Form 8-K INTEL CORP For: Nov 20

Please see corresponding attached PDF.

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�����INVESTOR MEETING 2014��������SANTA CLARA NOVEMBER 20�

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�Brian Krzanich��CEO�

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���Investor Meeting 2013��What We Said Last Year������Things That We Are Doing Differently��Market driven view of our industryIf it computes, it computes best with Intel from IoT to the DatacenterOpen foundry to any company able to utilize our leading edge SiliconCreate Platforms for Enterprise, notjust SiliconDrive focus on bringing innovation tomarket quickly��Relentless pursuit ofMoores Law��Things That Will Not Change�����������

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�����������2014Return to Growth��Revenue*��Tablet Volume*��Q314 Microprocessor Shipments��One Year Total Shareholder Return**��$55.9B��45%��>100Mu��*Forecast� is based on current expectations and is subject to change without noticeSource: Intel��~40Mu������������������**Intel 1 year TSR calculated as of November 18, 2014 close of market (Source: Factset)�����������

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�������Strategic Vectors��Our highest-shareholder value will come from a strategy that usesour core assets to move into profitable, complementary markets.� ������MOORES LAW��INTEGRATION��SHARED IP����������������Memory ��Graphics������WiFi��I/O�

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�Our Corporate Mission, Vision, Strategy��������MISSION��VISION��GROWTH STRATEGY��Utilize the power of Moores Law to bring smart, connected devices to every person on Earth.��If it is smartand connected, it is best with Intel.��Our highest shareholder value will come from a strategy that usesour core assets to move into profitable, complementary markets.� ����������������*Other brands and names may be claimed as the property of others.�

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�������CORE ASSETS THAT DRIVE THE PC AND DATA CENTER����IoT����SECURITY����SOFTWARE����WEARABLES����FOUNDRY����MOBILE����PROCESS TECHNOLOGY��Our highest shareholder value will come from a strategy that usesour core assets to move into profitable, complementary markets.� ��������������SHARED IP����IA CORES�

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���������������PC Stabilize & Innovate����������������������������������������*Other brands and names may be claimed as the property of others.�

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�����The PC Market is Stabilizing ��Source: IDCSource: Gartner, Forecast: PCs, Ultramobiles and Mobile Phones, Worldwide, 2011-2018, 3Q14 Update, Ranjit Atwal, 9/16/14��Mu��Gartner TAM365��IDC TAM291��318��315��Range�

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�������$199��Innovating and Differentiating the PC Experience����Enabling New Experiences������New Designs��Options for Everyone��Broad Range of Price Points����Multiple OS������������������*Other brands and names may be claimed as the property of others.�

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���Data Center: Expansion & Growth�

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�����������Data Center Expansion and Growth��Broad Customer Base & Diversifying Market SegmentsLeadership Products & TechnologiesForecasting 15% CAGRthrough 2018*��������������*Forecast� is based on current expectations and is subject to change without noticeSource: Intel��*Other brands and names may be claimed as the property of others.�

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�Software to Silicon:Targeted Integrationfor Specific Workloads����First Intel-OptimizedCloudera ReleaseCustom Integrated Xeon and FPGA Products for our CustomersSoftware Defined Infrastructure/OpenStack��*Other brands and names may be claimed as the property of others.�

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�����Moores Law is Our Competitive Advantage����Industry Leadership in Transistors���� ����MooresLaw��LOWER POWER��LOWER COST��HIGHER PERFORMANCE����������������*Other brands and names may be claimed as the property of others.�

