Today’s Speakers (on the phone)

The Deal

Nokia: More Than 200M Beautiful Phones A Year

Strategic Rationale

Accelerate Phone Share

Microsoft and Nokia Partnership

Nokia and Windows Phone Momentum

One Brand, United Voice

Accelerating Innovation

Strengthen Overall Opportunity

Transformation: Beyond Software and PCs

High Value Services Including Geospatial

Devices and Services: Why Phones?

Devices and Services: Why Phone Hardware?Driving Ongoing OEM Opportunity

Devices: Nokia D&S Brings Key Capabilities

Smart Acquisition

Smart Acquisition

Better Unit Economics Drive Profitability

Accretive to Adjusted EPS by FY15

Long Term Value Creation

IP Acquisition and License Agreements with Nokia

Microsoft Also Secures Other Valuable Patent Benefits

Strong Execution Plan

Strong Execution Plan

Confident About Regulatory Approval

Q&A

Reconciliation of GAAP and non-GAAP Financial Measures