1. Third Quarter Fiscal Year 2014 Results

3. Agenda

4. Financial Summary – FY14 Q3

5. Quarterly Highlights Cloud momentum helps drive Q3 results

6. Update on Nokia

7. Devices & Consumer

8. D&C Licensing Results driven primarily by increased Windows OEM and Office Consumer revenue

9. D&C Hardware Continued growth in our Xbox and Surface devices

10. D&C Other Results driven by search advertising and Office 365 Home

11. Commercial

12. Commercial Segments Results driven by continued cloud momentum

13. Appendix

14. Reconciliation of GAAP and non-GAAP Financial Measures

15. Reconciliation of GAAP and non-GAAP Financial Measures