Annual Meeting of Shareholders May 29, 2008 This presentation may contain forward-looking statements 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’s financial 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, 2007, and 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 Free Cash Flow Surpassed $1 Billion (1)

$1,181MM ‘07 Free Cash Flow Up 143% Y/Y

$486MM $347MM

'03 '04 '05 '06 '07

(1) Free Cash Flow, a non-GAAP financial measure, is GAAP Operating Cash Flow Less Purchases of Fixed Assets. See appendix for a reconciliation of Operating Cash Flow to Free Cash Flow. Efficiently Managing Dilution

Common Shares and Stock-Based Awards Outstanding (1) (2)

433MM436MM 435MM

(1) The Company repurchased 8 million shares in 2006 and 6 million shares in 2007 (2) Does not include shares issuable upon conversion of outstanding convertible debt Strong Sales Growth

$14,835MM ’07 Sales Up 39% Y/Y, Up 35% $10,711MM Excluding F/X

$5,264MM Record Operating Income (1)

‘07 Operating Income $849MM Up 70% Y/Y

$500MM $361MM

(1) Consolidated Segment Operating Income (CSOI), a non-GAAP financial measure, excludes Stock-Based Compensation and Other Operating Expense (Income). See appendix for a reconciliation of CSOI to GAAP Operating Income. First Quarter Highlights

($MM)Excluding F/X Q1 ‘07 Q1 ‘08 Change Free Cash Flow -- TTM $ 521 $ 788 51%

Shares -- Common Shares and Stock-Based Awards Outstanding 430 435 1%

Net Sales $3,015 $4,135 37% 31%

Consolidated Segment Operating

Income (1) $179 $258 44%

(1) Consolidated Segment Operating Income (CSOI), a non-GAAP financial measure, excludes Stock-Based Compensation and Other Operating Expense (Income). See appendix for a reconciliation of CSOI to GAAP Operating Income. Amazon’s 3 Customer Sets

Consumers Sellers Developers Over 2.2 Million Pre-Orders of “Harry Potter and the Deathly Hallows”

Over 12 Million Units of the Harry Potter Series Sold Worldwide $124,000 Diamond Ring

Retail Diamond Sales Up More Than 100% in Q1 ‘08

Amazon Prime Launches Internationally

Launched 2007

Since 2005

Launched 2007

Launched 2007

Sellers can focus on the business of selling

Access to millions of Amazon customers worldwide

Items eligible for Prime, Free Super Saver Shipping and Giftwrap

Combine units into a single shipment with other items purchased from Amazon Fulfillment By Amazon

Q4 07 - Amazon.com shipped over half-a-million units in Q4 07 on behalf of sellers who utilized Fulfillment by Amazon.

Q1 08 - The number of sellers using Fulfillment by Amazon increased by more than 50% compared with Q4 07.

Amazon Web Services (AWS)

Elastic Compute Cloud (EC2)

Flexible Payments Service

Mechanical Turk

SimpleDB

Simple Queue Service

Simple Storage Service (S3) AWS Principles

Easy to Use

Fast

Elastic

Highly Available

Pay By The Drink Registered AWS Developers

> 370K

> 240K > 160K Amazon S3 Objects

20 Billion

5 Billion

April 2007

April 2008 AWS Bandwidth

Bandwidth Consumed by Amazon Web Services

Bandwidth Consumed by Amazon’s Global Websites

2001 2002 2003 2004 2005 2006 2007 2008 Automatic Online Backup, Using Amazon S3

Animoto’s EC2 Instance Usage

10.310.3 ouncesounces

Paper-LikePaper-Like DisplayDisplay

ReadableReadable inin SunlightSunlight

LowLow BatteryBattery ConsumptionConsumption LookLook upup wordswords onon thethe flyfly

StoreStore notesnotes andand annotationsannotations

ChangeChange fontfont sizessizes

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Appendix Free Cash Flow Reconciliation -- TTM

($MM) 2003 2004 2005 2006 2007 Q1 07 Q1 08

Operating Cash Flow $393 $566 $733 $702 $1,405 $726 $1,039 Less: Purchases of Fixed Assets, including capitalized software development 46 89 204 216 224 205 251

Free Cash Flow $347 $477 $529 $486 $1,181 $521 $788 Consolidated Segment Operating Income Reconciliation -- TTM

($MM) 2003 2004 2005 2006 2007 Q1 07 Q1 08 Consolidated Segment Operating Income $361 $490 $566 $500 $849 $560 $928 Less:

Stock-Based Compensation 88 58 87 101 185 124 205 Other Operating Expense (Income) 3 (8) 47 10 9 7 15

GAAP Operating Income $270 $440 $432 $389 $655 $429 $708