Tom Szkutak, SVP & CFO Credit Suisse Convergence Conference June 10, 2009 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 .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, government regulation and taxation, payments, and fraud. In addition, the current global economic climate amplifies many of these risks. 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 most recent Annual Report on Form 10-K 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’.

2 Agenda

• Our Results

• Our Strategy

3 Financial Focus

• Maximize Profit Dollars, Not Margin

• Optimize Free Cash Flow

• Return On Invested Capital (ROIC)

4 Free Cash Flow -- TTM (1) MM

Up 82% Y/Y

$1,364 $1,431

$788

$477

Long Term Goal – Optimize Free Cash Flow

(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.

5 Free Cash Flow -- TTM

MM $413 $(17)

$686 $(273) $309 $(326) $(145) $5 $1,431 $288 $887

Leverage in Earnings, Working Capital

6 Capital Efficiency -- Operating Cycle -- TTM (1)

23 Days

Day 0 29 34 57

Product Product Customer Supplier Received Shipped Payment Paid

Working Capital is a Source of Cash

(1) As of 03/31/09 – Average Trailing Twelve Month (TTM) Inventory Days, AR Days and AP Days.

7 Shares MM

434 446 435 447

Efficiently Managing Dilution

(1) The Company repurchased 8.2 million shares in 2006, 6.3 million shares in 2007 and 2.2 million shares in 2008. Company issued 7.8 million shares in 2008 related to redemption of its 4.75% Convertible Subordinated Notes. 8 Net Sales -- TTM MM

$19,166 $19,921

$15,955

$6,921

Q1 ‘09 Up 25% Y/Y, Up 27% Excluding Effect of F/X

9 Segments and Net Sales Segments • North America • International

Net Sales Categories • Media • Electronics and Other General Merchandise (EGM) • Other (Amazon Enterprise Solutions, , Co-Branded Credit Card, Misc. Marketing & Other)

10 Worldwide Sales Mix -- TTM

11 Net Sales Mix -- TTM

12 International Sales -- TTM MM

• UK, Germany, France, Japan & China

$8,938 $9,240 • Q1 ‘09 TTM International Sales 46%

$7,357 of TTM WW Sales, Unchanged from Q1 ‘08

• We Expect > 50% of Sales Over Time

• Shipments to Over 200 Countries

• Operating Profit up 43% to $692MM

• Operating Margin of 7.5%

Q1 ‘09 Up 26%, Up 30% Excluding Effect of F/X

13 Gross Profit -- TTM

MM

Up 24% Y/Y

Objective: Maximize Dollars, Not Margin

14 Consolidated Segment Operating Income -- TTM MM Up 25% Y/Y

Objective: Maximize Dollars, Not Margin

(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. 15 Balance Sheet

(MM) Q1 ‘04 Q1 ‘09 Assets TTMTTM FreeFree CashCash FlowFlow Cash & Marketable Securities $ 998 $2,730 $1,431$1,431 MMMM Inventories $ 282 $1,266 13x13x TurnsTurns // 6%6% ofof SalesSales A/R, Current Deferred Tax Assets & Other $ 126 $ 779 Total Current Assets $1,406 $4,775 $2,155$2,155 MMMM inin “Operating Assets” Fixed Assets, net $ 217 $ 889 “Operating Assets” Deferred Tax Assets & Other $ 116 $1,316 Total Assets $1,739 $6,980 Liabilities and Stockholders’ Equity A/P & Other Current Liabilities $ 866 $3,410 Long-Term Debt and Other $1,778 $ 652 Stockholders’ Equity (Deficit) $ (905) $2,918 Total Liabilities & Stockholders’ Equity $1,739 $6,980

Our Model is Demonstrating Its Efficiency

16 Return on Invested Capital -- TTM (1)

Long Term Expectation – Triple Digit ROIC

(1) ROIC = TTM Free Cash Flow divided by average Total Assets minus Current Liabilities, excluding Current Portion of our Long Term Debt, over 5 quarter ends.

17 Our Strategy

Earth’s Most Customer Centric Company Start With The Customer And Work Backwards

Three Customer Sets Consumers, Sellers and Developers

18 Our Virtuous Cycle

Lower Cost Lower Structure Prices

Selection & Convenience

Sellers Customer Growth Experience

Traffic

19 Leveraging Our Platform

68% of Units (1) Our Inventory Amazon.com Our Product Detail Pages

32% of Units (1) Sellers Seller Inventory Our Product Detail Pages

Amazon Enterprise Our Technology Solutions Powers Partner Websites

Amazon Web Web Scale Computing Services Simple API’s

(1) Q1 2009

20 Consumers -- Customer Experience Pillars

• Price

• Selection

• Convenience

Innovation Is The Foundation

21 Our Pricing Strategy

Everyday Low Pricing Our 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.

