Historical Analysis An milans, except per shave deta) 2023E Free Cash Flow (FCF) From Operations Net Cash Provided by (used in) Operating A erang Movies os Free Carb it Property and Ecuipment an Property and Equipment Acquired Under Capital Leases Free Cash Flow Less Capital Leases ele 5 26 . 185 & 0,936 ESAM DA Including SBC 4,746 6,283.118 NE EBITDA kes compensation (SBC 1,497 2.319 we S 125 & Free Cash Flow to Firm FC Operating Poliw to Firm FCFF) net Operating prowe Aner Tax popat) (1.363 Pue Sock-Based Comcersation Plus: Other Non-Cash Experse Less: Cash Capex Free Cash Flow for FREE Less: Capital Lease adduces In CFCFF) | All Cash Capex 2,462 4.751 145,388 16.98 12.043 10.347) 44,170 Discounted Cash Flow (DCF) Analysis Temina Value Choose Option -- Model Exit Multiple Growth 2011 2232,891 2.151,659 25 118716 Discount Rate Valuation Date Motors Outstanding as of Valuation Date millions) Valuation Timeline $1,800 Discounted Cash Flow (DCF) Analysis Terminal Value (Choose Option ->) Terminal Value in Model Discount Rate Valuation Date # Shares Outstanding as of Valuation Date (millions) Market Price as of Valuation Date Model Exit Multiple Growth Rate Exit Multiple 14.0x 3.0% 2.232.891 2,232,891 2,151,659 8.5% 11/9/18 520 $1,800 Valuation Timeline Valuation Date 11/09/18 Year Frac 12/31/18 0.14 12/31/19 1.00 12/31/20 1.00 12/31/21 1.00 12/31/22 1.00 12/31/23 1.00 12/31/24 1.00 12/31/25 1.00 12/31/26 1.00 12/31/27 1.00 Terminal Value 12/31/28 12/31/28 1.00 1.00 Free Cash Flow to Firm (FCFF) 0 3,123 28,899 37,181 44,282 54,502 70,530 76,197 85,421 109,834 122,743 114,894 0 Rolling Enterprise Value (NPV) 438,816 443,946 478,293 487,702 488,815 482,319 464,182 427,207 380,846 320,536 228,612 114,894 0 0 Plus: Cash + Marketable Securities Less: Debt + Capital & Finance Leases Equity Value 29,765 (47,219) (17,454) 43,681 (46,692) (3,010) 62,703 (52,105) 10,597 88,028 (57,252) 30,777 118,598 (66,452) 52,146 155,954 (78,870) 77,084 204,673 (91,204) 113,469 254,515 (102,988) 151,526 309,265 (114,290) 194,975 384,342 (113,861) 270,482 473,082 (105,317) 367,766 558,071 (101,770) 456,301 0 0 519 540 557 Fully Diluted Shares Outstanding Rolling AMZN Value per Share 520 (34) 500 (6) 508 21 514 60 524 147 530 214 535 283 546 496 551 667 100 361 820 #DIV/0! Investor IRR Equity Investor Return (After SBC dilution) Equity Investor IRR (After SBC dilution) $820 ($1,800 -7.5% Instrinsic Value ($/share) Discount Rate 10.5% 9.5% 8.5% Internal Rate of Return (IRR) Purchase Price (per share) $2,000 $1,900 $1,800 $1,700 7.5% 6.5% $1,600 Exit Multiple Exit Multiple 10.0x 12.0x 10.0x 12.0x 14.0x 16.0x 18.0x 14.0x 16.0x 18.0x What is the expected AMZN value per share in 2028 in the bear case using the exit multiple terminal valuation method? 5,038 7,721 3,570 4,892 Historical Analysis An milans, except per shave deta) 2023E Free Cash Flow (FCF) From Operations Net Cash Provided by (used in) Operating A erang Movies os Free Carb it Property and Ecuipment an Property and Equipment Acquired Under Capital Leases Free Cash Flow Less Capital Leases ele 5 26 . 185 & 0,936 ESAM DA Including SBC 4,746 6,283.118 NE EBITDA kes compensation (SBC 1,497 2.319 we S 125 & Free Cash Flow to Firm FC Operating Poliw to Firm FCFF) net Operating prowe Aner Tax popat) (1.363 Pue Sock-Based Comcersation Plus: Other Non-Cash Experse Less: Cash Capex Free Cash Flow for FREE Less: Capital Lease adduces In CFCFF) | All Cash Capex 2,462 4.751 145,388 16.98 12.043 10.347) 44,170 Discounted Cash Flow (DCF) Analysis Temina Value Choose Option -- Model Exit Multiple Growth 2011 2232,891 2.151,659 25 118716 Discount Rate Valuation Date Motors Outstanding as of Valuation Date millions) Valuation Timeline $1,800 Discounted Cash Flow (DCF) Analysis Terminal Value (Choose Option ->) Terminal Value in Model Discount Rate Valuation Date # Shares Outstanding as of Valuation Date (millions) Market Price as of Valuation Date Model Exit Multiple Growth Rate Exit Multiple 14.0x 3.0% 2.232.891 2,232,891 2,151,659 8.5% 11/9/18 520 $1,800 Valuation Timeline Valuation Date 11/09/18 Year Frac 12/31/18 0.14 12/31/19 1.00 12/31/20 1.00 12/31/21 1.00 12/31/22 1.00 12/31/23 1.00 12/31/24 1.00 12/31/25 1.00 12/31/26 1.00 12/31/27 1.00 Terminal Value 12/31/28 12/31/28 1.00 1.00 Free Cash Flow to Firm (FCFF) 0 3,123 28,899 37,181 44,282 54,502 70,530 76,197 85,421 109,834 122,743 114,894 0 Rolling Enterprise Value (NPV) 438,816 443,946 478,293 487,702 488,815 482,319 464,182 427,207 380,846 320,536 228,612 114,894 0 0 Plus: Cash + Marketable Securities Less: Debt + Capital & Finance Leases Equity Value 29,765 (47,219) (17,454) 43,681 (46,692) (3,010) 62,703 (52,105) 10,597 88,028 (57,252) 30,777 118,598 (66,452) 52,146 155,954 (78,870) 77,084 204,673 (91,204) 113,469 254,515 (102,988) 151,526 309,265 (114,290) 194,975 384,342 (113,861) 270,482 473,082 (105,317) 367,766 558,071 (101,770) 456,301 0 0 519 540 557 Fully Diluted Shares Outstanding Rolling AMZN Value per Share 520 (34) 500 (6) 508 21 514 60 524 147 530 214 535 283 546 496 551 667 100 361 820 #DIV/0! Investor IRR Equity Investor Return (After SBC dilution) Equity Investor IRR (After SBC dilution) $820 ($1,800 -7.5% Instrinsic Value ($/share) Discount Rate 10.5% 9.5% 8.5% Internal Rate of Return (IRR) Purchase Price (per share) $2,000 $1,900 $1,800 $1,700 7.5% 6.5% $1,600 Exit Multiple Exit Multiple 10.0x 12.0x 10.0x 12.0x 14.0x 16.0x 18.0x 14.0x 16.0x 18.0x What is the expected AMZN value per share in 2028 in the bear case using the exit multiple terminal valuation method? 5,038 7,721 3,570 4,892