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�����Utilize PC Core IP in Other Businesses��~$11B��Intel R&D (2014)��100%��75%��50%��25%��0%��PC Core: Haswell GT3e��Server Core: Intel� Xeon� E5-2600 V3 ��Tablet Core: Bay Trail ����������Core��Cache (SRAM)��Memory Controller��SA, I/O,Etc.��GenXGPU��EmbeddedDRAM����Co-packaged��EmbeddedDRAM��PCIE��IA CPU (Core)��Cache (SRAM)��Memory Controller��SA, I/O,Etc.��DRAM��PCH1��EC2��USB��Display��Audio��PCIE��EmbeddedDRAM��Intel integrated GPU��WiFi��BT��WWAN��PCIE��Security����DRAM��PCH��EC��USB��Display��Audio��IA CPU (Core)��Cache(SRAM)��IA CPU (Core)��IA CPU (Core)��Cache(SRAM)��IA CPU (Core)��UncoreI/O��Memory Controller��ECC3��QPI4��QPI4��40GEthernet��PCIE��Security����I/O��Intel integrated GPU��Memory Controller��IA CPU (Atom)5 incl.Cache��I/O��I/O��USB��Security��Display��Audio��Camera��DRAM��WiFi��BT��WWAN��BT��WWAN��BT��WWAN��Note: 1PCH  Platform Controller Hub; 2EC  Ethernet Controller; 3ECC  Error Correcting Code memory; 4QPI  QuickPath Interconnect; 5Baytrail SoC sharing Core IP with Avoton microserver; Reference server and PC motherboards used are Intel Server Board S2600WT2 and Gigabyte GA-Z87N-WIFI - Source: Intel, lit search�

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�����CORE ASSETS THAT DRIVE THE PC AND DATA CENTER����IoT����SECURITY����SOFTWARE����WEARABLES����FOUNDRY����MOBILE����PROCESS TECHNOLOGY��������������SHARED IP����IA CORES����Utilize our core assets to move intoPROFITABLE, COMPLEMENTARY MARKETS�

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���40M IA Tabletsin 2014*��Tablet Volume (Mu)��*Intel Forecast��*Forecast� is based on current expectations and is subject to change without noticeSource: Intel�

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�Cost Optimization and Feature Differentiation������Good, Better, Best��Feature Differentiation �������������������������

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���Smart Growth in Phones����Long Term Agreements��New Partners������*Other brands and names may be claimed as the property of others.�

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�Communications Critical Across Platforms��Note: Attach rate calculated based on forecasted WWAN and TAM unit shipments����laptops������Forecast��Range��11��12��13��14��15��16��17��18��19��20��21��22��0��20��40��60��80��100%������Modem attach rate����TABLETS����Forecast��11��12��13��14��15��16��17��18��19��20��21��22��0��20��40��60��80��100%����Range������Modem attach rate��Intel� XMM"7260��*Forecast� is based on current expectations and is subject to change without noticeSource: Intel�

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�Organizational Changes to Drive our Mobile Strategy in 2015 ����Moved Mobile Hardware teams into newly formed Client Computing GroupMoved Modem and SoFIA (engineering and customer support) teams into Platform Engineering Group�

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�����CORE ASSETS THAT DRIVE THE PC AND DATA CENTER����IoT����SECURITY����SOFTWARE����WEARABLES����FOUNDRY����MOBILE����PROCESS TECHNOLOGY��������������SHARED IP����IA CORES�

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���Internet of Things & Wearables �����������������

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���Foundry��������������������������*Other brands and names may be claimed as the property of others.�

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�Leadership Moving Forward������Relentless pursuit of Moores LawDevelop products that enable the best computing experienceMarket driven view of our industryOpen foundry to any company able to utilize our leading edge SiliconCreate Platforms for Enterprise, not just SiliconDrive focus on bringing innovation to market quickly�

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�����Leadership Moving Forward��Relentless pursuit of Moores LawDevelop products that enable the best computing experienceMarket driven view of our industryOpen foundry to any company able to utilize our leading edge SiliconCreate Platforms for Enterprise, not just SiliconDrive focus on bringing innovation to market quicklyContinue growth in the Data CenterIf it is smart and connected, it is best with Intel�

