Annual Shareholder Meeting

June 14th, 2007

6/13/2007 6:38 PM 2

Amazon.comThis presentation may contain forward-looking statements, including statements regarding expectations of sales, gross margin, productivity, leverage, operating results, consolidated segment operating results, capital investment, return on capital, free cash flow and other financial statement or balance sheet items or ratios, all of which are inherently difficult to predict. Actual results could differ materially for a variety of reasons, including fluctuations in foreign exchange rates, changes in global economic conditions and consumer spending, world events, the rate of growth of the Internet and online commerce, the amount that Amazon.com invests in new business opportunities and the timing of those investments, the mix of products sold to customers, the mix of net sales derived from products as compared with services, the extent to which we owe income taxes, competition, management of growth, potential fluctuations in operating results, international growth and expansion, the outcomes of legal proceedings and claims, fulfillment center optimization, risks of inventory management, seasonality, the degree to which the Company enters into, maintains and develops commercial agreements, acquisitions and strategic transactions, and risks of fulfillment throughput and productivity. Other risks and uncertainties include, among others, risks related to new products, services and technologies, system interruptions, significant indebtedness, government regulation and taxation, payments, and fraud. More information about factors that potentially could affect Amazon.com’sfinancial results is included in Amazon.com’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2006, and all subsequent filings.Additional information relating to certain of our financial measures contained herein is available in the appendix to our presentation, our most recent earnings release and at our website at www.amazon.com/ir under ‘Financial Documents’.

Financial Highlights

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Operating ResultsFree Cash Flow*

($7)

$529$486 $521

($400)

$600

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Q107TTM

($MM)

* Operating Cash Flow Less Capital Expenditures, see appendix

Long Term Goal -- Optimize Free Cash Flow Per Share

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439

344

438 436 430

0

225

450

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Q1 07

Common Shares and Stock-Based Awards Outstanding (MM)

Efficiently Managing Dilution

(2)(1)

Operating Results

(1) The Company repurchased 8 million shares in Q3 06(2) The Company repurchased 6 million shares in Q1 07

6/13/2007 6:38 PM 6

$148

$8,490

$10,711$11,447

$0

$4,000

$8,000

$12,000

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Q107TTM

Net Sales

Q1 07 TTM Net Sales Up 29%, Up 27% Excluding F/X

61% Compounded Annual Growth Rate

($MM)

Operating Results

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First Quarter Highlights

Q107 Net Sales Up 29% Excluding F/X; Operating Margin Up 69 Bps

Q1 06 Q1 07 ChangeFree Cash Flow – TTM $ 501 $ 521 4%

Shares

Net SalesExcluding F/X

Consolidated Segment Operating Income* Consolidated Segment Operating Margin

438

$2,279

$ 120 5.3%

430

$ 3,015

$ 179 6.0%

-2%

32%29%

50% 69bps

($MM)

Operating Results

* GAAP Operating income less Stock-based compensation and Other operating expense (income), see appendix

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Earth’s Most Customer-Centric CompanyStart with the customer and work backwards

Vision

SelectionAvailability

Price

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BooksMusic/VideoDVD/Rental*Video Games & SoftwareElectronicsToys & BabyTools & HardwareKitchen & HousewaresMagazinesOffice ProductsApparel & AccessoriesSports & OutdoorsGourmet FoodJewelry/WatchesHealth & Personal CareBeautyMusical InstrumentsGroceryAutomotiveThird Party Sellers

MarketplaceMerchants@

Expect More Category and Country Expansion Over Time

Global Selection‘95‘98

‘99‘99

‘00

‘02‘02‘03

‘03

‘03‘03

‘98‘99

‘00‘01

‘04

‘98 ‘00‘99

‘01‘00

‘04

‘00

‘01

‘00‘01

‘03‘01

‘03

‘02‘02

‘03

‘99 ‘04 ‘04‘99 ‘01

‘00 ‘02 ‘02 ‘03 ‘03‘02‘02

‘04

US UK Germany JapanFrance Canada

‘04

‘04

China‘04‘04

‘04

‘01 ‘02 ‘04

‘04

‘98 ’99/’04* ’99/’05* ‘00 ‘01 ‘02 ‘04

‘05‘04

‘06

‘04

‘05‘06

‘06

‘06

‘06

‘06

‘06

‘07

‘07

‘07

’07 ’07’07 ‘06

‘06

‘06

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AvailabilityAmazon.com - Prime

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AvailabilityAmazon.com - Prime

6/13/2007 6:38 PM 13

AvailabilityAmazon.co.jp - Prime

6/13/2007 6:38 PM 14

Low Prices

Everyday Low PricingOur objective is not to discount a small number of products for a limited period of time, but to offer low prices everyday and apply them broadly across our entire product range.

