Q1 2018 Financial Results Conference Call Slides2This presentation may contain forward-looking statements which are inherentlydifficult to predict. Actual results could differ materially for a variety of reasons,including fluctuations in foreign exchange rates, changes in global economicconditions and customer spending, world events, the rate of growth of theInternet, online commerce, and cloud services, the amount that Amazoninvests in new business opportunities and the timing of those investments, themix of products and services sold to customers, the mix of net sales derivedfrom products as compared with services, the extent to which we owe incomeor other taxes, competition, management of growth, potential fluctuations inoperating results, international growth and expansion, the outcomes of legalproceedings and claims, fulfillment, sortation, delivery, and data centeroptimization, risks of inventory management, seasonality, the degree to whichthe Company enters into, maintains, and develops commercial agreements,proposed and completed acquisitions and strategic transactions, paymentsrisks, and risks of fulfillment throughput and productivity. Other risks anduncertainties include, among others, risks related to new products, services,and technologies, system interruptions, government regulation and taxation,and fraud. In addition, the current global economic climate amplifies many ofthese risks. More information about factors that potentially could affectAmazons financial results is included in Amazons filings with theSecurities and Exchange Commission, including its most recent Annual Reporton Form 10-K and subsequent filings.Additional information relating to certain of our financial measures containedherein, including non-GAAP financial measures, is available in the appendix toour presentation, our most recent earnings release and at our website atamazon/ir.3Free Cash Flow - TTM (1) (2) (3)(1) Free cash flow is cash flow from operations reduced by “Purchases of property and equipment, including internal-use software and website development, net of proceeds from property and equipment incentives,” which both are included in cash flow from investing activities. See Appendix for a reconciliation of operating cash flow to free cash flow.(2) Trailing twelve-month period.(3) As a result of the adoption of new accounting guidance, we retrospectively adjusted our consolidated statements of cash flows toadd restricted cash to cash and cash equivalents.(4) Operating cash flow grew 4% Y/Y.Long-Term Goal Optimize Free Cash Flows MMUp 101% Y/YDown 28% Y/Y (4)4Free Cash Flow Less Lease Principal Repayments - TTM (1) (2)(1) Free cash flow less lease principal repayments is free cash flow reduced by “Principal repayments of capital lease obligations,” and “Principal repayments of finance lease obligations,” which are included in cash flow from financing activities. See Appendix for a reconciliation of operating cash flow to free cash flow less lease principal repayments.(2) As a result of the adoption of new accounting guidance, we retrospectively adjusted our consolidated statements of cash flows to add restricted cash to cash and cash equivalents.(3) Operating cash flow grew 4% Y/Y.Long-Term Goal Optimize Free Cash Flows MMUp 101% Y/Y 134Down 83% Y/Y(3)5Free Cash Flow Less Finance Lease Principal Repayments and Assets Acquired Under Capital Leases - TTM (1) (2) (3)(1) Free cash flow less finance lease principal repayments and assets acquired under capital leases is free cash flow reduced by “Principal repayments of finance lease obligations,” which is included in cash flow from financing activities, and property and equipment acquired under capital leases. In this measure, property and equipment acquired under capital leases is reflected as if these assets had been purchased with cash, which is not the case as these assets have been leased. See Appendix for a reconciliation of operating cash flow to free cash flow less finance lease principal repayments and assets acquired under capital leases.(2) As a result of the adoption of new accounting guidance, we retrospectively adjusted our consolidated statements of cash flows to add restricted cash to cash and cash equivalents.(3) Operating cash flow grew 4% Y/Y.Long-Term Goal Optimize Free Cash Flows Down 192% Y/Y(3)MM6Efficiently Managing Dilution Shares 497 504MM7Net SalesUp 43% Y/Y, Up 39% F/X Adjusted (1) (1) Information regarding the effect of foreign exchange rates, versus the U.S. Dollar, on our net sales and operating income is provided to show reported period operating results had the foreign exchange rates remained the same as those in effect in the comparable prior year periods.MM8Net Sales TTMMMUp 36% Y/Y;Up 34% F/X Adjusted 9MMOperating IncomeUp 92% Y/Y; Up 95% F/X Adjusted10MMOperating Income TTM Up 22% Y/Y; Up 25% F/X Adjusted