Tom Szkutak, SVP & CFO Morgan Stanley Technology Conference March 4, 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, indebtedness, 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 16% Y/Y

$1,364 $1,181

$477

Long Term Goal – Optimize Free Cash Flow

(1) Free C ash Flow, a non-GAAP financial measure, is GAA P 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 $580 $(46) $287 $(333) $812 $(232) $(159) $(128) $1,364 $275 $842

Leverage in Earnings, Working Capital

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

26 Days

Day 0 30 35 61

Product Product Customer Supplier Received Shipped Payment Paid

Working Capital is a Source of Cash

(1) As of 12/31/ 08 – Average Trailing Twelve Month (TTM) Inventory Days, AR Days and AP Days.

7 Shares MM

434 435 446

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. (2) Does not include shares issuable upon conversion of outstanding convertible debt. 8 Net Sales -- TTM MM

$19,166

$14,835

$6,921

2008 Up 29% Y/Y, Up 28% 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

$8,938 • UK, Germany, France, Japan & China

• 2008 TTM International Sales 47% of TTM WW Sales, up from 45% in 2007

• We Expect > 50% of Sales Over Time

• Shipments to Over 200 Countries

• Operating Profit up 44% to $648MM

• Operating Margin of 7.3%

2008 Up 33%, Up 31% Excluding Effect of F/X

13 Gross Profit -- TTM

MM

Up 27% Y/Y

Objective: Maximize Dollars, Not Margin

14 Consolidated Segment Operating Income -- TTM MM

Up 29% 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) Q4 ‘04 Q4 '08 Assets TTM Free Cash Flow Cash & Marketable Securities $1,779 $3,727 $1,364 MM Inventories $ 480 $1,399 12x Turns / 6% of Sales A/R, Current Deferred Tax Assets & Other $ 280 $1,031 Total Current Assets $2,539 $6,157 $2,253 MM in Fixed Assets, net $ 246 $ 854 “Operating Assets” Deferred Tax Assets & Other $ 463 $1,303 Total Assets $3,248 $8,314 Liabilities and Stockholders’ Equity A/P & Other Current Liabilities $1,620 $4,746 Long-Term Debt and Other $1,855 $ 896 Stockholders’ Equity (Deficit) $ (227) $2,672 Total Liabilities & Stockholders’ Equity $3,248 $8,314

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 Ter m D eb t, 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

Over 88MM Active Customer Accounts, Up 16% Y/Y

19 Leveraging Our Platform

73% of Units (1) Our Inventory Amazon.com Our Product Detail Pages

27% 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) Q4 2008

20 Consumers -- Customer Experience Pillars

• Price

• Selection

• Convenience

Innovation Is The Foundation

21 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.

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 Digital Media '07 '08 Office Supplies '08 Fabric '08 Motorcycle & ATV Parts & Accessories '08 23 Convenience –

24 Free Membership Launch Annual Offering Shipping Program Fee

Free Two- ‘05 $ 79 $ 25 Day Shipping

£5 ‘07 £48 Free One-Day Delivery

‘07 € 29 Free One-Day €20 Delivery

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

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

CAD 39

49 Yuan

25 26 Kindle

27 MP3 Downloads

28 Video On Demand

29 Selling On Amazon

Over 1.5MM Active Sellers, Up 18% Y/Y

30 Selling On Amazon MM

~1.3

31 Fulfillment By Amazon (FBA)

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

32 Amazon Enterprise Solutions

33 Checkout By Amazon

34 Amazon Web Services (AWS)

Your Idea Undifferentiated Successful “Heavy Lifting” Product

In-The Cloud Infrastructure Services

35 AWS

• Massive Compute Power o Elastic Compute Cloud (EC2) • 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

36 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

37 Appendix

38 Free Cash Flow Reconciliation -- TTM

$MM 2003 2004 2005 2006 2007 2008

Operating Cash Flow $393 $566 $733 $702 $1,405 $1,697

Purchases of Fixed Assets, Including Internal-Use Software and Website Development (46) (89) (204) (216) (224) (333)

Free Cash Flow $347 $477 $529 $486 $1,181 $1,364

39 Consolidated Segment Operating Income Reconciliation -- TTM

$MM 2003 2004 2005 2006 2007 2008

Consolidated Segment Operating Income $361 $490 $566 $500 $849 $1,093

Stock-Based Compensation (88) (58) (87) (101) (185) (275)

Other Operating Income (Expense), Net (3) 8 (47) (10) (9) 24

GAAP Operating Income $270 $440 $432 $389 $655 $842

40