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ƒœ‘Ǥ…‘ǤƒŽ‡•ǡ‹‹–‹ƒŽŽ›”‡•–”‹…–‡†–‘„‘‘•ǡ•‘‘‡š’ƒ†‡†–‘‘–Š‡”‡†‹ƒǦǦǦ
•ǡ•ǡƒ†•‘ˆ–™ƒ”‡ǦǦǦƒ†–Š‡–‘ƒ™‹†‡”…Žƒ••‘ˆ•—†”‹‡•ǦǦǦ‡Ž‡…–”‘‹…•ǡ–‘›•ǡ
ƒ’’ƒ”‡ŽǡŠ‘‡ƒ’’Ž‹ƒ…‡•ǡ–‘‘Ž•ǡƒ†‘”‡Ǥ›ʹͲͲͻǡ–Š‡…‘’ƒ›™ƒ•–Š‡†‘‹ƒ–
‘Ž‹‡”‡–ƒ‹Ž‡”ǡ™‹–Š̈́ʹͶǤͷ„‹ŽŽ‹‘‹”‡˜‡—‡ƒ†̈́ͳǤͳ͵„‹ŽŽ‹‘‹‘’‡”ƒ–‹‰‹…‘‡
ȋExhibit1ȌǤ•–Š‡—„‡”‘ˆ…—•–‘‡”•‰”‡™ǡ•‘†‹†–Š‡•ƒŽ‡•’‡”…—•–‘‡”
ȋExhibit2ȌǤ
ƒœ‘…‘’‡–‡†‘’”‘†—…–•‡Ž‡…–‹‘ǡ…‘˜‡‹‡…‡ǡƒ†’”‹…‡Ǥƒ–Š‡”–Šƒ„—›
‡š’‡•‹˜‡”‡–ƒ‹Ž’”‘’‡”–‹‡•ǡƒœ‘†‹•–”‹„—–‡†„‘‘•ˆ”‘Žƒ”‰‡ǡŠ‹‰ŠŽ›Ǧƒ—–‘ƒ–‡†
™ƒ”‡Š‘—•‡•„—‹Ž–‘…Š‡ƒ’Žƒ†Ǥ–•†‹•–”‹„—–‹‘‡–™‘”‡ƒ„Ž‡†ƒœ‘–‘ˆ—Žˆ‹ŽŽ
‘•–‘”†‡”•“—‹…Ž›ƒ†ƒ–Ž‘™…‘•–ȋ—•‹‰Žƒ†ˆ”‡‹‰Š–ȌǤ‹–Šƒ’Ž‡™ƒ”‡Š‘—•‡
…ƒ’ƒ…‹–›ǡƒœ‘…‘—Ž†•‡ŽŽ‹ŽŽ‹‘•‘ˆ„‘‘–‹–Ž‡•™Š‡”‡ƒ•‡˜‡–Š‡Žƒ”‰‡•–„”‹…Ǧ
ƒ†Ǧ‘”–ƒ”„‘‘•–‘”‡•…ƒ””‹‡†Ž‡••–ŠƒʹͲͲǡͲͲͲ–‹–Ž‡•ǤŽ‘‰™‹–ŠŽ‘™’”‹…‡•ƒ†
†‹˜‡”•‡•‡Ž‡…–‹‘ǡƒœ‘‘ˆˆ‡”‡†”‡…‘‡†ƒ–‹‘•ƒ†‡ˆˆ‹…‹‡–…—•–‘‡”•‡”˜‹…‡Ǥ
ͳͻͻͻǡƒœ‘‹–”‘†—…‡†DzͳǦ…Ž‹…dz™Š‹…Šǡƒ•–Š‡ƒ‡•—‰‰‡•–•ǡ‡Ž‹‹ƒ–‡†–Š‡
’ƒ›‡–ˆ‘”ƒ†•‹’Ž‹ˆ‹‡†’”‘†—…–’—”…Šƒ•‹‰–‘ƒ•‹‰Ž‡‘—•‡…Ž‹…Ǥƒœ‘
’‡”•‘ƒŽ‹œ‡†–Š‡•‹–‡–‘„—‹Ž†™Šƒ–ƒ‘—–‡†–‘ƒ—‹“—‡•–‘”‡ˆ”‘–ˆ‘”‡ƒ…Š
…—•–‘‡”Ǥ‡œ‘••–”‡••‡†…—•–‘‡”‹–‹ƒ…›ǣDz–ǯ•Œ—•–Ž‹‡‹–”ƒ†‹–‹‘ƒŽ”‡–ƒ‹ŽǤˆƒ
•ƒŽŽǦ–‘™‡”…Šƒ–‘™•›‘—”–ƒ•–‡•ǡŠ‡…‘—Ž†–‡ŽŽ›‘—‹ˆ•‘‡–Š‹‰‹–‡”‡•–‹‰
…ƒ‡‹ƒ†Š‡•—•’‡…–‡†›‘—‹‰Š–™ƒ–‹–ǤdzͻŠ—•ǡ–Š‡•‹–‡†‹•’Žƒ›‡†’”‘‹‡–
’‡”•‘ƒŽ‡••ƒ‰‡•ƒ†‹†‡–‹ˆ‹‡†…‘’Ž‡‡–ƒ”›‰‘‘†•–Šƒ–™‡”‡‘ˆˆ‡”‡†–‘
…—•–‘‡”•ƒ•–Š‡›™‡”‡•Š‘’’‹‰Ǥ—’’‘”–‹‰…—•–‘‡”’”‘†—…–•‡Ž‡…–‹‘™‡”‡
Š‘‡•–…—•–‘‡””‡˜‹‡™•Ǥ—„Ž‹•Š‡”•ƒ†ƒ—–Š‘”•’”‡••—”‡†ƒœ‘–‘…—”–ƒ‹Ž
‡‰ƒ–‹˜‡…‘‡–•ǡ„—–ƒœ‘”‡•‹•–‡†ǤDz‡™ƒ––‘ƒ‡‡˜‡”›„‘‘ƒ˜ƒ‹Žƒ„Ž‡ǡdz
‡œ‘•‡š’Žƒ‹‡†ǡDz–Š‡‰‘‘†ǡ–Š‡„ƒ†ǡƒ†–Š‡—‰Ž›ǤŠ‡›‘—ǯ”‡†‘‹‰–Šƒ–ǡ›‘—
ƒ…–—ƒŽŽ›Šƒ˜‡ƒ‘„Ž‹‰ƒ–‹‘‹ˆ›‘—ǯ”‡‰‘‹‰–‘ƒ‡–Š‡•Š‘’’‹‰‡˜‹”‘‡–‘‡
–Šƒ–ǯ•ƒ…–—ƒŽŽ›…‘†—…‹˜‡–‘•Š‘’’‹‰–‘Ž‡––”—–ŠŽ‘‘•‡ǤdzͳͲ
ƒœ‘˜‹‡™‡†ˆ—Žˆ‹ŽŽ‡–ƒ•ƒ…‡–”ƒŽ†”‹˜‡”‘ˆ–Š‡…—•–‘‡”‡š’‡”‹‡…‡Ǥ‘
…‘–”‘Ž–Š‡…—•–‘‡”‡š’‡”‹‡…‡ǡ‹–ƒƒ‰‡†‹–•‘™‹˜‡–‘”›ƒ†ˆ—Žˆ‹ŽŽ‡–
–Š”‘—‰Šƒ‡–™‘”‘ˆˆ—Žˆ‹ŽŽ‡–…‡–‡”•„—‹Ž–ƒ–ƒ…‘•–‘ˆŠ—†”‡†•‘ˆ‹ŽŽ‹‘•‘ˆ
ͺ‘”ƒ‘”‡†‡–ƒ‹Ž‡†ƒƒŽ›•‹•‘ˆƒœ‘„‡ˆ‘”‡–Š‡‹†Ž‡ǡ•‡‡Ǥ‡†‡Ž•‘ǡ
Dzƒœ‘Ǥ…‘ǣ—•–‘‡”Ǧ‡–”‹…‹–›‹–Š‡Ž‘—†ǡdz–ƒˆ‘”†
”ƒ†—ƒ–‡…Š‘‘Ž‘ˆ
—•‹‡••ǡʹͲͲͺǤ
ͻ
‡‘”‰‡†‡”•ǡDzŠ‡‹‡™ˆ”‘–Š‡‘’ǣŠ‡ƒ•–ǡ”‡•‡–ƒ†—–—”‡‘ˆ–‡”‡–
…‘‘›ǡƒ•‡‡„›ƒœ‘Ǥ…‘ǯ•‡ˆˆ‡œ‘•ǡdzTheWallStreetJournalǡ—Ž›ͳʹǡ
ͳͻͻͻǤ
ͳͲ‘„‡”–’‡…–‘”ǡAmazon.com:GetBigFast,ƒ”’‡”‘ŽŽ‹•ǡʹͲͲͲǤ
ƒ‰‡ȁͶ
†‘ŽŽƒ”•ǤŠ”‘—‰Šƒ”‡Ž‡–Ž‡••‡ˆˆ‹…‹‡…›†”‹˜‡ƒ•™‡ŽŽƒ•–Š‡‡ˆˆ‡…–‘ˆ•…ƒŽ‡ǡƒœ‘
†”‘˜‡‹–•ˆ—Žˆ‹ŽŽ‡–…‘•–•ˆ”‘ͳͷΨ‘ˆ•ƒŽ‡•‹ʹͲͲͲ–‘ͺǤͶΨ‹ʹͲͲͻȋExhibit1ȌǤ
Š‹’’‹‰…Šƒ”‰‡•™‡”‡‘ˆ–‡…‹–‡†ƒ•ƒ”‡ƒ•‘…‘•—‡”•†‹†‘–„—›‘Ž‹‡Ǥ
ƒœ‘”‡•’‘†‡†™‹–Š‹–•Dz•—’‡”Ǧ•ƒ˜‡”dz•Š‹’’‹‰–Šƒ–•–ƒ”–‡†‹ʹͲͲʹƒ†™ƒ•
ƒ†‡’‡”ƒ‡–‹ʹͲͲ͵ǣƒœ‘‘ˆˆ‡”‡†ˆ”‡‡•Š‹’’‹‰ˆ‘”‘”†‡”•‘ˆ̈́ʹͷ‘”‘”‡ǡ
„—––Š‡„—›‡”ƒ‰”‡‡†–‘™ƒ‹–—’–‘͵Ǧͷƒ††‹–‹‘ƒŽ†ƒ›•ˆ‘”†‡Ž‹˜‡”›ǤͳͳʹͲͲͷǡ
ƒœ‘•–ƒ”–‡†ƒ‡„‡”•Š‹’’”‘‰”ƒ…ƒŽŽ‡†ƒœ‘”‹‡–Šƒ–‘ˆˆ‡”‡†ǡˆ‘”ƒ
ˆ‹š‡†̈́͹ͻƒ—ƒŽˆ‡‡ǡ–™‘Ǧ†ƒ›•Š‹’’‹‰‘ƒ—Ž‹‹–‡†—„‡”‘ˆ‘”†‡”•‘ˆƒ›•‹œ‡
ƒ•™‡ŽŽƒ•†‹•…‘—–‡†’”‹‘”‹–›•Š‹’’‹‰”ƒ–‡•ǤŠ‡–Š‡’”‘‰”ƒ™ƒ•‹‹–‹ƒ–‡†ǡ
‡œ‘••ƒ‹†ǡ‹–™ƒ•Dz•…ƒ”›dz•‹…‡Dz–Š‡‘‡–Š‹‰›‘—†‘‘™™Š‡›‘—Š‘Ž†ƒƒŽŽǦ
›‘—Ǧ…ƒǦ‡ƒ–„—ˆˆ‡–ǡ–Š‡Š‡ƒ˜›‡ƒ–‡”••Š‘™—’ˆ‹”•–Ǥdzͳʹ—–ǡŠ‡‡š’Žƒ‹‡†ǡDz…‡
…—•–‘‡”•–”›ƒœ‘”‹‡ǡ‹–…Šƒ‰‡•–Š‡™ƒ›–Š‡›•Š‘’™‹–Š—•ǤŠ‡›Ž‘˜‡
–ƒ‹‰ƒ†˜ƒ–ƒ‰‡‘ˆ—Ž‹‹–‡†–™‘Ǧ†ƒ›•Š‹’’‹‰ˆ‘”ƒˆŽƒ–ˆ‡‡ǡƒ†–Š‡›•Š‘’ƒ…”‘••
‘”‡…ƒ–‡‰‘”‹‡•Ǥdzͳ͵‡…—•–‘‡”†‡•…”‹„‡†Š‘™Š‡–‘‘ƒ†˜ƒ–ƒ‰‡‘ˆƒœ‘
”‹‡‘˜‡”–Š‡Š”‹•–ƒ••‡ƒ•‘ǣDz—•–Šƒ˜‡„‘—‰Š–ͷͲ‰‹ˆ–‹–‡•ˆ‘””‡Žƒ–‹˜‡•‹
†ƒŠ‘ƒ†ƒŽ‹ˆ‘”‹ƒǡƒ†‘”›„‘—‰Š–‰‹ˆ–•ˆ‘”ƒŽŽ‘ˆŠ‡”‰‘‘†…Ž‹‡–•Ǥ–™ƒ••‘
—…Š‡ƒ•‹‡”Ǥǯ‰Žƒ†‹–ǯ•…ƒ–…Š‹‰‘Ǥ™ƒ•ƒˆ”ƒ‹†–Š‡›‹‰Š–…ƒ…‡Ž‹–ǤdzͳͶ
ƒœ‘—’‡†‡†„‘‘”‡–ƒ‹Ž‹‰™‹–Š‡ˆˆ‹…‹‡…›ƒ†…—•–‘‡”‹–‹ƒ…›Ǥ•ƒ”‡•—Ž–ǡ
‡‡ƒ†‡”–‡…Š‘Ž‘‰›’”‡•‡–‡†„‘–Šƒ‘’’‘”–—‹–›ƒ†ƒ–Š”‡ƒ––‘ƒœ‘Ǥ
