lack of supply chain and back-end development Lack of logistics infrastructure Cost of developing eCommerce platform Cultural preferences to pay in cash vs. Source: A.T. Kearney, Kantar Retail Analysis. Mexico has clear accelerators and barriers to be addressed
  • 18. 17 Shop Gateways CRM Market Places Control + Visualization Online Promotion Logistics Tools needed to launch an eCommerce business in Mexico Source: SWS Research, April 2017.
  • 19. 18 Mexico´s tech ecosystem has seen the rise of 100´s of startups Source: SWS Research, April 2017.
  • 20. 1917 Cyber November Consumers spent US$400 Bn Nov 16’ (100Bn more than 15’), hence the entire Christmas season will kick off early November every year. Real-time customization Just as search results differ from one person to the next, 2017 will see the emergence of an online shopping experience that is unique to each consumer. Data-as-a-Service Retailers are working with data aggregators to compile data on products: pictures, descriptions, price comparisons, specifications and comments. Artificial Intelligence 2017 will be the year where consumers will have their first interaction with Chatbots. These will become as common as automated phone systems, only much more interactive and interesting. Shipping “Uber-ization” Smaller stores, local drop-off points and same-day delivery. In 2017, many consumers will receive their first same-day delivery, whether at home, or at a drop-off point of their choosing. Predictive Analysis By exploiting the amount of Big Data collected through customer interactions and profiles, merchants can use predictive analysis to better understand purchasing habits, preferences, and, even their next purchases. Unified Commerce Instead of adding a digital storefront to the in-store infrastructure, merchants will instead integrate their stores (physical or digital) into a centralized infrastructure. Disintermediation Buyers want to interact directly with brands and retailers are being cut out of the equation. Automated processes and CRMs are used more than ever to maintain relationships and to simplify the ordering process. Global tech eCommerce trends to follow in 2017 Source: Absolunet, “10 eCommerce trends for 2017”.
  • 21. 2018 8 tech events to attend in 2017 Source: SWS Research, March 2017. Premier event for the eCommerce industry, with over 800 retailers and 400 companies attending. Boston, MA 14 July IRCE brings together eCommerce industry leaders from the largest online retailers. Chicago, IL 6-9 June JulJunApr May DecNovOctSepAug Programmatic marketing summit. Scottsdale, AZ 31st May Immersive event bringing together commerce and creativity to explore trends, opportunities and disruptions. Montreal, Canada 24-26 May Design professionals from all over the world gather for the premiere design conference. San Francisco, CA 29 August Premier event for the eCommerce industry, with over 800 retailers and 400 companies attending. London, UK 25-26 October The definitive conference on conversion rate optimization since 2010. Las Vegas, NV 19-20 April 20182017
  • 22. Main Sources Juan Saldívar Paula Velasco Ari Davidoff José Vázquez (Design) Credits SWS is a hands-on consulting firm specialized in disruptive and results-oriented strategy. Our client list includes global players and local industry leaders in search for solid future positions that embrace the powerful benefits the connected world can offer. Focused on both the US Latino and Mexican markets, our strengths comprise proven expertise in the telecom, media, marketing and digital space. Rise Capital is a global investment firm that focuses on making expansion-stage investments in Internet businesses in Emerging Markets. We back industry-leading businesses run by world-class entrepreneurs who attack large addressable market opportunities. Leveraging our experience as Emerging Market Internet operators and investors, we strategically guide these businesses to scale. info@sws.ms | sws.ms info@risecapital.com | risecapital.com
  • 23. This presentation has been prepared by “JSW Servicios de Estrategia SC”. (SWS) and/or its affiliates or subsidiaries for the exclusive use of the party to whom SWS delivers this presentation to. This presentation was developed internally using public data. SWS has not independently verified the information contained herein, nor does SWS make any representation or warranty of that, either express or implied, as to the accuracy, completeness and reliability of the information contained in this presentation. Any estimates or projections as to events that may occur in the future (including projections of revenue, expenses, net income, and stock performance) are based on the best judgment of SWS gathered from publicly available information from of the date of this presentation. There is no guarantee that any of these estimates or projections will be achieved. Actual results may vary from the projections and such variations may be material. Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. SWS expressly disclaims any and all liability relating or resulting from the use of the presentation. Any opinions expressed in this material are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of SWS as a result of using different assumptions and criteria. The opinions expressed in this material are subject to change without notice and may differ or contradict the opinions expressed by other business areas or groups of SWS as a result of using different assumptions and criteria. SWS has no obligation to keep the information contained herein. This presentation has been prepared solely for informational purposes and should not be construed as solicitation or an offer to buy or sell securities or related financial instruments Legal Disclaimer