7/23/2019 Merger of Microsoft and Adobe (Deb Sahoo)

1/43

LK\W@[@Z@IN IE LJIBG [P[ZGO[ BP O@KRI[IEZ KIRX.

JGB [LDII! OBL! RI[[ [KDIIA IE BW[@NG[[! WN@UGR[@ZP IE O@KD@CLN! LNN LRBIR

Lpr`a 27! 28

7/23/2019 Merger of Microsoft and Adobe (Deb Sahoo)

2/43

@NJ

W[ZRPNGS[

2

@njustry Buzz

7/23/2019 Merger of Microsoft and Adobe (Deb Sahoo)

3/43

ZLBAGIEKINZGN

Z[

Gxgkut`vg [uoolry

E`nlnk`la [tltgognts ie Buygr

E`nlnk`la [tltgognts ie Zlrcgt

J`skiuntgj Klsd Eaiw Ulault`in ie Zlrcgt

Kioplrlbag Kioplny Ulault`in ie Zlrcgt

E`nlnk`la Xrimgkt`ins ie Buygr lnj Zlrcgt

Zrlnslkt`in Lnlays`s

:

4

7/23/2019 Merger of Microsoft and Adobe (Deb Sahoo)

4/43

GTGKWZ@UG [WOOLRP

:

7/23/2019 Merger of Microsoft and Adobe (Deb Sahoo)

5/43

GTG

KWZ@UG[WOO

LRP

Zlrcgt Ivgrv`gwBuygr Ivgrv`gw

Zitla jgla vlaug= *77!

7/23/2019 Merger of Microsoft and Adobe (Deb Sahoo)

6/43

ZLRCGZ IUGRU@GS

5

7/23/2019 Merger of Microsoft and Adobe (Deb Sahoo)

7/43

BLKFCRIWNJLN

JZLRCGZIUG

RU@GS

Xrijukts lnj [grv`kgsKioplny Ivgrv`gw

Ljibg [ystgos @nkirpirltgj $Ljibg ieegrs l rlncg ie

bus`ngss! Sgb lnj oib`ag sietwlrg lnj sgrv`kgs usgj bypriegss`inlas! fniwagjcg wirfgrs! jgvgaipgrs! olrfgtgrs!gntgrpr`sgs lnj kinsuogrs eir krglt`nc! olnlc`nc!jga`vgr`nc! ipt`o`z`nc lnj gnclc`nc w`td kintgnt lnjgxpgr`gnkgs lkriss ouat`pag ipgrlt`nc systgos! jgv`kgs lnjogj`l

J`str`butgs ts prijukts tdriucd l ngtwirf ie j`str`butirs!vlaug/ljjgj rgsgaagrs $ULRs! systgos ntgcrltirs!

`njgpgnjgnt sietwlrg vgnjirs $@[Us lnj ir`c`nla gqu`pogntolnuelkturgrs $IGOs

@ts sietwlrg runs in pgrsinla kioputgrs $XK lnj sgrvgr/blsgj kioputgrs! ls wgaa ls vlr`ius nin/XK lnj oib`agjgv`kgs

Dls ipgrlt`ins `n tdg Logr`kls! Guripg! O`jjag Glst lnjLer`kl $GOGL lnj Ls`l

[tikf Xgreirolnkg@njustry Kioplrlbags

3

Lkriblt T Xri

Lutdirwlrg

BriwsgrAlb

Krglt`vg [u`tg 7.7

Jrglowglvgr K[7.7

Ealsd Ogj`l Xalyblkf

ErlogOlfgr [grvgr

7/23/2019 Merger of Microsoft and Adobe (Deb Sahoo)

8/43

E@NLNK@LA [ZLZGOGNZ[ IE BWPGR

4

7/23/2019 Merger of Microsoft and Adobe (Deb Sahoo)

9/43

E@N

LNK@LA[ZLZGO

GNZ[IEBWPGR

7 Pglr @nkiog [tltgognt ie O`krisiet Kirp.

0

Laa e`curgs `n o`aa`ins ie W.[. Jiaalr! gxkgpt pgr sdlrg `tgos ;8/Mun/Kist ie Ciijs [iaj $KIC[) nka. J%L

Jgprgk`lt`in

Loirt`zlt`in ie @ntlnc`bags 43;.8 452.8 575.8 238.8 Rgsglrkd % Jgvgaipognt 4!3

Gqu`ty `n Glrn`ncs ie Lee`a ltgs 8.8 8.8 8.8 /;:.8 2

7/23/2019 Merger of Microsoft and Adobe (Deb Sahoo)

10/43

E@N

LNK@LA[ZLZGO

GNZ[IEBWPGR

7 Pglr Blalnkg [dggt ie O`krisiet Kirp.

@nvgntir`gs 3:8.8 3Itdgr Kurrgnt Lssgts 7!