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�Brian KrzanichChief Executive Officer��Ren�e JamesPresident��Greg Pearson Sales and Marketing Group��Tom KilroyCorporate Strategy��Steven FundGlobal Marketing & Communications��Stacy SmithChief Financial Officer��Steve RodgersLaw & Policy Group��Bill HoltTechnology and Manufacturing Group��Doug FisherSoftware and Services Group��Chris YoungIntel Security Group��Richard TaylorHuman Resources��Arvind SodhaniIntel Capital��Kim StevensonInformation Technology��Rob CrookeNon-Volatile Memory Solutions Group��Kirk SkaugenClient Computing Group��Hermann EulMobile and Communications Group��Diane BryantData CenterGroup��Doug DavisInternet of ThingsGroup��Wen-Hann WangIntel Labs��Amir FaintuchPlatform Engineering Group��Joshua Walden Platform Engineering Group��Mike BellNew DevicesGroup��Wendell BrooksMergers& Acquisitions �����������������������������

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�����If it is smart and connected, it is best with Intel.����CORE ASSETS THAT DRIVE THE PC AND DATA CENTER����IoT����SECURITY����SOFTWARE����WEARABLES����FOUNDRY����MOBILE����PROCESS TECHNOLOGY��������������SHARED IP����IA CORES�

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�Legal Disclaimers��Software and workloads used in performance tests may have been optimized for performance only on Intel microprocessors. Performance tests, such as SYSmark and MobileMark, are measured using specific computer systems, components, software, operations and functions. Any change to any of those factors may cause the results to vary. �You should consult other information and performance tests to assist you in fully evaluating your contemplated purchases, including the performance of that product when combined with other products. �All dates, forecasts and products specified in this presentation are subject to change without notice.� This presentation will not be updated to reflect any such changes.�Copyright 2014 Intel Corporation.�*Other names and brands may be claimed as the property of others.�

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�Risk Factors��The statements in the presentations and other commentary that refer to plans and expectations for the fourth quarter, the year and the future are forward-looking statements that involve a number of risks and uncertainties. Words such as anticipates, expects, intends, plans, believes, seeks, estimates, may, will, should and their variations identify forward-looking statements.�Statements that refer to or are based on projections, uncertain events or assumptions also identify forward-looking statements.�Many factors could affect Intels actual results, and variances from Intels current expectations regarding such factors could cause actual results to differ materially from those expressed in these forward-looking statements. Intel presently considers the following to be important factors that could cause actual results to differ materially from the companys expectations. �Demand for Intels products is highly variable and could differ from Intels expectations due to factors including changes in the business and economic conditions; consumer confidence or income levels; customer acceptance of Intels and competitors products;� competitive and pricing pressures, including actions taken by competitors; supply constraints and other disruptions affecting customers; changes in customer order patterns including order cancellations; and changes in the level of inventory at customers.Intels gross margin percentage could vary significantly from expectations based on capacity utilization; variations in inventory valuation, including variations related to the timing of qualifying products for sale; changes in revenue levels; segment product mix; the timing and execution of the manufacturing ramp and associated costs; excess or obsolete inventory; changes in unit costs; defects or disruptions in the supply of materials or resources; and product manufacturing quality/yields.� Variations in gross margin may also be caused by the timing of Intel product introductions and related expenses, including marketing expenses, and Intels ability to respond quickly to technological developments and to introduce new features into existing products, which may result in restructuring and asset impairment charges. Intel operates in highly competitive industries and its operations have high costs that are either fixed or difficult to reduce in the short term.� The declaration and rate of dividend payments and the amount and timing of Intels stock buyback program are at the discretion of Intels board of directors, and plans for future dividends and stock buy backs and could be affected by changes in Intels priorities for the use of cash, such as operational spending, capital spending, acquisitions, and because of changes to Intels cash flows and changes in tax laws.Intels expected �tax rate is based on current tax law and current expected income and may be affected by the jurisdictions in which profits are determined to be earned and taxed; changes in the estimates of credits, benefits and deductions; the resolution of issues arising from tax audits with various authorities, including payment of interest and penalties; and the ability to realize deferred tax assets.� Gains or losses from equity securities and interest and other could vary from expectations depending on gains or losses on the sale, exchange, change in the fair value or impairments of debt and equity investments; interest rates; cash balances; and changes in fair value of derivative instruments. Intel's results could be affected by adverse economic, social, political and physical/infrastructure conditions in countries where Intel, its customers or its suppliers operate, including military conflict and other security risks, natural disasters, infrastructure disruptions, health concerns and fluctuations in currency exchange rates.� Intels results could be affected by the timing of closing of acquisitions, divestitures and other significant transactions.Intel's results could be affected by adverse effects associated with product defects and errata (deviations from published specifications), and by litigation or regulatory matters involving intellectual property, stockholder, consumer, antitrust, disclosure and other issues. An unfavorable ruling could include monetary damages or an injunction prohibiting Intel from manufacturing or selling one or more products, precluding particular business practices, impacting Intels ability to design its products, or requiring other remedies such as compulsory licensing of intellectual property.A detailed discussion of these and other factors that could affect Intels results is included in Intels SEC filings, including the companys most recent Form 10-Q, Form 10-K and earnings release.�

