Press Release: June 14, 2000

WR Hambrecht + Co Initiates Coverage of Amazon.com (AMZN) with a Buy Rating and a Target of $70

Online leader positioned to capitalize on target market estimated at $1.6 trillionUnique service positions Company for long-term profit

San Francisco, CA, June 14, 2000—WR Hambrecht + Co today initiated research coverage on Amazon.com (AMZN) with a buy rating and a price target of $70. WR Hambrecht + Co.’s eTailing/Consumer analyst Kristine Koerber cited Amazon’s global brand identity, expanding reach into new markets, customer-focus and ability to monetize its large customer database as key reasons for the rating. WR Hambrecht + Co offers all its research reports free and real-time at www.wrhambrecht.com.

"We believe improvement in key metrics such as fulfillment costs and increasing share of customer wallet as well as management’s ability to manage the balance sheet are trends that should continue. Expanding product offering and establishing an international footprint should provide substantial growth vehicles," Koerber said.

Koerber projects Amazon.com’s total revenues will reach $2.8 billion in 2000 and $4.2 billion in 2001, up from $1.6 billion in 1999.

Amazon.com is the largest online retailer of books and music with an expanding category offering ranging from toys to kitchenware as well as home improvement and gardening.