‡‡ƒ†‡”ǡ•‡ƒŽ‡••Ž›–”ƒ•‹––‹‰ƒ‡‘‘–‘…—•–‘‡”•‹Ž‡••–Šƒƒ‹—–‡ǡ…‘—Ž†
‡Šƒ…‡–Š‡…—•–‘‡”‡š’‡”‹‡…‡ǡ•–”‡‰–Š‡ƒœ‘ǯ•”‡Žƒ–‹‘•Š‹’™‹–Š‹–•
…—•–‘‡”•ǡƒ†’Žƒ›–‘–Š‡…‘’ƒ›ǯ•–‡…Š‘Ž‘‰‹…ƒŽ•–”‡‰–Š•Ǥ–Š‡‘–Š‡”Šƒ†ǡƒ
‡‘‘‡…‘•›•–‡™‘—Ž†…‘’‡–‡™‹–Šƒœ‘ǯ•‡Žƒ„‘”ƒ–‡„‘‘†‹•–”‹„—–‹‘•›•–‡
™Š‹…Šƒ†‡‹–•‘•—……‡••ˆ—ŽǤʹͲͲͶǡƒœ‘•‡–‘—––‘†‡˜‡Ž‘’ƒ‡‡ƒ†‡”
•‘Ž—–‹‘–‘‡•—”‡‹–•…‘–‹—‡†Ž‡ƒ†‹‰’‘•‹–‹‘‹–Š‡„‘‘ƒ”‡–Ǥ—––Š‡”‡™ƒ•
ƒ’”‘„Ž‡ǣƒœ‘™ƒ•ƒ”‡–ƒ‹Ž‡”ǡ‘–ƒŠƒ”†™ƒ”‡ƒ—ˆƒ…–—”‡”Ǥ‡œ‘•‡š’Žƒ‹‡†ǣ
‘’ƒ‹‡•…ƒ‡š–‡†‹ƒ–Ž‡ƒ•––™‘†‹ˆˆ‡”‡–™ƒ›•Ǥ‡ǡ–Š‡›…ƒ–ƒ‡ƒ‹˜‡–‘”›
‘ˆ–Š‡‹”•‹ŽŽ•ƒ†–Š‡–Š‡›…ƒ•ƒ›ǡ̵ǡ™‹–Š–Š‹••‡–‘ˆ•‹ŽŽ•ǡ™Šƒ–‡Ž•‡…ƒ™‡†‘ǫ̵
Šƒ–̵•‹†‘ˆƒ•‹ŽŽ•Ǧ‘—–™ƒ”†ƒ’’”‘ƒ…ŠǤ‘–Š‡”™ƒ›‹•–‘•–ƒ”–™‹–Š–Š‡…—•–‘‡”
‡‡†•ƒ†™‘”„ƒ…™ƒ”†•Ǥ
‹˜‡‘—”…—•–‘‡”•ǡ›‘—…ƒ•ƒ›ǡ̵Šƒ–‡‡†•†‘–Š‡›
Šƒ˜‡–Šƒ–™‡…‘—Ž†ˆ—Žˆ‹ŽŽǡ‡˜‡‹ˆ‹–”‡“—‹”‡•—•–‘†‡˜‡Ž‘’‡™•‹ŽŽ•ǫ̵‹†Ž‡‹•ƒ
‡šƒ’Ž‡–Šƒ–̵•ˆ‹”Ž›‹–Šƒ–•‡…‘†…ƒ’Ǥ‡Šƒ˜‡ƒŽƒ”‰‡„ƒ•‡‘ˆ…—•–‘‡”•™Š‘
Ž‘˜‡”‡ƒ†‹‰Ǥ‘™‡Ž•‡…ƒ™‡ƒ‡”‡ƒ†‹‰‡˜‡‡ƒ•‹‡”ˆ‘”–Š‘•‡…—•–‘‡”•ǡ‡˜‡‹ˆ
‹–”‡“—‹”‡•—•–‘†‡˜‡Ž‘’‡™•‹ŽŽ•ǫ‡…‡”–ƒ‹Ž›Šƒ†–‘‰‘‘—–ƒ†Š‹”‡’‡‘’Ž‡™Š‘
Šƒ†‡š’‡”–‹•‡‹Šƒ”†™ƒ”‡†‡•‹‰ǡŠƒ”†™ƒ”‡ƒ—ˆƒ…–—”‹‰ǡƒ†•‘‘Ǥˆ›‘—̵”‡
‰‘‹‰–‘•–ƒ”–™‹–Š–Š‡…—•–‘‡”ƒ†™‘”„ƒ…™ƒ”†•ǡ‡˜‡‹ˆ‹–”‡“—‹”‡•›‘—–‘
†‡˜‡Ž‘’‡™•‹ŽŽ•ǡ›‘—…‡”–ƒ‹Ž›Šƒ˜‡–‘Šƒ˜‡ƒŽ‘‰Ǧ–‡”‘”‹‡–ƒ–‹‘Ǥͳͷ
ͳͳŠ‡‹‹–‹ƒŽ–Š”‡•Š‘Ž†™ƒ•̈́ͻͻǤ
ͳʹDzŠ‡Šƒ”‡†‹ˆ‡‘ˆƒœ‘ǯ•‡ˆˆ‡œ‘•ǡdzFortuneǡ’”‹ŽͳͷǡʹͲͲͺǤ
ͳ͵Dzƒœ‘‘ǯ–
‘‘™™‹–Š–Š‡Š‹’ǡdzUSATodayǡ—Ž›͵ͲǡʹͲͲ͹Ǥ
ͳͶIbid.
ͳͷƒ˜‹†ƒ
‡••‡ǡDz‡ˆˆ‡œ‘•‘ƒœ‘‹†Ž‡ƒ†‹‰‹–ƒŽ‡†‹ƒǡdzUSNewsand
WorldReport,…–‘„‡”ʹͻǡʹͲͲͺǤ
ƒ‰‡ȁͷ
TheKindle
ƒ”›‘ˆ–Š‡ˆƒ‹Ž‹‰•‘ˆ–Š‡‘…‡–ƒ†–Š‡‘ˆ–‘‘ǡ‡œ‘•‡™–Š‡‹†Ž‡™‘—Ž†
Šƒ˜‡–‘„‡––‡”–Š‡„‘‘‹–•‡ŽˆǡDzƒ‘„Œ‡…––Šƒ–‹••—’‡”„Ž›†‡•‹‰‡†ǡ™‹…‡†Ž›
ˆ—…–‹‘ƒŽǡ‹ˆ‹‹–‡Ž›—•‡ˆ—Žƒ†„‡Ž‘˜‡†‘”‡’ƒ••‹‘ƒ–‡Ž›–Šƒƒ›‰ƒ†‰‡–‹ƒ‡•–
—›Ǥ̶ͳ͸‡œ‘•ƒ…‘™Ž‡†‰‡†–Š‡–ƒ•™ƒ•ˆ‘”‹†ƒ„Ž‡ǡˆ‘”Dzƒ›–Š‹‰–Šƒ–”‡•‹•–•
…Šƒ‰‡ˆ‘”ͷͲͲ›‡ƒ”•‹•‰‘‹‰–‘„‡†‹ˆˆ‹…—Ž––‘‹’”‘˜‡‘Ǥdzͳ͹‘‘—–’‡”ˆ‘”–Š‡
„‘‘ǡƒœ‘Š‘‡†–Š‡‹†Ž‡ǯ•„‘‘Ǧ”‡ƒ†‹‰ˆ—…–‹‘ƒŽ‹–›ǡƒƒ”†—‘—•…ŠƒŽŽ‡‰‡ǣ
—––Š‡„‘‘Šƒ•ƒˆ‡ƒ–—”‡™Š‹…Š–Š‹‹•Šƒ”†–‘‘–‹…‡ǡ„—–‹–Ʈ•–Š‡„‘‘Ʈ•‘•–
‹’‘”–ƒ–ˆ‡ƒ–—”‡Ǥ†–Šƒ–‹•–Šƒ–‹–†‹•ƒ’’‡ƒ”•ǥ‘™Š‡›‘—ƒ”‡”‡ƒ†‹‰ǡ›‘—
†‘Ʈ–‘–‹…‡–Š‡’ƒ’‡”ƒ†–Š‡‹ƒ†–Š‡‰Ž—‡ƒ†–Š‡•–‹–…Š‹‰ǥŽŽ‘ˆ–Šƒ–
†‹••‘Ž˜‡•ƒ†™Šƒ–”‡ƒ‹•‹•–Š‡ƒ—–Š‘”Ʈ•™‘”Ž†Ǥ†›‘—‰‘‹–‘–Š‹•ˆŽ‘™•–ƒ–‡Ǥ
†–Šƒ–ƒ„‹Ž‹–›ˆ‘”ƒ„‘‘–‘†‹•ƒ’’‡ƒ”‹••‘‡–Š‹‰–Šƒ–„‡…ƒ‡‘—”–‘’†‡•‹‰
‘„Œ‡…–‹˜‡ˆ‘”‹†Ž‡Ǥ‡…ƒ—•‡™‡‡™‹ˆ™‡…‘—Ž†ǯ–”‡’Ž‹…ƒ–‡–Šƒ–ƒ•’‡…–‘ˆƒ„‘‘ǡ
–Šƒ–‘„‘†›™‘—Ž†—•‡–Š‹•†‡˜‹…‡Ǥ†‹ˆ›‘—–Š‹ƒ„‘—–‹–ǡ–Š‡”‡ǯ•ƒŽ‘–‘ˆ–Š‹‰•
–Šƒ–Šƒ˜‡–‘‰‘‹–‘–Šƒ–ǡ–‘‰‡–•‘‡–Š‹‰–‘†‹•ƒ’’‡ƒ”Ž‹‡–Šƒ–ƒ†–‘˜ƒ‹•Š•‘
–Šƒ–›‘—…ƒ‰‡–‹–‘–Šƒ–˜‡”›’Ž‡ƒ•—”ƒ„Ž‡‡–ƒŽˆŽ‘™•–ƒ–‡–Šƒ–”‡ƒ†‡”•‘™ƒ†
Ž‘˜‡Ǥͳͺ
ƒœ‘•‘—‰Š––‘”‡’Ž‹…ƒ–‡–Š‹•DzˆŽ‘™•–ƒ–‡dz„›†‘™’Žƒ›‹‰ˆ—…–‹‘ƒŽ‹–›–Šƒ–…‘—Ž†
†‹•–”ƒ…–”‡ƒ†‡”•ǦǦǦˆ‘”‡šƒ’Ž‡ǡ–Š‡‹†Ž‡Šƒ†ƒ™‡„„”‘™•‡”ǡ„—–‹–™ƒ•„—”‹‡†‹
ƒDz‡š’‡”‹‡–ƒŽˆ‘Ž†‡”ǡdzƒ†ƒ͵’Žƒ›‡”ǡ„—–‹–…‘—Ž†‘Ž›’Žƒ›–”ƒ…•‹ƒ•‹‰Ž‡ǡ
’”‡†‡ˆ‹‡†‘”†‡”Ǥ––Š‡•ƒ‡–‹‡ǡƒœ‘’Žƒ›‡†—’ˆ‡ƒ–—”‡•–Šƒ–Š‹‰ŠŽ‹‰Š–‡†–Š‡
†‡˜‹…‡ǯ•„‘‘‹•Š‡••ǦǦǦˆ‘”‡šƒ’Ž‡ǡ‹––ƒ’‡”‡†–Š‡‹†Ž‡ǯ•™‹†–Š–‘ƒŽŽ—†‡–‘–Š‡
„‘‘„‹†‹‰„—Ž‰‡Ǥ
ƒ„ͳʹ͸ǡƒƒœ‘†‹˜‹•‹‘„ƒ•‡†‹—’‡”–‹‘ǡƒŽ‹ˆ‘”‹ƒǡ†‡˜‡Ž‘’‡†–Š‡‹†Ž‡
™Š‹…Š™ƒ•”‡Ž‡ƒ•‡†‘‘˜‡„‡”ͳͻǡʹͲͲ͹ǤŠ‡ˆ‹”•–‹†Ž‡Šƒ†ƒͷ͵ʹœ
’”‘…‡••‘””—‹‰ƒ‹—šǦ„ƒ•‡†‘’‡”ƒ–‹‰•›•–‡Ǥ–•’‘”–‡†ƒ•‹šǦ‹…Š
‹œ’Ž‡š•…”‡‡–Šƒ–†‹•’Žƒ›‡†ˆ‘—”•Šƒ†‡•‘ˆ‰”ƒ›Ǥ–„‘ƒ•–‡†ͳͺͲ‘ˆ—•‡”Ǧ
ƒ……‡••‹„Ž‡‡‘”›ǦǦǦ”‘—‰ŠŽ›ʹͲͲ„‘‘•ǦǦǦƒ†•—’’‘”–‡†‡š–‡”ƒŽ‡‘”›™‹–Šƒ
‡‘”›…ƒ”†•Ž‘–Ǥ–Šƒ†ƒ͵Ǥ͹Ǧ˜‘Ž–ǡͳͷ͵ͲǦŠǡŽ‹–Š‹—’‘Ž›‡”„ƒ––‡”›–Šƒ–
ƒŽŽ‘™‡†—’–‘͵ͲŠ‘—”•‘ˆ…‘–‹—‘—•”‡ƒ†‹‰ȋExhibit3)Ǥ‹Ž‡•™‡”‡‡…‘†‡†‹ƒ
•’‡…‹ƒŽˆ‹Ž‡ˆ‘”ƒ–ǡǡ™Š‹…Š’”‘˜‹†‡†‹‰‹–ƒŽ‹‰Š–•ƒƒ‰‡‡–ȋȌǤŠ‡
‹†Ž‡…‘—Ž†”‡ƒ†ˆ‹Ž‡•‹ƒ—„‡”‘ˆ†‹ˆˆ‡”‡–ˆ‘”ƒ–•ȋExhibit3ȌǤ
Š‡‹†Ž‡™ƒ•ƒŠ‹–Ǥ–•‘Ž†‘—–‹Ž‡••–Šƒ•‹šŠ‘—”•ǡƒ†”‡ƒ‹‡†‘—–‘ˆ•–‘…ˆ‘”
–Š‡ˆ‘ŽŽ‘™‹‰ˆ‹˜‡‘–Š•Ǥ–•—„•‡“—‡–Ž›•‘Ž†‘‡ƒ›ˆ‘”ƒƒ˜‡”ƒ‰‡‘ˆ̈́ͺ͵Ͳǡƒ†
ͳ͸–‡˜‡‡˜›ǡOp.Cit.
