Acquisition Assumptions Acquisition of Walmart by Amazon Total expected equity financing for Amazon's purchase of Walmart, at the assumed 50- 50% equity and debt financing deal mix provided, is as follows: Acquisition Structure Assumptions Acquisition Premium Equity Issuance Discount (to Current Price) 20% 5% $201,130 Debt Financing % Equity Financing 50% 50% $268,024 Acquirer and Target Assumptions $241,356 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 $443,485 Share Price ($/sh.) Fully Diluted Shares Outstanding (MM) Cash and Cash Equivalents Total Debt Amazon Acquirer $3,099.40 518 $37,466 $91,401 Walmart Target $140.50 2,863 $16,906 $70,242 Page 10 of 25 Transaction Costs Information Equity Financing Fees Debt Financing Fees Other Transaction Costs Target Debt Early Redemption Premium 5.5% 1.5% $3,000 3.0% Prev Page