Itdgr Kurrgnt A`lb`a`t`gs 28!8:4.8 28!047.8 22!58:.8 Zitla A`lb`a`t`gs ;0!0;4.8 ;4!87

Rgtl`ngj Glrn`ncs /Kuoualt`vg Zrlnsalt in LjmustogntWnrgla zgj Eir. Gxkd. Cl`n /

A`lb`a`t`gs % [dlrgdiajgrs# Gqu`ty 45!

7/23/2019 Merger of Microsoft and Adobe (Deb Sahoo)

11/43

E@N

LNK@LA[ZLZGO

GNZ[IEBWPGR

7 Pglr Klsd Eaiw [tltgognt ie O`krisiet Kirp.

Eunjs erio Ipgrlt`ins 2;!:Kdlncgs `n Sirf`nc Klp`tla 55Rgkg`vlbags /2!2;4.8 2!2Itdgr LssgtsA`lb`a`t`gs 2!400.8 /;!:Ngt Ipgrlt`nc Klsd Eaiw 2:!83;.8 @nvgst`nc Lkt`v`t`gs

Klp`tla Gxpgnj`turgs

Ngt Lssgts erio Lkqu`s`t`ins /2:7.8 /454.8 /4!87;.8 /

Xurkdlsg[lag ie @nvgstognts /3!708.8 /Itdgr Eunjs /

Ngt @nvgst`nc Klsd Eaiw /E`nlnk`nc Lkt`v`t`gsKlsd J`v`jgnjs Xl`j /:!734.8 /:!:54.8 /:!8

7/23/2019 Merger of Microsoft and Adobe (Deb Sahoo)

12/43

E@NLNK@LA [ZLZGOGNZ[ IE ZLRCGZ

7/23/2019 Merger of Microsoft and Adobe (Deb Sahoo)

13/43

E@NLNK@LA[ZLZGO

GNZ[IEZLRCGZ

7 Pglr @nkiog [tltgognt ie Ljibg [ystgos @nk.

Rgircln`zlt`in lnj Rgstrukturg Gxpgnsg 2;.; :Kinsia`jltgj Ngt @nkiog 33:.3 ;45.7 43

Jgprgk`lt`in % Loirt`zlt`in Gxpgnsg 202.3 242.: 238.; ;

7/23/2019 Merger of Microsoft and Adobe (Deb Sahoo)

14/43

E@NLNK@LA[ZLZGO

GNZ[IEZLRCGZ

7 Pglr Blalnkg [dggt ie Ljibg [ystgos @nk.

Itdgr Kurrgnt Lssgts

7/23/2019 Merger of Microsoft and Adobe (Deb Sahoo)

15/43

E@NLNK@LA[ZLZGO

GNZ[IEZLRC

GZ

7 Pglr Klsd Eaiw [tltgognt ie Ljibg [ystgos @nk.

Itdgr Lkkrulas Ngt Lssgts erio Lkqu`s`t ins /[lag ie E`xgj Lssgts % Bus`ngssgs ;2.2 8.8 8.8

Kdlncg `n Klp`tla [tikf /3

Itdgr Eunjs Ngt Kdlncg `n Klsd /2:0.5

7/23/2019 Merger of Microsoft and Adobe (Deb Sahoo)

16/43

J@[KIWNZGJ KL[D EAIS ULAWLZ@IN IE ZLRCGZ

7/23/2019 Merger of Microsoft and Adobe (Deb Sahoo)

17/43

J@[KIWNZGJKL[D

EAIS

ULAWL

Z@INIEZLRCGZ

Ergg Klsd Eaiw Xrimgkt`in

Agss= Klp`tla Gxpgnj`turgs $

7/23/2019 Merger of Microsoft and Adobe (Deb Sahoo)

18/43

J@[KIWNZGJKL[D

EAIS

ULAWL

Z@INIEZLRCGZ

Ulault`in [gns`t`v`ty Lnlays`s

$SLKK) 3.8' 2.2' 2.7' 2.4' $SLKK) 3.8' *28.4 *22.8 *2;.