ͳ͹ƒ˜‹†ƒ
‡‡•‡ǡOp.Cit.
ͳͺ‡ˆˆ‡œ‘•‘Š‡Šƒ”Ž‹‡‘•‡Š‘™ǡ‘˜‡„‡”ͳͻǡʹͲͲ͹Ǥ
ƒ‰‡ȁ͸
—’™ƒ”†•‘ˆ̈́ͳǡͷͲͲǤͳͻDz–ǯ•ƒ„•‘Ž—–‡Ž››‡™ˆƒ˜‘”‹–‡ǡˆƒ˜‘”‹–‡–Š‹‰‹–Š‡™‘”Ž†ǡdz
•ƒ‹†’”ƒŠ‹ˆ”‡›ǤʹͲ
Š‡”‡™‡”‡ƒ—„‡”‘ˆ”‡ƒ•‘•ˆ‘”–Š‡‹†Ž‡ǯ•’‘’—Žƒ”‹–›Ǥ–•ƒ˜‡†„ƒ…•ǣ—•‡”•
‘Ž‘‰‡”Šƒ†–‘•…ŠŽ‡’„‘‘•Ǥ–ƒ†‡„—›‡”•ˆ‡‡Ž”‹‰Š–‡‘—•ǣDzƒ›„‡–Š‡‹†Ž‡
™ƒ•–Š‡‘™ˆŽ‡š‘ˆ„‘‘‹•Š‡••ǡdz‹…Š‘Ž•‘ƒ‡”ǡ‡™‘”‡”ƒ‰ƒœ‹‡
…‘–”‹„—–‘”ǡ‡š’Žƒ‹‡†ǡDz•‘‡–Š‹‰‡š’‡•‹˜‡–Šƒ–ǡ™Š‡›‘—…‘‹––‘‹–ǡˆ‘”…‡•
›‘—–‘†‘‘”‡‘ˆ™Šƒ–‡˜‡”‹–‹•›‘—–Š‹›‘—•Š‘—Ž†„‡†‘‹‰‘”‡‘ˆǤdzʹͳ–‘ˆˆ‡”‡†
—–‘•–†‹•…”‡–‹‘ǣ‘‹…–‹‘™‹•‡ǡƬǯ•‡Ž‡…–”‘‹…„‘‘•–‘”‡ǡ–‡…Š„Ž‘‰‰‡”‡–‡”
‹–Šˆ‘—†Dz‘ˆ–Š‡–‘’ͳͲ„‡•–•‡ŽŽ‡”•—†‡”–Š‡̵—Ž–‹ˆ‘”ƒ–̵…ƒ–‡‰‘”›ǡ‹‡ȏ™‡”‡Ȑ
–ƒ‰‰‡†̵‡”‘–‹…ƒ̵ƒ†–Š‡Žƒ•–ȏ™ƒ•Ȑ̵†ƒ”ˆƒ–ƒ•›Ǥ̵dz……‘”†‹‰Ž›ǡDz’‡‘’Ž‡™Š‘”‡ƒ†
‡”‘–‹…”‘ƒ…‡ƒ†̵„‘†‹…‡”‹’’‡”•̵Ž‘˜‡‡‘‘•„‡…ƒ—•‡‘ˆ–Š‡’”‹˜ƒ…›–Š‡›‘ˆˆ‡”ǡ
„‘–Š†—”‹‰’—”…Šƒ•‡ƒ†™Š‡”‡ƒ†‹‰Ǥdzʹʹ—–‘•–‹’‘”–ƒ–ǡ–Š‡‹†Ž‡ƒ†‡
ƒ…“—‹”‹‰‡‘‘•‡ƒ•›Ǥ
ƒœ‘†‡˜‡Ž‘’‡†‹–•‡‡ƒ†‡”‘–Œ—•–ƒ•ƒ’”‘†—…–†‡•‹‰‡”ǡ„—–ƒŽ•‘ƒ•ƒ
„‘‘•‡ŽŽ‡”Ǥ‡ˆ‘”‡–Š‡‹†Ž‡ǡƒœ‘‘˜‡””ƒ„”‹…Ǧƒ†Ǧ‘”–ƒ”„‘‘•–‘”‡•„›
—•‹‰‹–•’”‹…‡ǡ…‘˜‡‹‡…‡ƒ†•‡Ž‡…–‹‘ƒ†˜ƒ–ƒ‰‡Ǥ‹–Š–Š‡‹†Ž‡ǡ‹–†‹†–Š‡
•ƒ‡ǤŠ‡”‡ƒ•‘–Š‡”‡‡ƒ†‡”•”‡“—‹”‡†—•‡”•–‘†‘™Ž‘ƒ†„‘‘•˜‹ƒ…‘’—–‡”ƒ†
–Š‡—’Ž‘ƒ†–Š‡˜‹ƒǡ–Š‡‹†Ž‡ƒŽŽ‘™‡†–Š‡–‘„—›„‘‘•†‹”‡…–Ž›ˆ”‘
ƒœ‘ǯ•‘Ž‹‡‹†Ž‡–‘”‡–Š”‘—‰Š’”‹–ǯ•™‹”‡Ž‡••Ǧ‡–™‘”ǡ„”ƒ†‡†„›
ƒœ‘ƒ•DzŠ‹•’‡”‡–Ǥdz‘‹‰•‘”‡“—‹”‡†‘…‘’—–‡”‘”–Š‹”†Ǧ’ƒ”–›‹–‡”‡–
…‘‡…–‹‘Ǥ‘–Š‡—•‡”ǡ–Š‡Š‹•’‡”‡–ƒ’’‡ƒ”‡†ˆ”‡‡ǣƒœ‘†‹†ǯ–…Šƒ”‰‡ˆ‘”
–Š‡•‡”˜‹…‡†‹”‡…–Ž›ǡ”ƒ–Š‡”–Š‡…‘’ƒ›†‡ˆ”ƒ›‡†‹–•…‘•–ƒ…”‘••–Š‡†‡˜‹…‡̵•‹‹–‹ƒŽ
’”‹…‡ƒ†–Š‡’”‹…‡•‘ˆ–Š‡†‘™Ž‘ƒ†‡†„‘‘•ǤŠ‡‹†Ž‡–‘”‡‘ˆˆ‡”‡†ƒ™‹†‡”
•‡Ž‡…–‹‘‘ˆ–‹–Ž‡•–Šƒ†‹†–Š‡‘›‡‘‘•–‘”‡ǦǦǦͷͲǡͲͲͲ‹Žƒ–‡ʹͲͲ͹ǡ–Š‡ʹͲͲǡͲͲͲ
‹Žƒ–‡ʹͲͲͺǡƒ†–Š‡͵ͲͲǡͲͲͲ„›•—‡”‘ˆʹͲͲͻȋExhibit4ȌǤ†‡œ‘•†ƒœœŽ‡†
…—•–‘‡”•™‹–Š”‘•›„‘‘ƒ˜ƒ‹Žƒ„‹Ž‹–›’”‘•’‡…–•ǣDz–Š‡˜‹•‹‘‹•–Šƒ–›‘—•Š‘—Ž†„‡
ƒ„Ž‡–‘‰‡–ƒ›„‘‘ǦǦǦ‘–Œ—•–ƒ›„‘‘‹’”‹–ǡ„—–ƒ›„‘‘–Šƒ–ǯ•‡˜‡”„‡‡‹
’”‹–ǦǦǦ‘–Š‹•†‡˜‹…‡‹Ž‡••–Šƒƒ‹—–‡ǤŠ‹•‹•ǯ–ƒ†‡˜‹…‡ǡ‹–ǯ•ƒ•‡”˜‹…‡Ǥdzʹ͵
Š‡”‡™‡”‡‰‘‘†”‡ƒ•‘•–‘„—›ƒ‹†Ž‡ǡ„—––Š‡”‡™‡”‡ƒŽ•‘”‡ƒ•‘•–‘ƒ˜‘‹†
„—›‹‰‘‡ǤŠ‡•‡™‡”‡Ž‹•–‡†„›NewYorker™”‹–‡”ƒ†‹†Ž‡…”‹–‹…‹…Š‘Ž•‘
ƒ‡”ǣ‹”•–ǡƒ–̈́͵ͻͻƒ†–Š‡̈́͵ͷͻǡ–Š‡‹†Ž‡™ƒ•’”‹…‡›ȋExhibit5ȌǤ‡…‘†ǡ–Š‡
‹‹–‹ƒŽ†‡•‹‰™ƒ•…Ž—•›Ǥƒ˜‹‰–Š‡Dz‡š–Ǧƒ‰‡dz„—––‘”—ƒŽ‘‰–Š‡‡–‹”‡”‹‰Š–
•‹†‡ƒ†‡—•‡”•‘ˆ–‡ƒ……‹†‡–Ž›•‹’ƒŠ‡ƒ†ǤŠ‡‡›„‘ƒ”†™ƒ•Dz…‘’‘•‡†‘ˆƒ›
”‡…–ƒ‰—Žƒ”‡›•–Šƒ–™‡”‡ƒ‰Ž‡†Ž‹‡…ƒ”•‹ƒ’ƒ”‹‰Ž‘–ǤǤǤ‹ƒ’‡…—Ž‹ƒ”–‡ƒ’ƒ”–›
ͳͻ‹…Šƒ‡Ž””‹‰–‘ǡDz‘Ž†‘—–‹†Ž‡•
‘‹‰ˆ‘”—’–‘̈́ͳǡͷͲͲ‘‡ƒ›ǡdzTechCrunchǡ
‡…‡„‡”ͳͶǡʹͲͲ͹Ǥ
ʹͲ’”ƒŠ‹ˆ”‡›Š‘™ǡ…–‘„‡”ʹͶǡʹͲͲͺǤ
ʹͳ‹…Š‘Ž•‘ƒ‡”ǡOp.Cit.
ʹʹ‡–‡”‹–ŠǡDzƒŽƒ…‹‘—•‘–‡–”‹˜‹‰–Š‡†‘’–‹‘‘ˆ‡‘‘•ǫdzITWorldǡƒ”…Š
͸ǡʹͲͲͻȋ…‘””‡…–‡†ȌǤ
ʹ͵–‡˜‡‡˜›ǡOp.Cit.
