Summary Term Sheet/Structure - Microsoft 2.75% Convertible Exchangeable Preferred

Principal protection at par: $79.875 par

Dividend: 2.75%

Dividend Settlement: Cash

Conversion Prices: High Strike = $102.24 ( Cap Price). Low Strike = $79.875 (Floor Price).

Conversion Premium: 28.0% ($102.24 Cap Price vs. $79.875 common price at issuance)

Credit Rating: A1/AA-

Issue Size: $1.0 Billion (12,519,562 shares)

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