Annual Report 2016 Shareholder Letter Dear shareholders, customers, partners, and employees: I’m proud of the progress we’ve made as a company this past year and excited about the opportunity for even more progress in the year ahead. We’ve advanced our mission to empower every person and every organization on the planet to achieve more. We’ve continued to cultivate a Microsoft culture in which people connect their individual energies and passions for technology to this mission. We’re leading profound digital transformation both for people and institutions. We’ve achieved strong financial results. And we’re building a sturdy foundation for an even brighter future.

We generated $85.3 billion in revenue, $52.5 billion in gross margin, and $20.2 billion in operating income this past fiscal year. Adjusting for Windows 10 revenue deferrals and impairment, integration and restructuring expenses, revenue was $92.0 billion with $27.9 billion in operating income. Even as we invested in innovation and expanded geographically, we maintained our commitment to shareholder return and increased our total cash return to $26.1 billion, up 12 percent from last fiscal year. These results reflect exciting new product innovations as well as increases in customer usage and engagement across our businesses: • Commercial cloud annualized revenue run rate exceeded $12. Jumpstart 3d Virtual World The Legend Of Grizzly Mcguffin Theater here. 1 billion, up more than 50 percent year-over-year. • More than 70 million people use Office 365 commercial every single month. • Revenue from our cloud platform, Azure, grew triple digits, with usage of key computing and database workloads more than doubling year-over-year.

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• Windows 10 is now active on more than 400 million devices around the world and over 197 billion hours of usage. This is the fastest adoption rate of any prior Windows release. • Bing has leveraged this incredible usage to become profitable with search advertising revenue up 17 percent, excluding traffic acquisition costs. • Xbox Live monthly active users grew 33 percent year-over-year to 49 million. Over the past year, Microsoft has built momentum in each of its reportable segments, which is detailed below, but it’s the larger opportunity – how technology can inspire and ignite change and renewal – that I want to emphasize in this year’s letter. A transformational opportunity Microsoft is uniquely positioned in this era of massive business and societal transformation.

We're the company that cares most deeply about computing technologies for both people and the organizations they build. Our entire purpose is to make things that help our customers make things -- and make things happen. We build the platforms upon which others build digital platforms. After all, each of us, as individuals, is trying to build something that outlasts ourselves, whether that’s a small business, a school, a clinic, or an enterprise. Over the years Microsoft has experienced great success, and today we are just at the beginning of an incredible new wave of opportunity.

The next generation of ubiquitous computing and ambient intelligence is going to transform every life, every industry, and every country. What this means for organizations is that Microsoft is their partner in digital transformation – engaging customers, empowering employees, optimizing operations, and transforming products. What it means for people is that Microsoft helps them get more out of every moment – creating, collaborating, learning, gaming, being mobile, and staying secure. Let’s look at how we’re doing this within each segment.

Productivity and Business Processes Productivity is in our DNA, and so everything we do supports our customers’ digital work and life. Nowhere is digital transformation more evident than how we live and work today. We work on the go. We are on more teams, both inside and outside the company. We don’t have time for the information we need personally and professionally to live in different silos. We’re not simply building individual tools, but rather designing an intelligent fabric based on four principles – collaboration, mobility, intelligence, and trust. People still do important work as individuals, but collaboration is the new norm, so we build our tools to empower teams.