ƒ‰‡ȁ͹
‘ˆ—Ǧ‡”‰‘‘‹…‹•Ǥ̶ʹͶŠ‹”†ǡ–Š‡‹†Ž‡™ƒ•ǯ–ˆ—ŽŽ›…‘’ƒ–‹„Ž‡™‹–Š•‘‡‡‘‘
ˆ‘”ƒ–•ǡ‘•–‘–ƒ„Ž›…”‘„ƒ–ǯ•Ǥʹͷ‹‡™‹•‡ǡ—–‹Žƒ‡„”—ƒ”›ʹͲͲͻˆ‹”™ƒ”‡
—’†ƒ–‡ǡ–Š‡‹†Ž‡†‹†‘–•—’’‘”–‹…‘†‡‘”‘Ǧ‡•–‡”…Šƒ”ƒ…–‡”•ǡ‘Ž›–Š‡
ͺͺͷͻǦͳȋƒ–‹ͳȌ…Šƒ”ƒ…–‡”•‡–Ǥ‘—”–Šǡ•…”‡‡•ǡ™Š‹Ž‡—•‡†…‘‘Ž›‹
‡‡ƒ†‡”•ǡŠƒ†̵–„‡‡…‘‘Ž›ƒ……‡’–‡†„›…‘•—‡”•Ǥƒ‡”‡š’”‡••‡†Š‹•
†‹•ƒ’’‘‹–‡–ǣ
ƒ”‰”ƒ›‘’ƒŽ‡”‰”‡‡‹•Š‰”ƒ›™ƒ•–Š‡’ƒŽ‡––‡‘ˆ–Š‡ƒœ‘‹†Ž‡ǤŠ‹•™ƒ•
™Šƒ––Š‡›™‡”‡…ƒŽŽ‹‰‡Ǧ’ƒ’‡”ǫŠ‹•ˆ‘—”Ǧ„›Ǧˆ‹˜‡™‹†‘™‘–‘ƒ‘˜‡”…ƒ•–
ƒˆ–‡”‘‘ǫŠ‡”‡™ƒ•’ƒ’‡”™Š‹–‡ǡ‘”’ƒ’‡”…”‡ƒǫ‘”‰‡–
‘”ǤŠ‡”‡
™‡”‡•Šƒ”’„Žƒ…Ž‡––‡”•Žƒ‹†‘—–Ž‹‡Žƒ…“—‡”‡†…Š‘’•–‹…•‘ƒ…Ž‡ƒ–ƒ„Ž‡…Ž‘–Šǫʹ͸
‘•–†‡„ƒ•‹‰–‘ƒ‡”™ƒ•–Š‡‹†Ž‡ǯ•Ž‘‘Ǥ‡…‹–‡†„Ž‘‰‰‡”••ƒ›‹‰Dz‹–Ž‘‘•Ž‹‡
ƒ‹‡š‹…Žƒ‹”‰Ž—‡†–‘–Š‡„‘––‘‘ˆƒ‘˜‡”•‹œ‡†ͳ•–‰‡ƒŽ†‡˜‹…‡ǡdzƒ†Dz–Š‡
‡ƒ”Ž›ͻͲ•…ƒŽŽ‡†ƒ†–Š‡›™ƒ––Š‡‹”†‡˜‹…‡„ƒ…Ǥdzʹ͹
‘‰…”‹–‹…•ǡ–Š‡”‡™ƒ•‘…‘•‡•—•ƒ„‘—––Š‡‹†Ž‡ǯ•‘•–‹’‘”–ƒ–ˆ‡ƒ–—”‡ǣ
”‡ƒ†ƒ„‹Ž‹–›Ǥ‹†Ž‡”‡ƒ†‹‰Šƒ†‹–•’”‘•ƒ†…‘•ǦǦǦ’”‘ǡ—•‡”•…‘—Ž†Š‹‰ŠŽ‹‰Š––‡š–ǡ
Ž‘‘Ǧ—’™‘”†•ǡƒ†„‘‘ƒ”’ƒ‰‡•Ǣ…‘ǡ–Š‡›…‘—Ž†ǯ–‘”‰ƒ‹œ‡„‘‘•‹–‘ˆ‘Ž†‡”•Ǣ
’”‘ǡ—•‡”•…‘—Ž†…Šƒ‰‡–Š‡–‡š–•‹œ‡Ǣ…‘ǡ–Š‡”‡™‡”‡DzŽ‘…ƒ–‹‘•dz”ƒ–Š‡”–Šƒ’ƒ‰‡
—„‡”•Ǣ’”‘ǡ—•‡”•…‘—Ž†”‡ƒ†™‹–Š‘‡Šƒ†Ǣ…‘ǡ–Š‡›…‘—Ž†ǯ–”‡ƒ†™‹–Š‘—–Ž‹‰Š–Ǥ
Š‡‡••‡…‡‘ˆ”‡ƒ†‹‰ǡ–Š‡Dz…‘—…Š’Ž‘’–‡•–dzʹͺƒ•‘‡…”‹–‹…’—–‹–ǡ…‘—Ž†ǯ–„‡
‡ƒ•—”‡††‹”‡…–Ž›Ǥƒ‡”„‡Ž‹‡˜‡†‹–ˆƒ‹Ž‡†–Š‹•–‡•–ǡ™Š‹Ž‡‘–Š‡”•„‡Ž‹‡˜‡†‹–’ƒ••‡†
™‹–ŠˆŽ›‹‰…‘Ž‘”•ǣDzŽ‡ˆ––Š‡”‡ƒŽ™‘”Ž†ƒ†™ƒ••‘‘Šƒ’’‹Ž›‡•…‘…‡†‹–Š‡„‘‘
™ƒ•”‡ƒ†‹‰ǤŠ‡‘Ž›†‹ˆˆ‡”‡…‡™ƒ•–Šƒ–™ƒ•”‡ƒ†‹‰ƒ‡‘‘ƒ†‘–ƒ’”‹–
„‘‘Ǥdzʹͻ
”‹–‹…ƒŽƒ……Žƒ‹‘–™‹–Š•–ƒ†‹‰ǡ–Š‡‹†Ž‡™ƒ•ƒ”—ƒ™ƒ›•—……‡••ƒ‘‰ƒ…–—ƒŽ
”‡ƒ†‡”•ǣ‹†Ž‡•ǡƒ†–Š‡‡‘‘•–Šƒ–™‡–ƒŽ‘‰™‹–Š–Š‡ǡ•‘Ž†Ž‹‡…—’…ƒ‡•ǤŠ‡
‹†Ž‡–‘’’‡†ƒœ‘ǯ•„‡•–Ǧ•‡ŽŽ‹‰Ž‹•–•ǡƒ†‹–™ƒ•‘—–‘ˆ•–‘…‹„‘–Š–Š‡ʹͲͲ͹
ƒ†ʹͲͲͺŠ‘Ž‹†ƒ›•‡ƒ•‘•Ǥƒœ‘”‡’‡ƒ–‡†Ž›”‡’‘”–‡†–Šƒ–‹†Ž‡•ƒŽ‡•™‡”‡
ƒ„‘˜‡‡š’‡…–ƒ–‹‘•ǡƒŽ–Š‘—‰Š‹–’”‘˜‹†‡†‘†ƒ–ƒ‘—‹–•ƒŽ‡•ǡƒ†‹–ƒ‰‰”‡‰ƒ–‡†–Š‡
†‡˜‹…‡•ƒŽ‡•‹‹–•‡Ž‡…–”‘‹…•ƒ†‘–Š‡”‰‡‡”ƒŽ‡”…Šƒ†‹•‡•‡‰‡–ǡ”‡…‘‰‹œ‹‰
‹†Ž‡”‡˜‡—‡•ƒ†…‘•–•‘˜‡”ƒ–™‘Ǧ›‡ƒ”’‡”‹‘†ǤƒŽ›•–‡•–‹ƒ–‡•˜ƒ”‹‡†™‹†‡Ž›
ƒ”‘—†ŠƒŽˆƒ‹ŽŽ‹‘—‹–•ˆ‘”ʹͲͲͺǤ͵Ͳ‡’—„Ž‹•Š‹‰‹†—•–”›‡š‡…—–‹˜‡†‡•…”‹„‡†
ʹͶ‹…Š‘Ž•‘ƒ‡”ǡOp.Cit.
ʹͷŠ‡‹†Ž‡…‘—Ž†‘’‡•‘‡ˆ‹Ž‡•ǡ„—––Š‹•ˆ—…–‹‘ƒŽ‹–›ǡ…‘•‹†‡”‡†
Dz‡š’‡”‹‡–ƒŽǡdz†‹†ǯ–ƒŽ™ƒ›•™‘”Ǥ
ʹ͸Ibid.
ʹ͹Ibid.
ʹͺ‹›…Šƒ†‘›†ƒ•‡ǤDzŠ‡ƒœ‘‹†Ž‡ʹ‡˜‹‡™ƒ†š’‡”‹‡…‡ǡdz
ExtremeTechǡƒ”…Š͵ǡʹͲͲͻǤ
ʹͻIbid.
͵Ͳ‡‡ǡˆ‘”‡šƒ’Ž‡ǡƒ”‘‡”ǡDzƒœ‘‘Ž†ͷͲͲǡͲͲͲ‹†Ž‡•ʹͲͲͺǡdzSilicon
AlleyInsiderǡ‡„”—ƒ”›͵ǡʹͲͲͻǤ
ƒ‰‡ȁͺ
–Š‡‡ˆˆ‡…–‘ˆ–Š‡‹†Ž‡ƒ•ˆ‘ŽŽ‘™•ǣDzŠƒ–ǯ•Šƒ’’‡‡†‹•–Šƒ––Š‡›ǯ˜‡…”‡ƒ–‡†
–”‡‡†‘—•†‡ƒ†ǡ„—–‹–̵•‘–ƒ•˜‹•‹„Ž‡ƒ•–Š‡ƒ”‡–ˆ‘”–Š‡‹‘†„‡…ƒ—•‡
’‡‘’Ž‡—•‡–Š‡‹”‹‘†•‹ƒ˜‡”›’—„Ž‹…™ƒ›Ǥ‘—†‘̵–†‘ƒŽ‘–‘ˆ‡Ǧ„‘‘”‡ƒ†‹‰
™Š‹Ž‡Œ‘‰‰‹‰ǡ‘”•–ƒ†‹‰—’‘–Š‡„—•Ǥdz͵ͳ
LaterKindleModels
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’”‘–ƒ‰‘‹•–‹–‡”ƒ…–‡†™‹–Šˆ‹…–‹‘ƒŽ…Šƒ”ƒ…–‡”•–Š”‘—‰Šƒƒ‰‹…‹†Ž‡Ǥƒ–—”ƒŽŽ›ǡ
‹‰•‘Ž†–Š‡‡‘‘‡š…Ž—•‹˜‡Ž›–Š”‘—‰Š–Š‡‹†Ž‡–‘”‡ǤŽ–Š‘—‰Š‰‹‹…›ǡ–Š‡
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Š‡‹†Ž‡ʹǡ”‡Ž‡ƒ•‡†‹‡„”—ƒ”›ʹͲͲͻǡˆ‹ˆ–‡‡‘–Š•ƒˆ–‡”‹–•ˆ‘”„‡ƒ”‡”ǡ™ƒ•™‡ŽŽ
”‡…‡‹˜‡†ǤŠ‡”‡ƒ•–Š‡”ƒ–‹‘‘ˆˆ‹˜‡Ǧ•–ƒ”–‘‘‡Ǧ•–ƒ””‡˜‹‡™•ˆ‘”–Š‡‘”‹‰‹ƒŽ‹†Ž‡
™ƒ•ͺǣͳǡ‹–ƒŽ‘•–†‘—„Ž‡†–‘ͳͷǣͳˆ‘”–Š‡‹†Ž‡ʹǤ‹–Š‹Ž›ǡ‘‡”‡˜‹‡™”‡ƒ†ǡDz‹ˆ
†”‘’’‡†›‹†Ž‡†‘™ƒ•‡™‡”ǡ™‘—Ž†„—›ƒ‘–Š‡”‘‡‹‡†‹ƒ–‡Ž›Ǥdz͵ʹ
‹–Š–Š‡‹†Ž‡ʹ…ƒ‡‡™–‡…Š‘Ž‘‰‹…ƒŽ‹’”‘˜‡‡–•ȋExhibit3ȌǤŠ‡–Š‹…‡••
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Ž‘ƒ†‡†’ƒ‰‡•ʹͲ؈ƒ•–‡”ȋ‹Ž‡••–Šƒƒ•‡…‘†ȌǤƒœ‘„‘‘•–‡†„ƒ––‡”›Ž‹ˆ‡„›
ʹͷΨǣ–Š‡„ƒ––‡”›Žƒ•–‡†—’–‘ˆ‹˜‡†ƒ›•™‹–Š–Š‡™‹”‡Ž‡••‘ƒ†–™‘™‡‡•™‹–Š‹–
‘ˆˆǤ†„”ƒ†‡™™ƒ•ƒ–‡š–Ǧ–‘Ǧ•’‡‡…Š…ƒ’ƒ„‹Ž‹–›Ǥ
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”‡–ƒ‹Ž’”‹…‡ƒ•–Š‡‘Ž†‹†Ž‡ǡ̈́͵ͷͻȋExhibit5ȌǦǦǦ‡š’‡•‹˜‡‹–Š‡–Š‹…‘ˆƒ
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ƒ—ˆƒ…–—”‹‰…‘•–ǡ‡•–‹ƒ–‡†ƒ–̈́ͳͺͷȋExhibit6Ȍǡ†‹•–”‹„—–‹‘ǡ–‡•–‹‰ƒ†
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‹•–ƒ–‰”ƒ–‹ˆ‹…ƒ–‹‘‘ˆ†‘™Ž‘ƒ†‹‰„‘‘•‘˜‡”͵
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͵ʹ‹…Š‘Ž•‘ƒ‡”ǡOp.Cit.