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�William Holt��Executive Vice PresidentGeneral Manager, Technology and Manufacturing Group�

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�Intel Continues to Deliver the Benefits of Moores Law��Key Messages from 2013��True Cost Reduction Remains Possible in a Capital Intensive Environment��The Benefits of Technology Apply Across the Product Portfolio�

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�14nm Status - 2013��Reliability Scorecard at the same point in development��Module��22nm (2 year offset)��14nm��Transistor��������Interconnect��������Thermo-Mechanical/Moisture��������Test Vehicle Yield��������ESD/LU��������Alpha Particle/Soft Error��������Low risk����Meeting all cert goals����Medium risk��Close to meeting goals ��High risk����Not yet meeting all goals, needs additional work��Source: Intel. * Forecast��Generally healthy reliability at this stage, on track for Q1 14 certification *������Yieldat the same point in development��May��June��July��Aug��Sept��Oct��Nov��Dec��Jan��Feb������Key Parameter Matching% of key process parameters meeting 3-sigma targetsat the same point in development��22nm��14nm��14 nm key process parameter matching on track with 22 nm trend��Weeks������Performance ImprovementSwitching Energy vs. Gate Delay����22nm��14nm��Switching Energy Change (%)��Delay Change (%)��14nm��22nm��Increasing Yield��Increasing Matching��Better��Yield rapidly increasing, on track for matched yield in Q1 14 *��H�

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�����Reliability Scorecard at the same point in development����Performance ImprovementSwitching Energy vs. Gate Delay��Increasing Yield��14nm��22nm��Yield is now in healthy range with further improvements coming��H����22nm��14nm��Switching Energy Change (%)��Delay Change (%)��14nm Status - 2014��Reliability Scorecard at the same point in development��Module��22nm (2 year offset)��14nm��Transistor��������Interconnect��������Thermo-Mechanical/Moisture��������Test Vehicle Yield��������ESD/LU��������Alpha Particle/Soft Error��������Low risk����Meeting all cert goals����Medium risk��Close to meeting goals ��High risk����Not yet meeting all goals, needs additional work��14nm PRQ achieved Q2 2014����Increasing Matching��Key Parameter Matching% of key process parameters meeting 3-sigma targetsat the same point in development��22nm��14nm��14 nm key process parameter matching on track with 22 nm trend��Weeks������Better��Yieldat the same point in development��May��June��July��Aug��Sept��Oct��Nov��Dec��Jan��Feb��Mar��Apr��May��Jun��Source: Intel �

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�14 nm Product Yield Is In Healthy Range��Increasing Yield��14nm Broadwell Yield Trend��22 nm data are shifted to align date of lead product qualDepicts relative health, lines not to scale��22nm Is Intels Highest Yielding Process Ever����������������������������������14 nm��22 nm��Forecast��PRQ��������Q1 14����Q2 14����Q3 14����Q4 14����Q1 15��Broadwell SoC����Source: Intel �

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���������14nm Technology Overview�� A True 14 nm Technology 2nd Generation FinFET 52 nm Interconnect Pitch First Use of Air Gaps�

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� 22 nm 14 nm Node Node ScaleTransistor Fin Pitch 60 42 .70xTransistor Gate Pitch 90 70 .78xInterconnect Pitch 80 52 .65x nm nm��Intel Has Developed a True 14 nm Technology���

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�14 nm Design Rules + 2nd Generation Tri-gate Transistor Provides Industry-leading SRAM Density ��SRAM Memory Cells��.108 um2(Used on CPU products)��.0588 um2(0.54x area scaling)��22 nm Process��14 nm Process�

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�Transistor Fin Improvement��22 nm Process������������Si Substrate��60 nmpitch��34 nmheight��������14 nm Process������Si Substrate�������������

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�Tighter Fin Pitch for Improved Density ��Transistor Fin Improvement������������Si Substrate��42 nmpitch������������������Si Substrate��60 nmpitch��34 nmheight��������22 nm Process��14 nm Process�

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�Taller and Thinner Fins for Increased Drive Current and Performance ��Transistor Fin Improvement������������Si Substrate��42 nmpitch��42 nmheight������������������Si Substrate��60 nmpitch��34 nmheight��������22 nm Process��14 nm Process�

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�Transistor Fin Improvement��Reduced Number of Fins for Improved Density and Lower Capacitance ����������Si Substrate��42 nmpitch��42 nmheight����������������Si Substrate��60 nmpitch��34 nmheight��������22 nm Process��14 nm Process�

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�Transistor Fin Improvement�� 22 nm 1st Generation Tri-gate Transistor�� 14 nm 2nd Generation Tri-gate Transistor����������������������Metal Gate������������������������Si Substrate��Metal Gate������Si Substrate�

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�Transistor Fin Improvement�� 22 nm 1st Generation Tri-gate Transistor�� 14 nm 2nd Generation Tri-gate Transistor��Source: Intel �

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���������Intel Transistor Leadership��������������������������������Projected������TSMCGlobalFoundriesSamsungIBM��3 Years�� 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18�� 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18��������SiGe Strained Silicon��Tri-Gate��High-k Metal Gate��3.5 Years��~3.5 Years��������SiGe Strained Silicon��High-k Metal Gate��Tri-Gate��*Other names and brands may be claimed as the property of others.Source: Dates are based on start of high volume production. Projected dates are based on other company public statements. �

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�������Active Power(Includes performance increase)��Generation��1x��.25x��22 nm��32 nm��45 nm��14 nm��Server LaptopMobile��2nd Generation Tri-Gate is the Critical Enabler��Active Power(Includes performance increase)��Performance per Watt��Performance��22 nm��32 nm��45 nm��14 nm��Generation��Performance ��1x��Laptop ��Mobile ��2x��Server ��Performance per Watt��Generation��22 nm��32 nm��45 nm��14 nm��1x��10x��Performance Improved��Active Power Reduced��Performance per Watt Improves��14 nm BDW-Y Delivers >2x Improvement in Performance per Watt��Source: Intel��Server ��Laptop ��Mobile ����>2x��Intel Core M processor�

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�Interconnects��52 nm Interconnect Pitch Provides Better-than-normal Interconnect Scaling��80 nm minimum pitch��52 nm (0.65x) minimum pitch��22 nm Process��14 nm Process��Source: Intel �

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�Interconnects��52 nm Interconnect Pitch Provides Better-than-normal Interconnect Scaling��80 nm minimum pitch��52 nm (0.65x) minimum pitch��22 nm Process��14 nm Process��Source: Intel �

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�Interconnects��52 nm Interconnect Pitch Provides Better-than-normal Interconnect Scaling��80 nm minimum pitch��52 nm (0.65x) minimum pitch��22 nm Process��14 nm Process��First Use of Air Gaps to Improve Interconnect Performance������������������Source: Intel �

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�Logic Area Scaling Trend(Publicly available scaling information) ��Gate Pitch x Metal Pitch (nm2)��Start of Volume Production��45nm: K-L Cheng (TSMC), 2007 IEDM, p. 243 28nm: F. Arnaud (IBM alliance), 2009 IEDM, p. 65120nm: H. Shang (IBM alliance), 2012 VLSI, p.12916nm: S. Wu (TSMC), 2013 IEDM, p. 22410nm: K-I Seo (IBM alliance), 2014 VLSI, p. 14��Others based on published information:����Source: Intel data from shipping products������������������������������������������Logic��Cell ��Height��Logic Cell ��Width����Gate ��Pitch��Metal ��Pitch����Projected�

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�14nm Enables Cost and Performance Benefits����Broadwell 2 X 2 (14nm)1.3B transistors��Haswell 2 X 2 (22nm)960M Transistors��37% Smaller��35% More Transistors��Broadwell delivers:2.2x increase in transistor densityUp to 40% better 3D graphics perf1 Enables <9mm fanless designs��Industrys First 14 nm Processor in Volume Production��1 Intel� Core" M-5Y70 processor compared to Intel� Core" i5-4302Y processor�

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�* Forecast��X������mm2/transistor��Normalized Area/Transistor Growth (mm2/transistor)��65 nm��45 nm��32 nm��22 nm��14 nm��10 nm*��90 nm��0.13 um��=������$/transistor��Normalized Cost per Transistor ($/transistor)��65 nm��45 nm��32 nm��22 nm��14 nm��10 nm*��90 nm��0.13 um������ $/mm2��Normalized Capital Growth ($/mm2)��65 nm��45 nm��32 nm��22 nm��14 nm��10 nm*��90 nm��0.13 um��Cost Reduction On Track��Source: Intel �

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�* Forecast��X������mm2/transistor��Normalized Area/Transistor Growth (mm2/transistor)��65 nm��45 nm��32 nm��22 nm��14 nm��10 nm*��90 nm��0.13 um��=������$/transistor��Normalized Cost per Transistor ($/transistor)��65 nm��45 nm��32 nm��22 nm��14 nm��10 nm*��90 nm��0.13 um������ $/mm2��Normalized Capital Growth ($/mm2)��65 nm��45 nm��32 nm��22 nm��14 nm��10 nm*��90 nm��0.13 um��Cost Reduction On Track�� 7 nm*��Source: Intel �

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�Intel Continues to Deliver Moores Law��Summary��True Cost Reduction Remains Possible��Technology Enables Real Product Improvements �

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�Legal Disclaimers��Software and workloads used in performance tests may have been optimized for performance only on Intel microprocessors. Performance tests, such as SYSmark and MobileMark, are measured using specific computer systems, components, software, operations and functions. Any change to any of those factors may cause the results to vary. �You should consult other information and performance tests to assist you in fully evaluating your contemplated purchases, including the performance of that product when combined with other products. Intel technologies may require enabled hardware, specific software, or services activation. Check with your system manufacturer or retailer.Tests document performance of components on a particular test, in specific systems. Differences in hardware, software, or configuration will affect actual performance. Consult other sources of information to evaluate performance as you consider your purchase.� For more complete information about performance and benchmark results, visit http://www.intel.com/benchmarks �All dates, forecasts and products specified in this presentation are subject to change without notice.� This presentation will not be updated to reflect any such changes.�Copyright 2014 Intel Corporation.�*Other names and brands may be claimed as the property of others.�

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�Risk Factors��The statements in the presentations and other commentary that refer to plans and expectations for the fourth quarter, the year and the future are forward-looking statements that involve a number of risks and uncertainties. Words such as anticipates, expects, intends, plans, believes, seeks, estimates, may, will, should and their variations identify forward-looking statements.�Statements that refer to or are based on projections, uncertain events or assumptions also identify forward-looking statements.�Many factors could affect Intels actual results, and variances from Intels current expectations regarding such factors could cause actual results to differ materially from those expressed in these forward-looking statements. Intel presently considers the following to be important factors that could cause actual results to differ materially from the companys expectations. �Demand for Intels products is highly variable and could differ from Intels expectations due to factors including changes in the business and economic conditions; consumer confidence or income levels; customer acceptance of Intels and competitors products;� competitive and pricing pressures, including actions taken by competitors; supply constraints and other disruptions affecting customers; changes in customer order patterns including order cancellations; and changes in the level of inventory at customers.Intels gross margin percentage could vary significantly from expectations based on capacity utilization; variations in inventory valuation, including variations related to the timing of qualifying products for sale; changes in revenue levels; segment product mix; the timing and execution of the manufacturing ramp and associated costs; excess or obsolete inventory; changes in unit costs; defects or disruptions in the supply of materials or resources; and product manufacturing quality/yields.� Variations in gross margin may also be caused by the timing of Intel product introductions and related expenses, including marketing expenses, and Intels ability to respond quickly to technological developments and to introduce new features into existing products, which may result in restructuring and asset impairment charges. Intel operates in highly competitive industries and its operations have high costs that are either fixed or difficult to reduce in the short term.� The declaration and rate of dividend payments and the amount and timing of Intels stock buyback program are at the discretion of Intels board of directors, and plans for future dividends and stock buy backs and could be affected by changes in Intels priorities for the use of cash, such as operational spending, capital spending, acquisitions, and because of changes to Intels cash flows and changes in tax laws.Intels expected �tax rate is based on current tax law and current expected income and may be affected by the jurisdictions in which profits are determined to be earned and taxed; changes in the estimates of credits, benefits and deductions; the resolution of issues arising from tax audits with various authorities, including payment of interest and penalties; and the ability to realize deferred tax assets.� Gains or losses from equity securities and interest and other could vary from expectations depending on gains or losses on the sale, exchange, change in the fair value or impairments of debt and equity investments; interest rates; cash balances; and changes in fair value of derivative instruments. Intel's results could be affected by adverse economic, social, political and physical/infrastructure conditions in countries where Intel, its customers or its suppliers operate, including military conflict and other security risks, natural disasters, infrastructure disruptions, health concerns and fluctuations in currency exchange rates.� Intels results could be affected by the timing of closing of acquisitions, divestitures and other significant transactions.Intel's results could be affected by adverse effects associated with product defects and errata (deviations from published specifications), and by litigation or regulatory matters involving intellectual property, stockholder, consumer, antitrust, disclosure and other issues. An unfavorable ruling could include monetary damages or an injunction prohibiting Intel from manufacturing or selling one or more products, precluding particular business practices, impacting Intels ability to design its products, or requiring other remedies such as compulsory licensing of intellectual property.A detailed discussion of these and other factors that could affect Intels results is included in Intels SEC filings, including the companys most recent Form 10-Q, Form 10-K and earnings release.�

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�Configuration Information��Intel� Core" M-5Y70 Processor (up to 2.60GHz, 4T/2C, 4M Cache) On Intel Reference Platform. BIOS: v80.1 Graphics: Intel� HD Graphics (driver v. 15.36.3650) Memory: 4 GB (2x2GB) Dual Channel LPDDR3-1600 SDD: Intel� 160GB OS: Windows* 8.1 Update RTM Prior generation: Intel� Core" i5-4302Y (up to 2.30GHz, 4T/2C, 3M Cache) on Intel Reference Platform. 4.5W Thermal Design Power. BIOS:WTM 137 Graphics : Intel� HD Graphics (driver v. 15.36.3650) Memory: 4 GB (2x2GB) Dual Channel LPDDR3-1600 SDD: Intel� 160GB OS: Windows* 8.1 Update RTM. System Power Management Policy: Balance Wireless: On and connected. Battery size assumption: 35WHr.�

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Please see corresponding attached PDF.

