3. Today’s Speakers (on the phone)

4. The Deal

5. Nokia: More Than 200M Beautiful Phones A Year

6. Strategic Rationale

7. Accelerate Phone Share

8. Microsoft and Nokia Partnership

9. Nokia and Windows Phone Momentum

10. One Brand, United Voice

11. Accelerating Innovation

12. Strengthen Overall Opportunity

13. Transformation: Beyond Software and PCs

14. Devices and Services: Why Phones?

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

16. Devices: Nokia D&S Brings Key Capabilities

17. High Value Services Including Geospatial

18. Smart Acquisition

19. Smart Acquisition

20. Better Unit Economics Drive Profitability

21. Accretive to Adjusted EPS by FY15

22. Long Term Value Creation

23. IP Acquisition and License Agreements with Nokia

24. Microsoft Also Secures Other Valuable Patent Benefits

25. Strong Execution Plan

26. Strong Execution Plan

27. Confident About Regulatory Approval

28. Q&A

29. Reconciliation of GAAP and non-GAAP Financial Measures