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–Š‹”†‘ˆƒ‹…Šǡ‹–™ƒ•–Š‹‡”–Šƒ’”‡˜‹‘—•‘†‡Ž•ǡƒ†™‹–Š͵Ǥ͵
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͵͹–‡˜‡‡˜›ǡDz‹†Ž‡
‘‡•–‡”ƒ–‹‘ƒŽȄ‹–Šƒ‹––Ž‡‡Ž’”‘ƬǡdzWiredǡ
…–‘„‡”͸ǡʹͲͲͻǤ
͵ͺŠ‡‹†Ž‡ʹ™ƒ•†‹•…‘–‹—‡†Œ—•–ƒˆ‡™†ƒ›•ˆ‘ŽŽ‘™‹‰–Š‡‹–”‘†—…–‹‘‘ˆ–Š‡
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ƒ–…Š–Š‡‹†Ž‡ʹǯ•’”‹…‡ǡ̈́ʹͷͻȋExhibit5ȌǤ
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ƒ—ƒ”›ʹͶǡʹͲͳͲǤ
ͶͲ‹…Šƒ‡Ž””‹‰–‘ǡDz͵‹ŽŽ‹‘ƒœ‘‹†Ž‡•‘Ž†ǡ’’ƒ”‡–Ž›ǡdzTechCrunchǡ
ƒ—ƒ”›ʹͻǡʹͲͳͲǤ
ƒ‰‡ȁͳͲ
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‹†Ž‡•†”‘˜‡‡‘‘•ƒŽ‡•Ǥƒœ‘ǡŽ‹‡‘•–ˆ‹”•ǡ•‘—‰Š––‘‹†‡–‹ˆ›ƒ†”‡™ƒ”†
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‹ŽŽ‹‘ƒ…–‹˜‡…—•–‘‡”•™‘”Ž†™‹†‡ȋExhibit1)ƒ†‹–•™‡„•‹–‡Šƒ†ƒ„‘—–•‡˜‡–›
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GreatestBooks‘›‘—”‹†Ž‡‹—†‡”ƒ‹—–‡Ǥ‘ǯ–Šƒ˜‡ƒ‹†Ž‡ǫ
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‘‡›ǡ‡š’‡”‹‡…‡„—›‹‰„‘‘•‘Ž‹‡ǡƒ†‡–Š—•‹ƒ•ƒ„‘—–‡™–‡…Š‘Ž‘‰›ǤͷͶ
Š‡•‡…‘†Ǧ™ƒ˜‡ƒ†‘’–‡”•™‡”‡›‘—‰‡”ƒ†”‡ƒ†‘”‡„‘‘•Ǥ–Š‡”–Šƒ–Š‘•‡
†‹ˆˆ‡”‡…‡•ǡ–Š‡›™‡”‡•‹‹Žƒ”–‘–Š‡‡ƒ”Ž›ƒ†‘’–‡”•„—–™‹–Š•‘‡™Šƒ–Ž‘™‡”Ž‡˜‡Ž•
‘ˆ‹…‘‡ƒ†‡†—…ƒ–‹‘ƒ†ƒŽ‘™‡”’”‘’‡•‹–›–‘ƒ†‘’–‡™–‡…Š‘Ž‘‰›ǡ„—›
„‘‘•‘Ž‹‡‘””‡ƒ†‘–Š‡‰‘Ǥ–ͷǤͷ„‘‘•ƒ‘–Š‘ƒ˜‡”ƒ‰‡ǡ–Š‹•‰”‘—’”‡ƒ†
–Š‡‘•–Ǥ••—…Šǡ–Š‡›’”‡•‡–‡†ƒƒ––”ƒ…–‹˜‡–ƒ”‰‡–ǡ„—––Š‡›™‡”‡‡š’‡…–‡†–‘„‡
’”‹…‡Ǧ•‡•‹–‹˜‡ǡ”‡ƒ†‹‰‡‘‘•‘†‡˜‹…‡•–Š‡›ƒŽ”‡ƒ†›Šƒ†ȋ‡Ǥ‰Ǥǡ‹Š‘‡•‘”
‡–„‘‘•Ȍ‘”™ƒ‹–‹‰ˆ‘”–Š‡’”‹…‡‘ˆ‡‡ƒ†‡”•–‘†”‘’Ǥͷͷ
ƒ–‡Ǧƒ†‘’–‡”•Šƒ†Ž‘™‡”‹…‘‡ƒ†‡†—…ƒ–‹‘ǡ™‡”‡Ž‡••Ž‹‡Ž›–‘„—›„‘‘•‘Ž‹‡
‘””‡ƒ†‘–Š‡‰‘ǡƒ†™‡”‡Ž‡••‹…Ž‹‡†–‘ƒ†‘’–‡™–‡…Š‘Ž‘‰›ǤŠ‡›
”‡’”‡•‡–‡†ƒ’‘–‡–‹ƒŽŽ›Žƒ”‰‡ƒ”‡–„—–™‡”‡—Ž‹‡Ž›–‘ƒ†‘’–…—””‡–Ǧ
‰‡‡”ƒ–‹‘‡‡ƒ†‡”•Ǥ‘””‡•–‡”’”‡†‹…–‡†–Šƒ––Š‡•‡…‘•—‡”•™‘—Ž†‰‡‡”ƒŽŽ›‘’–
ˆ‘”…Š‡ƒ’‡”ǡŽ‘™‡”Ǧ‡†‡‡ƒ†‡”•ˆ”‘†‹•…‘—–”‡–ƒ‹Ž‡”•Ž‹‡ƒŽǦƒ”–‘”ƒ”‰‡–
”ƒ–Š‡”–Šƒˆ”‘ƒœ‘Ǥͷ͸
Publishers
ƒœ‘ǯ•”‡Žƒ–‹‘•Š‹’™‹–Š’—„Ž‹•Š‡”•™ƒ•’‡”Šƒ’••‹‹Žƒ”–‘ƒŽƒ”–ǯ•ǡ”‡ˆŽ‡…–‹‰
–Š‡ˆƒ…––Šƒ–‹–™ƒ•ƒ‹’‘”–ƒ–•ƒŽ‡•…Šƒ‡Ž–Šƒ–”‡…‘‰‹œ‡†‹–••–”‘‰’‘•‹–‹‘‹
–Š‡˜ƒŽ—‡…Šƒ‹Ǥ•‘‡‡‘‘’—„Ž‹•Š‡”’—–‹–ǡDzƒœ‘‹•ƒ†‡†‹…ƒ–‡†„‘‘
…Šƒ‡ŽǡƒŽ‘‰–‹‡”‡–ƒ‹Ž’ƒ”–‡”Ǥ•–Š‡”‡–‡•‹‘„‡–™‡‡–Š‡ƒŒ‘”’—„Ž‹•Š‡”•
ƒ†ƒœ‘–‘†ƒ›ǫ‡•Ǥ—––Š‡”‡ƒ”‡ƒ›‘˜‡””‹†‹‰”‡ƒ•‘•™Š›–Š‡›™‹ŽŽˆ‹†
”‡•‘Ž—–‹‘Ǥdzͷ͹
ƒœ‘ǯ•”‡Žƒ–‹‘•Š‹’™‹–Š‡™•’ƒ’‡”’—„Ž‹•Š‡”•™ƒ•–‡•‡ƒ•™‡ŽŽǤ”ƒ†‹–‹‘ƒŽ
‡™•’ƒ’‡”•—„•…”‹’–‹‘•™‡”‡‘–Š‡†‡…Ž‹‡ǡƒ†’—„Ž‹•Š‡”•™‡”‡Ž‘‘‹‰ˆ‘”
†‹‰‹–ƒŽ”‡˜‡—‡•–”‡ƒ•Ǥƒ‡•‘”‘‡›ǡ–Š‡‘ˆƒŽŽƒ•‘”‹‰‡™•ǡ„‡Ž‹‡˜‡†
–Š‡”‡Žƒ–‹‘•Š‹’™‹–Š‹†Ž‡™ƒ•—•—•–ƒ‹ƒ„Ž‡ˆ‘”‡™•’ƒ’‡”•—†‡”–Š‡–‡”•–Šƒ–
’”‡˜ƒ‹Ž‡†‹ʹͲͲͻǤ‡–‡•–‹ˆ‹‡†‹ƒǤǤ‡ƒ–‡Š‡ƒ”‹‰‘–Š‡ˆ—–—”‡‘ˆŒ‘—”ƒŽ‹•
–Šƒ–ˆ‘”‹†Ž‡‡™•’ƒ’‡”•—„•…”‹’–‹‘•ǡƒœ‘‡’–͹ͲΨ‘ˆ•—„•…”‹’–‹‘
”‡˜‡—‡•ƒ†Š‹•‡™•’ƒ’‡””‡…‡‹˜‡†͵ͲΨǤͷͺ‘”‡‘˜‡”ǡƒœ‘”‡•–”‹…–‡†
‡™•’ƒ’‡”•ƒ†ƒ‰ƒœ‹‡•ˆ”‘’—„Ž‹•Š‹‰ƒ†˜‡”–‹•‡‡–•‘‹†Ž‡ǤŠ‡ƒŽŽƒ•
‘”‹‰‡™•‡™•”‘‘Šƒ†ƒƒ—ƒŽ„—†‰‡–‘ˆ̈́͵ͷ‹ŽŽ‹‘‡š…Ž—†‹‰–Š‡…‘•–•‘ˆ
ͷͶDzŠ‘‹ŽŽ—›ƒ‡‡ƒ†‡”ǫdzForresterResearchǡ—Ž›ʹͻǡʹͲͲͻǤ
ͷͷIbid.
ͷ͸Ibid.
ͷ͹‡ˆˆ”‡›Ǥ”ƒ…Š–‡„‡”‰ǡDz’’Ž‡ƒ„Ž‡–‘”–‡†•‡™”‹–‡ˆ‘”—„Ž‹•Š‡”•ǡdzTheWall
StreetJournalǡƒ—ƒ”›ʹ͸ǡʹͲͳͲǤ
ͷͺǤǤ‡ƒ–‡‘‹––‡‡‘…‹‡…‡ǡ‡…Š‘Ž‘‰›Ƭ”ƒ•’‘”–ƒ–‹‘ǡ‡ƒ”‹‰•ǡƒ›͸ǡ
ʹͲͲͻǡŠ‡—–—”‡‘ˆ‘—”ƒŽ‹•ǡƒ‡•‘”‘‡›ǡ—„Ž‹•Š‡”ȀǡŠ‡ƒŽŽƒ•‘”‹‰
‡™•Ǥ
ƒ‰‡ȁͳͶ
ƒ”‡–‹‰ǡ’”‹–‹‰ƒ††‹•–”‹„—–‹‘Ǥ••—‹‰ƒ̈́ͳʹǤͻͷ‘–ŠŽ›•—„•…”‹’–‹‘ƒ†
ƒ••—‹‰–Šƒ–ƒŽŽ‘ˆ–Š‡‡™•’ƒ’‡”ǯ•ʹ͸ͷǡͲͲͲ’ƒ‹†’”‹–•—„•…”‹„‡”••™‹–…Š‡†–‘
‹†Ž‡•—„•…”‹’–‹‘•ǡͷͻ–Š‡‡™•’ƒ’‡”™‘—Ž†„‡ƒ„Ž‡–‘”‡…‘˜‡”‘Ž›͵ͷΨ‘ˆ–Šƒ–
…‘•–Ǥ
‘–Š‡”’‘‹–‘ˆ…‘–‡–‹‘™‹–Š’—„Ž‹•Š‡”•™ƒ•ƒœ‘ǯ•‹‰‹–ƒŽ‡š–Žƒ–ˆ‘”
ȋȌǡƒ•‡ŽˆǦ’—„Ž‹•Š‹‰•›•–‡”‡Ž‡ƒ•‡†™‹–Š–Š‡ˆ‹”•–‰‡‡”ƒ–‹‘‹†Ž‡ǤŠ‡
ˆ‘”ƒ–™ƒ•Ž‹‰Š–ƒ†‡ˆˆ‹…‹‡–ǡ™‹–Šƒ‡†‹ƒˆ‹Ž‡•‹œ‡‘ˆ͵͸ͺ‹Ž‘„›–‡•‹ʹͲͲͻǤ
‹–Šǡƒ—–Š‘”•…‘—Ž†„›’ƒ••’—„Ž‹•Š‹‰Š‘—•‡•ƒ†”‡Ž‡ƒ•‡…‘–‡–†‹”‡…–Ž›
–Š”‘—‰Š–Š‡‹†Ž‡ǤŠ‡ƒ—–Š‘”•…‘—Ž†…Šƒ”‰‡„‡–™‡‡̈́ͲǤͻͻƒ†̈́ʹͲͲ’‡”
†‘™Ž‘ƒ†ǡ‘ˆ™Š‹…Š–Š‡›”‡…‡‹˜‡†͵ͷΨ‹ʹͲͲͻǤ
ƒ—ƒ”›ʹͲͳͲǡƒœ‘ƒ‘—…‡†–Šƒ–•–ƒ”–‹‰‹—‡ʹͲͳͲǡƒ—–Š‘”•ƒ†