Dollars Not Percentages Our pricing strategy does not attempt to maximize margin percentages, but instead seeks to drive maximum value for customers.

22 Global Selection

Product Categories US UK Germany France Japan China Canada Physical Media '95 '98 '98 '00 '00 '04 '02 Electronics '99 '01 '01 '05 '03 '04 '08 Toys '99 '01 '04 '07 '04 '04 Baby '99 '07 '07 '07 '07 '06 Tools & Hardware '99 '04 '04 Home & Garden '00 '04 '04 '07 '03 Apparel & Accessories '02 '08 '08 '07 Sports & Outdoors '03 '07 '06 '05 '06 Jewelry & Watches '03 '07 '07 '07 '07 '06 Health & Personal Care '03 '08 '07 '06 '06 Beauty '04 '08 '08 '08 '06 Shoes '05 '07 '07 '07 Dry Goods '06 Auto Parts & Accessories '06 '08 '09 Digital Media '07 '08 '09 Office Supplies '08 '09 '09 '09 Fabric '08 Motorcycle & ATV Parts & Accessories '08 23 24 Convenience –

25 Free Membership Launch Annual Offering Shipping Program Fee

Free Two- $ 25 ‘05 $ 79 Day Shipping

£5 ‘07 £48 Free One-Day Delivery

‘07 € 29 Free One-Day € 20 (1) Delivery

Free Expedited (Same/Next 1,500 ‘07 3,900 Day) Shipping

Free Express (Next/Two-Day) € 20 (2) ‘08 €49 Delivery

CAD 39

49

(1) Includes Belgium and the Netherlands. (2) Includes Belgium, Switzerland and Luxembourg (on Media products).

26 Innovation

6” Display 9.7” Display $359 $489 amazon.com/kindle amazon.com/kindleDX

27 28 Selling On Amazon

Over 1.6MM Active Sellers, Up 19% Y/Y

29 Selling On Amazon MM

30 Fulfillment By Amazon (FBA)

Available in US, UK, DE & JP; Beta in FR

31 FBA Benefits

• Orders placed on Amazon.com qualify for Super Saver Shipping and Amazon Prime • US and UK Merchants can also use FBA to fulfill orders placed on other sales channels • Orders placed on Amazon.com benefit from: o Automatic fulfillment o Customer service and customer returns handled by Amazon.com

• Orders placed on Amazon.com can be gift wrapped

In Q1 ’09, Items Shipped on Behalf of Sellers Using FBA increased >300% Y/Y

32 Amazon Enterprise Solutions

33 Amazon Web Services (AWS)

Your Idea Undifferentiated Successful “Heavy Lifting” Product

In-The Cloud Infrastructure Services

34 AWS

• Massive Compute Power o Elastic Compute Cloud (EC2) o Amazon Elastic MapReduce • Massive Storage o Simple Storage Service (S3) o SimpleDB o Simple Queue Service • Content Delivery o Amazon CloudFront • Payments and Billing o Flexible Payments Service (FPS) o Amazon DevPay • On-Demand Workforce o Mechanical Turk

35 Summary

• The Online Model is Advantaged

• We Face Many Challenges and Many Opportunities – We Are:

o Relentlessly Improving Customer Experience – Consumers, Sellers and Developers

o Leveraging Our Platform

o Well Positioned

o Focused on Optimizing LT Free Cash Flow

• Innovation is the Foundation of Everything We Do

36 Appendix

37 Free Cash Flow Reconciliation -- TTM

$MM 2004 2005 2006 2007 2008 Q1 ’08 Q1 ‘09

Operating Cash Flow $566 $733 $702 $1,405 $1,697 $1,039 $1,757

Purchases of Fixed Assets, Including Internal-Use Software and Website Development (89) (204) (216) (224) (333) (251) (326)

Free Cash Flow $477 $529 $486 $1,181 $1,364 $788 $1,431

38 Consolidated Segment Operating Income Reconciliation -- TTM

$MM 2004 2005 2006 2007 2008 Q1 ’08 Q1 ‘09

Consolidated Segment Operating Income $490 $566 $500 $849 $1,093 $928 $1,156

Stock-Based Compensation (58) (87) (101) (185) (275) (205) (288)

Other Operating Income (Expense), Net 8 (47) (10) (9) 24 (15) 19

GAAP Operating Income $440 $432 $389 $655 $842 $708 $887

39