2. 2 This presentation contains statements that are forward-looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially because of factors in this presentation or discussed in today’s press release, in the management’s discussion and analysis section of the company’s most recent Form 10-K, Forms 10-Q, or in other reports and filings with the Securities and Exchange Commission. We undertake no duty to update or revise any forward-looking statements, whether as a results of new information, future events, or otherwise.

3. 3 Revenue up 12%, Operating Income up 13%, and EPS up 28% Robust product cycle and partnership momentum Operating expense discipline continues Cash flow from operations $27.0 billion $16.9 billion returned to shareholders through dividends and buybacks, up 10% over FY10 Investments in platform and cloud for long-term growth Strong results while our businesses transform to the cloud

4. 4 As Reported 2011 Full YearY/Y Growth Windows & Windows Live$19.0B Microsoft Business Division$22.2B Server & Tools$17.1B Online Services Division$2.5B Entertainment & Devices$8.9B Total Revenue*$69.9B OPEX$27.2B EPS$2.69 Bookings * Includes $0.2B of unallocated and other revenue

5. 5 As reported, $s in billions except EPS

6. 6 Segment Revenue Entertainment & Devices Market dynamics similar to FY11 Q4 with emerging market growth significantly outpacing developed market growth. Business PC growth to outpace consumer PC growth, as business refresh continues. FY12 Server & Tools Transactional revenue to generally track with the hardware market. Multi-year licensing revenue and enterprise services revenue to grow low double-digits. Microsoft Business Division Transactional revenue will likely lag the overall PC market. Multi-year licensing revenue should grow low-double digits. Online Services Division Online advertising revenue to perform roughly in line with the overall online advertising market. Revenue to grow mid-teens. COGS Similar to FY11, the biggest factor impacting COGS going forward will be the shift of revenue mix across hardware, software, enterprise services, and online services. Other Items Opex We are reconfirming our guidance of 3% – 5% growth, and expect Opex to be $28.0 to $28.6 billion for the full fiscal year. Windows & Windows Live Tax We expect our effective tax rate to be 19% – 21% for the first quarter and full fiscal year. Capex We expect capital expenditures for the full fiscal year to be about $2.5 billion.