’—„Ž‹•Š‡”•‘ˆ‡‘‘•™Š‘—•‡†–Š‡…‘—Ž†‡ƒ”ƒ͹ͲΨ”‘›ƒŽ–›ȋ‹—•†‡Ž‹˜‡”›
…‘•–•‘ˆͳͷ…‡–•’‡”‡‰ƒ„›–‡Ȍ‹ˆ–Š‡‹”‹†Ž‡Ž‹•–’”‹…‡™ƒ•„‡–™‡‡̈́ʹǤͻͻƒ†
̈́ͻǤͻͻƒ•™‡ŽŽƒ•ƒ–Ž‡ƒ•–ʹͲΨ„‡Ž‘™–Š‡Ž‘™‡•–Ž‹•–’”‹…‡ƒ˜ƒ‹Žƒ„Ž‡ˆ‘”–Š‡’Š›•‹…ƒŽ
˜‡”•‹‘‘ˆ–Š‡„‘‘Ǥƒ††‹–‹‘ǡ–Š‡›Šƒ†–‘‘’–‹–‘ƒŽŽ–Š‡ˆ‡ƒ–—”‡•‘ˆ–Š‡‹†Ž‡
–‘”‡ȋ‡Ǥ‰Ǥǡ–‡š––‘•’‡‡…ŠȌƒ†‘ˆˆ‡”–Š‡„‘‘ˆ‘”•ƒŽ‡–Š”‘—‰Š–Š‡‹†Ž‡–‘”‡‹ƒŽŽ
–Š‡‰‡‘‰”ƒ’Š‹‡•ˆ‘”™Š‹…Š–Š‡›Šƒ†–Š‡”‹‰Š––‘’—„Ž‹•Š‹–ǤŠ‡͹ͲΨ”‘›ƒŽ–›”ƒ–‡
ƒ’’Ž‹‡†–‘„‘–Š•ƒŽŽƒ†Žƒ”‰‡’—„Ž‹•Š‡”•ǡƒ’’”‘š‹ƒ–‡Ž›ƒ–…Š‹‰–Š‡’ƒ›‡–
–‡”•‘ˆ’’Ž‡ǯ•’’–‘”‡Ǥ
ƒ—ƒ”›ʹͲͳͲǡƒœ‘ƒŽ•‘”‡Ž‡ƒ•‡†ƒ•‘ˆ–™ƒ”‡†‡˜‡Ž‘’‡–‹–ȋȌƒ†
‹˜‹–‡†•‘ˆ–™ƒ”‡†‡˜‡Ž‘’‡”•–‘…”‡ƒ–‡Dzƒ…–‹˜‡…‘–‡–dzƒ’’Ž‹…ƒ–‹‘•ˆ‘”–Š‡‹†Ž‡Ǥ
Š‹•Dzƒ…–‹˜‡…‘–‡–dz™‘—Ž†„‡•‘Ž†‹–Š‡‹†Ž‡–‘”‡ƒ•ƒ•—„•…”‹’–‹‘‘”ƒ•ƒ‘‡Ǧ
–‹‡’—”…Šƒ•‡—†‡”–Š‡•ƒ‡”‡˜‡—‡•’Ž‹–ȋ͹ͲΨ”‘›ƒŽ–›‹—•†‡Ž‹˜‡”›…‘•–•Ȍƒ•
‡‘‘•—•‹‰–Š‡Ǥ†‡”–Š‹•’”‘‰”ƒǡ–‡š–„‘‘•…‘—Ž†‹…‘”’‘”ƒ–‡Ž‹˜‡
•’”‡ƒ†•Š‡‡–•™‹–Š‹–Š‡‹”–‡š–ǡ…‘’ƒ‹‡•…‘—Ž†„—‹Ž†”‡•–ƒ—”ƒ–•ƒ†”‡˜‹‡™•–Šƒ–
™‘—Ž†„‡—’†ƒ–‡†‹”‡ƒŽ–‹‡ǡƒ†‰ƒ‡†‡˜‡Ž‘’‡”•…‘—Ž†•–ƒ”–†‡˜‡Ž‘’‹‰‰ƒ‡•
ˆ‘”–Š‡‹†Ž‡Ǥ
‘–Š‡”‹Š‡”‡–’‘‹–‘ˆ…‘–‡–‹‘„‡–™‡‡ƒœ‘ƒ†„‘‘’—„Ž‹•Š‡”•™ƒ•–Š‡
’‘–‡–‹ƒŽ†‡˜ƒŽ—ƒ–‹‘‘ˆ–Š‡„‘‘Ǥ‡‘‘•ǡ†‡…‘—’Ž‡†ˆ”‘–Š‡–ƒ‰‹„Ž‡„‘‘ˆ‘”
ƒ†”‹††Ž‡†™‹–Š”‡•–”‹…–‹‘•ǡ™‡”‡‡™ǡƒ„•–”ƒ…–’”‘†—…–•Ǣ–Š‡‹”™‘”–ŠŠƒ†ǯ–
›‡–„‡‡‡•–ƒ„Ž‹•Š‡†Ǥ—„Ž‹•Š‡”••‡––Š‡™Š‘Ž‡•ƒŽ‡’”‹…‡•‘ˆ’Š›•‹…ƒŽ„‘‘•ƒ†
‡‘‘•ƒ––Š‡•ƒ‡Ž‡˜‡Žǡƒ”‰—‹‰–Šƒ–†‹‰‹–ƒŽƒ†’”‹–„‘‘•™‡”‡‡“—‹˜ƒŽ‡–ƒ†
•Š‘—Ž†–Š‡”‡ˆ‘”‡„‡’”‹…‡†‡“—ƒŽŽ›Ǥ‘•—‡”•†‹•ƒ‰”‡‡†Ǥ•‘‡‡‘‘”‡ƒ†‡”’—–
‹–ǡDzǦ„‘‘••Š‘—Ž†„‡‘”‡–Šƒ–Š‡’ƒ’‡”„ƒ…’”‹…‡ƒ†–Š‡›•Š‘—Ž†„‡
…Š‡ƒ’‡”ȋ‘’ƒ’‡”ǡ’”‹–ǡ•Š‹’’‹‰ȌǤdz͸Ͳ……‘”†‹‰Ž›ǡƒœ‘•—„•‹†‹œ‡†‹–•‹†Ž‡
„‘‘•ǡ•‡ŽŽ‹‰–Š‡ˆƒ”„‡Ž‘™’”‹–’”‹…‡•Ǥ—„Ž‹•Š‡”•„‡Ž‹‡˜‡†–Š‡•‡•—„•‹†‹‡•
…Š‡ƒ’‡‡†–Š‡‹”’”‘†—…–Ǥ—”–Š‡”ǡ–Š‡›ƒ”‰—‡†–Š‡†‡˜ƒŽ—ƒ–‹‘™ƒ•…‘–ƒ‰‹‘—•ǡ
ͷͻ–Š‘›—‹‰ƒǦƒ„”‡”ƒǡDz‘ŽŽ‘™–Š‡Ǧ‡ƒ†‡”‘‡›ǡdzPortfolio.comǡ
‘˜‡„‡”͵ͲǡʹͲͲͻǤ
͸ͲeBookUserSurvey2006ǡ–‡”ƒ–‹‘ƒŽ‹‰‹–ƒŽ—„Ž‹•Š‹‰‘”—ǡ‡„”—ƒ”›ʹͲͲ͸ǡƒ–
Š––’ǣȀȀ™™™Ǥ‘’‡‡„‘‘Ǥ‘”‰Ȁ†‘…̴Ž‹„”ƒ”›Ȁ•—”˜‡›•ǤŠ–
ƒ‰‡ȁͳͷ
’‘‹–‹‰–‘–Š‡’”‡…‹’‹–‘—•†”‘’‹Šƒ”†…‘˜‡”„‘‘•ƒŽ‡•ǡ…ƒ—•‡†„›–Š‡ˆŽ‹‰Š––‘
†‹‰‹–ƒŽǤ‹–Š–Š‡‹”‘—–•‹†‡‘’–‹‘ǦǦǦŠƒ”†…‘˜‡”„‘‘•ǦǦǦ…”‹’’Ž‡†ǡ’—„Ž‹•Š‡”•ˆ‡ƒ”‡†
ƒœ‘™‘—Ž†•‘‘ƒ†ƒ–‡Ž‘™‡”™Š‘Ž‡•ƒŽ‡’”‹…‡•Ǥ—„Ž‹•Š‡”•”‡•’‘†‡†„›
†‡Žƒ›‹‰‡‘‘”‡Ž‡ƒ•‡•ǡ–‘™Š‹…Šƒœ‘–—”‡†–‘‹–•…—•–‘‡”Ǧ„ƒ•‡ǡ‡…‘—”ƒ‰‹‰
–Š‡–‘‡Ž‡…–”‘‹…ƒŽŽ›Dz’‡–‹–‹‘dz’—„Ž‹•Š‡”•–‘ƒ‡–Š‡‹”„‘‘•ƒ˜ƒ‹Žƒ„Ž‡‘‹†Ž‡Ǥ
•†‹•…—••‡†„‡Ž‘™ǡƒœ‘†‹†‘–Šƒ˜‡–Š‡Žƒ•–™‘”†ǣ–Š‡‹–”‘†—…–‹‘‘ˆ’’Ž‡ǯ•
‹ƒ†‰ƒ˜‡–Š‡–”ƒ†‹–‹‘ƒŽ’—„Ž‹•Š‡”•–Š‡’‘™‡”–‘Šƒ˜‡–Š‡‹”™ƒ›Ǥ
Competitors
ʹͲͲͻǡƒœ‘̵•…‘’‡–‹–‹‘ƒ––ƒ…‡†ˆ”‘–™‘•‹†‡•ǡ…‘—”–‹‰„‘–Š‡‘‘
”‡ƒ†‡”•ƒ†’—„Ž‹•Š‡”•ǤŠ‡ƒ”‡–™ƒ••–‹ŽŽ™‹†‡‘’‡ǣ‹–Š‡•‡…‘†“—ƒ”–‡”‘ˆ
ʹͲͲͻǡ‘Ž›ͳǤͷΨ‘ˆ‘Ž‹‡Š‘—•‡Š‘Ž†•Šƒ†’—”…Šƒ•‡†ƒ‡‡ƒ†‡”ȋExhibit8ȌǤ†
™‹–Š‹–Š‡’”‘†—…–Ǧ•’ƒ…‡ǡ–Š‡”‡™ƒ•”‘‘–‘†‹ˆˆ‡”‡–‹ƒ–‡ǣ‡‡ƒ†‡”•…‘—Ž†•’‡…‹ƒŽ‹œ‡
‘ƒ‡†‹—ǦǦǦ„Ž‘‰•ǡ‡™•’ƒ’‡”•ǡƒ‰ƒœ‹‡•ǡ…‘‹…•ǡ‘”–‡š–„‘‘•ǦǦǦ‘”–Š‡›…‘—Ž†
ƒ•’‹”‡–‘„‡–Š‡ƒŽŽǦ‹Ǧ‘‡†‡˜‹…‡–Šƒ––Š‡‹†Ž‡™ƒ•‘–Ǥ•‘‡…‘‡–ƒ–‘”’—–
‹–‡ƒ”Ž›‘ǡ–Š‡Dz‹†Ž‡™ƒ•ƒŽ”‡ƒ†›ƒ”—†‹‡–ƒ”›͵Ȁ—†‹‘„‘‘’Žƒ›‡”ǡ•‘™Š›
‘–ƒŽŽ‘™‡–‘…ƒ””›ƒ–‘‘ˆ™‘”†‘…—‡–•ȋ•ǡ‘”†•ǡ–‡š–ˆ‹Ž‡•Ȍ™‹–Š‡ƒ•
™‡ŽŽƒ•ƒ’ƒ–Ž‘ƒ†‘ˆƒ—†‹‘„‘‘•ƒ†͵ˆ‹Ž‡•ǡ•‘…ƒ—•‡‹–ƒ•›’”‹ƒ”›ƒ—†‹‘
‡–‡”–ƒ‹‡–†‡˜‹…‡™Š‡–”ƒ˜‡Žǫdz͸ͳ‘’‡–‹–‘”•”ƒ…‡†–‘ƒ††‡™ˆ‡ƒ–—”‡•Ǣ–Š‡›
‹˜‡•–‡†‹„‹‰‰‡”•…”‡‡•ƒ†‘‡•–Šƒ–™‡”‡ǯ–„ƒ…Ž‹–›‡–†‹•’Žƒ›‡†…‘Ž‘”ƒ†
˜‹†‡‘Ǣ•‘‡’—”•—‡†–‘—…ŠǦ•‡•‹–‹˜‡•…”‡‡•ǡƒ†‘–Š‡”•ˆŽ‡š‹„Ž‡•…”‡‡•Ǣ͸ʹ›‡–
‘–Š‡”••‘—‰Š––‘‘’‡–Š‡‹”†‡˜‹…‡•–‘–Š‹”†Ǧ’ƒ”–›†‡˜‡Ž‘’‡”•ǡ™Š‹…Šǡˆ‘”‡šƒ’Ž‡ǡ
™‘—Ž†ƒŽŽ‘™—•‡”•–‘‹–‡”ƒ…–™‹–Š‹„‘‘Ǧ”‡Žƒ–‡†•‘…‹ƒŽ‡–™‘”•Ǥ
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›ʹͲͲͻǡ‘›’—„Ž‹•Š‡†‹–•…‘–‡–‹–Š‡‡—„ˆ‘”ƒ–ǡƒDz‘’‡dz‡‘‘•–ƒ†ƒ”†
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•…”‡‡ƒ†‹–…‘‡…–‡†ǡ–Š”‘—‰ŠƬ̵•͵
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ƒœ‘Šƒ†ȋʹͺΨȌ‘”ƒ–…Š‡†ȋͶ͸ΨȌ–Š‡„‡•–’”‹…‡ǤƬŠƒ†–Š‡„‡•–’”‹…‡ˆ‘”ͶΨ
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͸͹‹…Š‘Ž•‘ƒ‡”ǡOp.Cit.
