17 The implied enterprise value of Snap Inc., calculated using the assumptions and acquisitior premium provided, is: $30,498 $92,661 $91,669 $92,165 Acquisition of Snap by Amazon 20% 5% Acquisition Structure Assumptions Acquisition Premium Equity Issuance Discount (to Current Price) % Debt Financing % Equity Financing 20% 80% Acquirer and Target Assumptions Share Price ($/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