�����INVESTOR MEETING 2014��������SANTA CLARA NOVEMBER 20�

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�Stacy Smith��Executive Vice PresidentChief Financial Officer�

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�Industry Definitions��MOORE'S LAW:�The observation that, over the history of computing hardware, the number of transistors in a dense integrated circuit doubles approximately every two years.��METCALFE'S LAW:�States that the value of a telecommunications network is proportional to the square of the number of connected users of the system (n2). ��SIMPSON'S PARADOX: A paradox in probability and statistics, in which a trend that appears in different groups of data disappears when these groups are combined. ��STACYS SHROUD:� The art of using poetry to hide deep insight in plain sight.� A more creative form than the Greenspan Garble.��JEVONS PARADOX: The proposition that as technology progresses, the increase in efficiency with which a resource is used tends to increase (rather than decrease) the rate of consumption of that resource.�

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���2014 Investor MeetingHaiku��Cloud forms, data shinesTransistor density sproutsClient growth blossoms�

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���2014 Investor MeetingHaiku��Big Drones, cool robotsIntelligence on the edgeBK Spawns Skynet�

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�Key Messages��Return to growth in 2014��IP and Manufacturing leadership are increasingly valuable advantages��Exquisitely positioned to benefit from cloud and big data��We are investing in our business and returning cash to shareholders�

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�2014 Outlook: Financial Growth��Full Year Revenue at $55.8B��Up 6% from 2013��Full Year Gross Margin at 63% ��Up ~3 pts from 2013��YTD Operating Profit at $10.9B��Up 25% from 2013��YTD EPS at $1.58��Up 15% from 2013������*The 2014 forecast� is based on Q1-Q314 actuals plus the midpoint of� the Q414 forecast.Forecast range is based on current expectations and is subject to change without noticeSource: Intel�

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�Intel Revenue��$B��*The 2014 forecast� is based on Q1-Q314 actuals plus the midpoint of� the Q414 forecast.Forecast range is based on current expectations and is subject to change without noticeSource: Intel�

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�Our Competitive Advantage 1: IP��Key Segments of Our Business ��Our Competitive Advantage 2: Manufacturing��Cash and Shareholder Return�

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���R&D Scale��Source: CapitalIQ ��R&D Spending relative to the semiconductor industry Five year history (FY2009  FY2013)��Intel investing at 2.5x to 10x the industry players��B��2013��2012��2011��2010��2009�

�

�Number of suppliers declining across key IP blocks����WWAN��Key suppliers with complete modem stack (2G, 3G, and 4G)��18��7������Complete modem stack����Exited or exit announced����Graphics��16��7��Key suppliers ofgraphics units����LP only������Both����Wireless connectivity��25��16��Key suppliers of WiFi, BT and GPS Si����Exited or exit announced������Partialcomponents only����Full connectivity suite ��TI��Freescale��Icera��NEC��Intel Xscale��STMicro��Ericsson��NXP��Si Labs��MediaTek��Analog Devices��Motorola��LSI��Infineon��Nokia��Renesas��Broadcom��Qualcomm��Qualcomm��HiSilicon��Intel��Mediatek��Marvell��Samsung��XGI��Matrox��SiS��VIA��3Dlabs��DMP��Fujitsu��Takumi��Broadcom��Vivante��Falanx��Imagination��BitBoys��ATI��Nvidia��Intel��AMD��Nvidia��Intel��Qualcomm��Imagination��ARM��Vivante��Seiko Epson��GloNav��U-Nav��Global Locate��CPS��NordNav��SiRF��Renesas��Mitsumi��Murata��Toshiba��RF Micro Devices��NXP��Infineon��CSR��Qualcomm��RealTek��Railink��Atheros��Airgo��Intel��Marvell��Broadcom��TI��STMicro��STMicro��Broadcom��Qualcomm��MediaTek��Marvell��Intel��Spreadtrum/RDA��Realtek��Toshiba��Samsung��Murata��Mitsumi��Renesas��Seiko Epson��CSR��TI��6_84 16_84 18_84 13_84��Broadcom��Note: Excludes vendors with low volumes and WWAN excludes LTE vendors with LTE data stack only (e.g., WWAN excludes Spreadtrum, Nvidia, GCT, Altair and Sequans; Graphics excludes VIA, Takumi, DMP and Broadcom)Source: Company websites, press releases, literature search, and analyst reports�

�

�Core��Cache (SRAM)��Memory Controller��SA, I/O,Etc.��DRAM��PCH1��EC2��USB��Display��Audio��GenXGPU��EmbeddedDRAM��WiFi������