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‘†‡Ž•Šƒ†‹Ǧ‹Ǣ‘”‡‡š’‡•‹˜‡‘†‡Ž•Šƒ†ƒ……‡••–‘Ƭǯ•͵
‡–™‘”ǡ™Š‹…Š
”‡“—‹”‡†ƒ•‡’ƒ”ƒ–‡•—„•…”‹’–‹‘ǤŠ‡‹ƒ†…‘—Ž†”—ƒŽ‘•–ƒ›‹Š‘‡ƒ’’Ž‹…ƒ–‹‘ǡ
•‘‹–•–ƒ”–‡†™‹–Šƒ‹•–ƒŽŽ‡†Ǧ„ƒ•‡‘ˆƒ–Ž‡ƒ•–ͳͷͲǡͲͲͲƒ’’•–Šƒ–—•‡”•…‘—Ž†
†‘™Ž‘ƒ†ˆ”‘’’Ž‡̵•’’–‘”‡ǤŠ‡ƒ’’••—’’‘”–‡†˜‹†‡‘ǡ–‡š–ǡ•‘…‹ƒŽǦ
‡–™‘”‹‰ǡ‰ƒ‡•ǡ™‡„Ǧ„”‘™•‹‰ǡƒ†‘•–”‡Ž‡˜ƒ–ǡ‡‘‘”‡ƒ†‹‰ǣ’”‡Ž‘ƒ†‡†
™ƒ•–Š‡‹‘‘•ƒ’’ǡ™Š‹…Š†‹•’Žƒ›‡†‡‘‘•’—„Ž‹•Š‡†‹–Š‡‡—„ˆ‘”ƒ–Ǥ͸ͺ•‡”•
†‘™Ž‘ƒ†‡†–Š‡•‡‡‘‘•ˆ”‘’’Ž‡ǯ•‹‘‘•–‘”‡ǡ™Š‡”‡–Š‡›…‘—Ž†•‡ƒŽ‡••Ž›
„—›„‘‘•ˆ”‘™‹–Š‹–Š‡‹‘‘•ƒ’’™‹–Š–Š‡‹”’”‡Ǧ‡š‹•–‹‰‹—‡•ƒ……‘—–Ǥ
…‘–”ƒ•–ǡ‘–Š‡”‡‡ƒ†‡”ƒ’’•™‡”‡”‡“—‹”‡†–‘•‡†–Š‡—•‡”–‘–Š‡‹ƒ†ǯ•‡„
„”‘™•‡”ƒ†…‘•—ƒ–‡–Š‡–”ƒ•ƒ…–‹‘‘–Š‡•‡ŽŽ‡”ǯ•™‡„•‹–‡Ǥ
’’Ž‡ƒ––”ƒ…–‡†„‘‘Ǧ”‡ƒ†‡”•™‹–Š’”‘†—…–ˆ—…–‹‘ƒŽ‹–›ǡƒ†„‘‘Ǧ”‡ƒ†‡”•
ƒ––”ƒ…–‡†’—„Ž‹•Š‡”•Ǥ›–Š‡–‹‡‘ˆ–Š‡‹ƒ†Žƒ—…Šǡ’’Ž‡Šƒ†”‡ƒ…Š‡†…‘–‡–
ƒ‰”‡‡‡–•™‹–Š’—„Ž‹•Š‡”•ƒ…‹ŽŽƒǡƒ…Š‡––‡‘‘
”‘—’ǡ‡‰—‹ǡ
ƒ”’‡”‘ŽŽ‹•ǡƒ†‹‘Ƭ…Š—•–‡”Ǥ—„Ž‹•Š‡”•…‘—Ž†•‡––Š‡‹”‘™’”‹…‡•ƒ†
–Š‡›‡’–͹ͲΨ‘ˆ”‡˜‡—‡•ǡˆ‘ŽŽ‘™‹‰–Š‡’’–‘”‡ǯ•—•—ƒŽ”‡˜‡—‡•’Ž‹–Ǥ†‡”–Š‹•
Dzƒ‰‡…›dz‘†‡Žǡ’’Ž‡…‘ŽŽ‡…–‡†ƒ…‘‹••‹‘„—–†‹†‘–•‡––Š‡‡‘‘ǯ•”‡–ƒ‹Ž
’”‹…‡Ǥ…‘–”ƒ•–ǡ—†‡”ƒœ‘ǯ•Dz’”‹…‹’ƒŽdz‘†‡Žǡ–Š‡”‡–ƒ‹Ž‡”ȋƒœ‘Ȍ„‘—‰Š–
„‘‘•ƒ–ƒ™Š‘Ž‡•ƒŽ‡’”‹…‡–Šƒ–™ƒ•ƒ„‘—–ŠƒŽˆ–Š‡Ž‹•–’”‹…‡‘ˆƒ’Š›•‹…ƒŽ„‘‘ƒ†
•‡–‹–•‘™‡‘‘’”‹…‡ǤŠ‡”‡ƒ•ƒœ‘Ž‘•–‘‡›‘‘•–‘ˆ–Š‡‡‘‘•‹–•‘Ž†
ˆ‘”̈́ͻǤͻͻȋ™Š‹…Š™ƒ•Ž‡••–ŠƒŠƒŽˆ–Š‡’Š›•‹…ƒŽ„‘‘ǯ•Ž‹•–’”‹…‡Ȍǡ‹–„—‹Ž–ƒ‹•–ƒŽŽ‡†
„ƒ•‡‘ˆ‹†Ž‡•ƒ†‡‘‘•–Šƒ–‰ƒ˜‡‹–ƒŽ‡ƒ†‹‰’‘•‹–‹‘‹–Š‡…‘‡…–‡†‡‡ƒ†‡”
ƒ†‡‘‘ƒ”‡–•Ǥ
™ƒ”‡‘ˆ–Š‡‡‡”‰‹‰–Š”‡ƒ–ǡƒœ‘”‡’‘”–‡†Ž›ƒ†‡‹–…Ž‡ƒ”–‘’—„Ž‹•Š‡”•–Šƒ–‹–
™‘—Ž†‘–ƒ……‡†‡–‘–Š‡ƒ‰‡…›‘†‡Ž•‘‡‘ˆ–Š‡‡•–ƒ„Ž‹•Š‡†™‹–Š’’Ž‡ǡŽ‡ƒ†‹‰
–‘Dzƒ•‹–‡•‡ƒ•‹–—ƒ–‹‘ƒ•–Š‡‹†—•–”›Šƒ•‡˜‡”Šƒ†Ǥdz͸ͻ‡‘ˆ–Š‡•‡’—„Ž‹•Š‡”•ǡ
ƒ…‹ŽŽƒǡ–Š‡–Š”‡ƒ–‡‡†–Šƒ–‹ˆƒœ‘†‹†‘–ƒ‰”‡‡–‘ƒƒ‰‡…›‘†‡Žǡ‹–
™‘—Ž†•‡ŽŽ‡™„‘‘•–‘ƒœ‘‘Ž›•‹š‘–Š•ƒˆ–‡”–Š‡›™‡”‡•‘Ž†–Š”‘—‰Š‘–Š‡”
…Šƒ‡Ž•ǡ‹…Ž—†‹‰’’Ž‡ǯ•‹‘‘•–‘”‡Ǥƒœ‘”‡•’‘†‡†„›”‡‘˜‹‰ƒŽŽ
ƒ…‹ŽŽƒ–‹–Ž‡•ˆ”‘‹–•ǤǤ•‹–‡Ǥ—–Œ—•–ƒ†ƒ›Žƒ–‡”ǡƒœ‘…ƒ’‹–—Žƒ–‡†Ǥ
‘ˆˆ‹…‹ƒŽ’‘•–‘ƒœ‘ǯ•‹†Ž‡„Ž‘‰‡š’Žƒ‹‡†ǣ
‡ƒ”—•–‘‡”•ǣ
ƒ…‹ŽŽƒǡ‘‡‘ˆ–Š‡Dz„‹‰•‹šdz’—„Ž‹•Š‡”•ǡŠƒ•…Ž‡ƒ”Ž›…‘—‹…ƒ–‡†–‘—•–Šƒ–ǡ
”‡‰ƒ”†Ž‡••‘ˆ‘—”˜‹‡™’‘‹–ǡ–Š‡›ƒ”‡…‘‹––‡†–‘•™‹–…Š‹‰–‘ƒƒ‰‡…›‘†‡Ž
ƒ†…Šƒ”‰‹‰̈́ͳʹǤͻͻ–‘̈́ͳͶǤͻͻˆ‘”‡Ǧ„‘‘˜‡”•‹‘•‘ˆ„‡•–•‡ŽŽ‡”•ƒ†‘•–
Šƒ”†…‘˜‡””‡Ž‡ƒ•‡•Ǥ
͸ͺ‡…ƒŽŽ–Šƒ–™Š‹Ž‡‡—„™ƒ•ƒDz‘’‡dz•–ƒ†ƒ”†ǡ–Š‡‡‘‘•™‡”‡‡…‘†‡†—•‹‰
–Š‡ƒ‹”’Žƒ›ǡ™Š‹…Š‡ƒ––Šƒ––Š‡›™‘—Ž†‘–„‡”‡ƒ†‘‹…‘’ƒ–‹„Ž‡
†‡˜‹…‡•Ǥ
͸ͻ‡ˆˆ”‡›Ǥƒ…Š–‡„‡”‰ǡDz’’Ž‡ƒ„Ž‡–‘”–‡†•‡™”‹–‡ˆ‘”—„Ž‹•Š‡”•ǡdzTheWall
StreetJournalǡƒ—ƒ”›ʹ͸ǡʹͲͳͲǤ
ƒ‰‡ȁͳͻ
‡Šƒ˜‡‡š’”‡••‡†‘—”•–”‘‰†‹•ƒ‰”‡‡‡–ƒ†–Š‡•‡”‹‘—•‡••‘ˆ‘—”
†‹•ƒ‰”‡‡‡–„›–‡’‘”ƒ”‹Ž›…‡ƒ•‹‰–Š‡•ƒŽ‡‘ˆƒŽŽƒ…‹ŽŽƒ–‹–Ž‡•Ǥ‡™ƒ–›‘—–‘
‘™–Šƒ–—Ž–‹ƒ–‡Ž›ǡŠ‘™‡˜‡”ǡ™‡™‹ŽŽŠƒ˜‡–‘…ƒ’‹–—Žƒ–‡ƒ†ƒ……‡’–ƒ…‹ŽŽƒǯ•
–‡”•„‡…ƒ—•‡ƒ…‹ŽŽƒŠƒ•ƒ‘‘’‘Ž›‘˜‡”–Š‡‹”‘™–‹–Ž‡•ǡƒ†™‡™‹ŽŽ™ƒ––‘
‘ˆˆ‡”–Š‡–‘›‘—‡˜‡ƒ–’”‹…‡•™‡„‡Ž‹‡˜‡ƒ”‡‡‡†Ž‡••Ž›Š‹‰Šˆ‘”‡Ǧ„‘‘•Ǥƒœ‘
…—•–‘‡”•™‹ŽŽƒ––Šƒ–’‘‹–†‡…‹†‡ˆ‘”–Š‡•‡Ž˜‡•™Š‡–Š‡”–Š‡›„‡Ž‹‡˜‡‹–ǯ•
”‡ƒ•‘ƒ„Ž‡–‘’ƒ›̈́ͳͶǤͻͻˆ‘”ƒ„‡•–•‡ŽŽ‹‰‡Ǧ„‘‘Ǥ‡†‘ǯ–„‡Ž‹‡˜‡–Šƒ–ƒŽŽ‘ˆ–Š‡
ƒŒ‘”’—„Ž‹•Š‡”•™‹ŽŽ–ƒ‡–Š‡•ƒ‡”‘—–‡ƒ•ƒ…‹ŽŽƒǤ†™‡‘™ˆ‘”•—”‡–Šƒ–
ƒ›‹†‡’‡†‡–’”‡••‡•ƒ†•‡ŽˆǦ’—„Ž‹•Š‡†ƒ—–Š‘”•™‹ŽŽ•‡‡–Š‹•ƒ•ƒ
‘’’‘”–—‹–›–‘’”‘˜‹†‡ƒ––”ƒ…–‹˜‡Ž›’”‹…‡†‡Ǧ„‘‘•ƒ•ƒƒŽ–‡”ƒ–‹˜‡Ǥ
‹†Ž‡‹•ƒ„—•‹‡••ˆ‘”ƒœ‘ǡƒ†‹–‹•ƒŽ•‘ƒ‹••‹‘Ǥ‡‡˜‡”‡š’‡…–‡†‹––‘„‡
‡ƒ•›Ǩ
Šƒ›‘—ˆ‘”„‡‹‰ƒ…—•–‘‡”Ǥ͹Ͳ
͹Ͳ‘—…‡‡–ǣƒ…‹ŽŽƒǦ‘‘•ǡKindleCommunityǡƒ—ƒ”›͵ͳǡʹͲͳͲǤ
ƒ‰‡ȁʹͲ
Exhibit1:Amazon.comOperatingResults(inmillionsofdollars)andOtherData.
