Microsoft Mergers and Acquisitions Presentation Deck

Deal overview Structure $95 per share $68.7 billion enterprise value All-cash consideration Expected to close in Fiscal Year 2023 Financial impact Accretive to non-GAAP EPS upon close* Capital return program No change expected to previously announced share buyback program Financial reporting Currently expect to report results for Activision Blizzard post-close in our Gaming business Organizational structure The Activision Blizzard business will report to Phil Spencer, CEO of Microsoft Gaming *Non-GAAP excludes expected impact of purchase accounting adjustments as well as integration and transaction-related expenses

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