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Everyday Low Prices

Japan

Germany

U.S.

Canada

U.K.

France

China

6/13/2007 6:38 PM 16

Free Shipping

$600 Million in Foregone Shipping Revenue

6/13/2007 6:38 PM 17

购物满99元免配送费

Free Shipping

Japan

U.S.

U.K.

China

Germany

Canada

France

SelectionAvailability

Price

Active Customers: > 66 Million

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Other Customer Sets

Sellers

Developers

6/13/2007 6:38 PM 20

Sellers

Over 1.1 Million Active Sellers *

* Sellers who have had an order in the past 12 months as of the end of Q107

Q1 07 Third Party Units were 30% of Total Units;

Up from 29% Y/Y

Merchants@ Now Available in UK, Germany and Japan

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Sellers

6/13/2007 6:38 PM 22

Sellers

6/13/2007 6:38 PM 23

DevelopersAmazon Web Services

Delivering Web-Scale Computing

Over 240,000 registered developers (>50% Yr/Yr)

10 different web service offerings, including:

•Amazon Simple Storage Service (Amazon S3)

•Amazon Elastic Compute Cloud (Amazon EC2)

Registered developers as of the end of Q107

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Amazon Web ServicesWhat You Want

Your Idea Successful Product

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Amazon Web ServicesReality

Your Idea Successful Product

Undifferentiated “Heavy Lifting”

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Amazon Web ServicesHeavy Lifting: Price of Admission

Server hosting

Bandwidth management

Contract negotiation

Purchase decisions Moving facilities

Scaling and managing physical growth

Heterogeneous hardware

Coordinating large teamsInnovation??

6/13/2007 6:38 PM 27

Amazon Web Services

Heavy Lifting: Price of Admission

Server hosting

Bandwidth management

Contract negotiation

Purchase decisions Moving facilities

Scaling and managing physical growth

Heterogeneous hardware

Coordinating large teamsInnovation??

Muck

6/13/2007 6:38 PM 28

Amazon Web ServicesBuilding Block Services

AmazonSQS

2004

AmazonMechanical

Turk 2005

AmazonS3

2006

AmazonEC2

2006

6/13/2007 6:38 PM 29

Amazon Web ServicesAmazon Simple Storage Services (Amazon S3)

• Storage in the cloud

• Programmatic access via web service API’s

• Easy to use

• Fast

• Reliable

• Low, pay-by-the-drink pricing

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Amazon Web ServicesAmazon S3 Objects Stored

800,000,000

July 2006

>5,000,000,000

Today

6/13/2007 6:38 PM 31

Amazon Web ServicesAmazon S3 Request Volume

Peak Day:

Peak Second: 16,607 Requests

920,847,345 Requests

6/13/2007 6:38 PM 32

Amazon Web ServicesAmazon Elastic Compute Cloud (Amazon EC2)

• Compute capacity in the cloud

• Scale capacity up and down in minutes

• Developers control their machine instances

• Very inexpensive

• Integrated with Amazon S3

Appendix

6/13/2007 6:38 PM 35

$486

216

$702

2006

$521

205

$726

Q1 07

$477

89

$566

2004

($170)

50

($120)

2001

$135

39

$174

2002

$346

46

$392

2003

Free Cash Flow

Less:Purchase of Fixed Assets

Operating Cash Flow

($265)($378)$3($7)

135287288

($130)($91)$31$1

2000199919981997

($MM)

Free Cash FlowReconciliation -- TTM

$529

204

$733

2005 Q1 06

$724

223

$501

6/13/2007 6:38 PM 36

Reconciliation Consolidated Segment Operating Income

($MM)

Less:

Other Operating Expense (Income)

GAAP Operating Income

Stock-Based Compensation

Consolidated Segment Operating Income

Q4 06

$ 72

$40

30

Q2 06 Q3 06

$ 120

$106

11

$ 80

$47

30

3 2

Q1 06

3

$ 229

30

2

$197

Q1 07

$179

34

0

$145