2009
Net sales
Cost of sales
Gross profit
2008
$24,509 $19,166
18,978 14,896
5,531
4,270
2007
2006
14,835 10,711
11,482 8,255
3,353 2,456
Year Ended December 31,
2005
2004
2003
2002
2001
2000
8,490
6,451
2,039
6,921
5,319
1,602
5,264
4,007
1,257
3,933
2,940
993
3,122
2,324
799
2,762
2,106
656
Operating expenses:
Fulfillment*
Marketing
Technology and content
General and administrative
Other operating expenses, net
2,052
680
1,240
328
102
1,658
482
1,033
279
(24)
1,292
344
818
235
9
937
263
662
195
10
745
198
451
166
47
590
158
251
112
50
477
123
208
88
91
392
125
216
79
116
374
138
241
90
367
415
180
269
109
547
Total operating expenses
4,402
3,428
2,698
2,067
1,607
1,162
987
928
1,211
1,520
Income (loss) from operations
1,129
842
655
389
432
440
271
64
(412)
(864)
Interest income
Interest expense
Other income (expense)
Restatements, investment losses etc.
37
(34)
29
83
(71)
47
90
(77)
(1)
(7)
59
(78)
(4)
11
44
(92)
2
42
28
(107)
(5)
(1)
22
(130)
3
(130)
24
(143)
(5)
(96)
29
(139)
(12)
(32)
41
(131)
(10)
(447)
Net Income (Loss)
902
645
476
190
359
588
35
(149)
(567)
(1,411)
13,813
6,257
24,300
105
8,314
3,259
20,700
88
3,696
2,000
12,000
56
3,249
1,779
9,000
47
2,162
1,395
7,800
40
1,990
1,301
7,500
31
1,638
997
7,800
25
2,135
1,101
9,000
20
Total assets
Cash and marketable securities
Employees
Active customers (millions)**
6,485 4,363
3,112 2,019
17,000 13,900
76
64
ȗ—Žˆ‹ŽŽ‡–…‘•–•ƒ”‡…‘•–•‹…—””‡†‹‘’‡”ƒ–‹‰ƒ†•–ƒˆˆ‹‰ƒœ‘ǯ•ˆ—Žˆ‹ŽŽ‡–ƒ†…—•–‘‡”•‡”˜‹…‡…‡–‡”•ǡ…‘•–•‘ˆ”‡…‡‹˜‹‰’”‘†—…–ǡ’‹…‹‰ǡ
’ƒ…‹‰ƒ†’”‡’ƒ”‹‰‘”†‡”•ˆ‘”•Š‹’‡–ǡ…”‡†‹–…ƒ”†ˆ‡‡•ƒ†”‡•’‘†‹‰–‘‹“—‹”‹‡•ˆ”‘…—•–‘‡”•Ǥ
ȗȗƒ…–‹˜‡…—•–‘‡”‹•ƒ…—•–‘‡”™Š‘–”ƒ•ƒ…–‡††—”‹‰–Š‡›‡ƒ”Ǥ
‘—”…‡ǣ‘”’‘”ƒ–‡”‡’‘”–•Ǥ
ƒ‰‡ȁʹͳ
Exhibit2:Amazon’’sannualsalesperactivecustomerbyproductcategory.
$250
Other
Electronics&Gen.Merchandise
$200
Othermedia
Books
$150
$100
$50
$0
2002
2003
2004
2005
2006
2007
2008
2009
‘—”…‡ǣ‘”’‘”ƒ–‡”‡’‘”–•ǢǤ
Ǥ‘™‡Ƭ‘Ǥ
Exhibit3:FeaturesofAmazon’’sKindleModels.
LaunchDate
LaunchPrice
Size
Weight
Display
Pixel
Resolution
RotatingDisplay
TextͲtoͲSpeech
Storage
Expandable
Kindle1
Kindle2
KindleDX
11/19/2007
2/9/2009
6/10/2009
$359
$299
$489
7.5"x5.3"x0.7"
8"x5.3"x0.36"
10.4"x7.2"x0.38"
10.4ounces
10.2ounces
18.9ounces
6"diagonalelectronicpaperdisplay 6"diagonalelectronicpaperdisplay 9.7"diagonalelectronicpaperdisplay
600x800
600x800
1200x824
167ppi,4Ͳlevelgrayscale
167ppi,16Ͳlevelgrayscale
150ppi,16Ͳlevelgrayscale
No
No
Yes
No
Yes
Yes
180MB(200books)Ͳ256MB
1.4GB(1,500books)Ͳ2GB
4GB(3,500books)
Yes,withSDmemorystick
No
No
Kindle(AZW),TXT,unprotected
Kindle(AZW),TXT,Audible,MP3, Kindle(AZW),PDF,TXT,Audible,MP3,
FileFormatssupported
MOBI,PRC
unprotectedMOBI,PRC
unprotectedMOBI,PRC
HTML,DOC
PDF,HTML,DOC,JPEG,GIF,PNG, HTML,DOC,RTF,JPEG,GIF,PNG,BMP
Throughconversion
BMP
3.5mmstereoaudiojack,builtͲin
ListenviaKindle'sspeakerorplug 3.5mmstereoaudiojack,rearͲ
mountedstereospeakers
stereospeakers
Audio
intheheadphonesforprivate
listening
BatteryLife
2Dayswithwireless
7Dayswithwireless
7Dayswithwireless
‘—”…‡ǣ‘’ƒ›†ƒ–ƒǡ’”‡••”‡’‘”–•Ǥ
ƒ‰‡ȁʹʹ
Exhibit4:EvolutionofKindleContentandAccessoriesoverTime.
NovͲ07 MayͲ08 NovͲ08 FebͲ09 MarͲ09 AprͲ09
Books
90,000 122,000 200,000 240,748 258,261 273,151
Magazines
10
15
20
22
24
26
Newspapers
14
21
29
31
33
36
Blogs
250
370
690
1,280
1,422
1,505
Accessories 7
26
35
79
85
MayͲ09
284,840
29
37
4,500
107
JunͲ09
296,580
29
38
5,412
129
JulͲ09 AugͲ09 SepͲ09 OctͲ09 NovͲ09 DecͲ09 JanͲ10 FebͲ10
315,397 339,705 350,239 343,730 368,872 384,203 403,152 415,483
32
32
34
36
38
40
43
46
41
44
46
46
58
73
89
94
6,003 6,386 7,088 7,217 7,373 7,584 8,088 8,561
158
187
212
242
253
286
318
334 JulͲ09 AugͲ09 SepͲ09 OctͲ09 NovͲ09 DecͲ09 JanͲ10 FebͲ10
‘—”…‡ǣ‘ŽŽ‹•–‡™ƒ”–Ǥ
Exhibit5:KindlePricing.
Kindle1
Kindle2&Int'l
KindleDX
NovͲ07 MayͲ08 NovͲ08
$399
$359
$359
‘—”…‡ǣ‘”’‘”ƒ–‡”‡’‘”–•Ǥ
ƒ‰‡ȁʹ͵
FebͲ09
MarͲ09
AprͲ09
MayͲ09
JunͲ09
$359
$359
$359
$359
$489
$359
$489
$359
$489
$299
$489
$299
$489
$299
$489
$259
$489
$259
$489
$259
$489
$259
$489
Exhibit6:EstimatesofComponentandManufacturingCostsfortheKindle2.
Materials
Displaymodule(EInk)
Displaycontroller
WirelessBroadbandmodule
PrintedCircuitBoard
MultimediaApplicationProcessor
Battery
Mainenclosure
Audiocircuit/powermanagement
MemoryͲSDRAMandFlash
Othercomponents
Totalmaterials
Manufacturing
Materials+manufacturingcost
$60.0
$4.3
$39.5
$9.8
$8.6
$7.5
$4.5
$4.4
$6.1
$32.1
$176.8
$8.7
$185.5 ‘—”…‡ǣ‹—’’Ž‹–‡ƒ”†‘™ƒƒŽ›•‹•ǡ’”‹ŽʹͲͲͻǤ
Exhibit7:U.S.TradeWholesaleQuarterlyElectronicBookSales,inmillionsof
dollars.
$60
$50
$40
$30
$20
$10
$0
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
02 02 03 03 04 04 05 05 06 06 07 07 08 08 09 09
‘—”…‡ǣŠ‡••‘…‹ƒ–‹‘‘ˆ‡”‹…ƒ—„Ž‹•Š‡”•ǡ
Š––’ǣȀȀ™™™Ǥ‘’‡‡„‘‘Ǥ‘”‰Ȁ†‘…̴Ž‹„”ƒ”›Ȁ‹†—•–”›•–ƒ–•ǤŠ–Ǥ
ƒ‰‡ȁʹͶ
Exhibit8:DemographiccharacteristicsofonlineNorthAmericanconsumers
whoownedaneReader,intendedtobuyoneinsixmonthsorwereinterested
toknowmoreaboutaneReaderasofQ22009.
All online Currently own an Intend to buy in Interested to
adults
eReader
next 6 months know more
% of online adults
Male
Mean age
100%
1.5%
6%
24%
48%
54%
60%
46%
44
47
39
42
Married/partnered
65%
84%
62%
66%
Have children at home under 18
29%
27%
39%
33%
Use broadband at home
78%
87%
81%
82%
Technology optimist
59%
83%
84%
76%
$79,210
$116,052
$87,640
$83,519
46%
69%
55%
50%
2.7
3.5
5.0
3.7
13%
36%
19%
18%
Mean household income
College-educated
Books bought/borrowed per month*
Percent of books bought online*
Read on commute to work/school
Read on business trips
9%
17%
14%
12%
15%
30%
23%
21%
ȗ‡ˆ‘”‡„—›‹‰ƒ‡‡ƒ†‡”Ǥ
‘—”…‡ǣ‘””‡•–‡”‡•‡ƒ”…Š‘”–Š‡”‹…ƒ‘Ž‹‡•—”˜‡›ǡʹʹͲͲͻǤ
ƒ‰‡ȁʹͷ
Exhibit9:FeaturecomparisonoftheKindle,SonyReader,nookandtheiPad.
Initiallaunchdate
Primaryfunction
Pricing&screensize
AmazonKindle
NovͲ07
EͲreader
Kindle2(6"):$259
KindleDX(9.7"):$489
Weight
Kindle2:10.2oz.
KindleDX:18.9oz.
Screentype
Touchscreen
EͲbooktitles,December2009
AccesstoGoogleBookspublicdomaintitles
TypicalbestsellereͲbookpricing
Newspaper/magazinesubscriptions
SupportsePubfileformat?
EͲBookDigitalRightsManagementsoftware
Storagecapacity
Black&WhiteEͲInk
No
400,000
Yes,viaPDFdownloadonly
$9Ͳ$10
Yes
No
AZW
2GB(4GBontheDX)
Batterylife
WiͲFi
WirelessInternetaccessthroughcarrier
Webbrowser
MobileaccesstoeͲbooks
Retailstoredistribution
AccesstolocallibraryeͲbooks
7dayswithwireless
No
Yes,bundled
Yes,butverylimited
Yes;iPhone/iPodTouch
No
No
‘—”…‡•ǣ‘”’‘”ƒ–‡ƒ†’”‡••”‡’‘”–•Ǥ
ƒ‰‡ȁʹ͸
SonyReader
OctͲ06
EͲreader
PocketEdition(5"):$175Ͳ$200
TouchEdition(6"):$270Ͳ$300
DailyEd.(7.1"):$399
PocketEdition:7.8oz.
TouchEdition:10oz.
DailyEdition:12.75oz
Black&WhiteEͲInk
Yes(exceptPocketEdition)
200,000+Google(1million)
Yes,integratedintobookstore
$10
Yes(DailyEditiononly)
Yes
BBeB,Adobe
512MB,expandable
(2GBontheDailyEdition)
7dayswithwireless
No
YesforDailyEditiononly,bundled
No
No
Yes;BestBuy,WalͲMart,airportkiosks,etc.
Yes
Barnes&Noblenook
NovͲ09
EͲreader
Nook(6"):$259
AppleiPad
MarͲ10
Multimedia&Internetdevice
9.7"iPad:$499Ͳ$829
Nook:12.1oz.
24oz.
Black&WhiteEͲInk+smallcolorLCD
No(smallLCDtouchscreenonly)
Unknown+Google(1million)
Yes,integratedintobookstore
$9Ͳ$10
Yes
Yes
Adobe
2GB,expandable
LCD(color)
Yes
Unknown
Yes,viawebbrowser
Publishersetsprice
Yes,throughApp
Yes
Fairplay
16GBͲ64GB
10days
Yes
Yes,bundled
No
Yes;iPhone/iPodTouch,Blackberry
Yes;Barnes&Noblestores
No
11hours
Yes
AT&T,unbundled
Yes
Yes;iPhone/iPodTouch
Yes;Appleretailstores
N/A
Exhibit10:PricecomparisonfortopǦsellingeBooksavailableontheAmazon,
Barnes&Noble(B&N)andSonyeBookstores.Shownisthepercentofcasesin
whicheacheBookstorehadtheabsolutelowestprice,matchedthelowest
price,ordidnothavethelowestprice.
100%
80%
60%
NotLowest
MatchedLowest
40%
AbsoluteLowest
20%
0%
Amazon
B&N
Sony
ƒ–ƒˆ”‘‡•Šǡ‘˜‡„‡”ʹͲͲͻǤ
Exhibit11:U.S.consumers’’answerstothequestion:"Whichofthefollowing
devicesdoyouuse,orwouldyoubeinterestedinusing,toreadelectronic
books/eBooks?"
Nowusing
Mobilephone/PDA
Interestedinusing
Netbook
eReader
Laptopcomputer
Desktopcomputer
0%
‘—”…‡ǣ‘””‡•–‡”‡•‡ƒ”…Šǡ͵ʹͲͲͻȋǤǤȌ
ƒ‰‡ȁʹ͹
5%
10%
15%
20%