Acquisition of Snap by Amazon Acquisition Structure Assumptions Acquisition Premium Equity Issuance Discount (to Current Price) 20% 5% % Debt Financing % Equity Financing 20% 80% Acquirer and Target Assumptions Share Price ($/sh.) Fully Diluted Shares Outstanding (MM) Net Debt FY + 1 Normalized Net Earnings FY + 1 Normalized Cash Flow Amazon Acquirer $3,099.40 518 $66,884 $23,688 $69,825 Snap Target $44.29 1,734 -$496 -$581 $334 Pro Forma Adjustment FY + 1 Normalized Net Earnings FY + 1 Normalized Cash Flow Pro-Forma Net Debt -$3,134 $642 $85,595 The pro-forma enterprise value of Amazon Inc. is expected to be: $1,672,993 $1,596,685 $76,308 $1,769,316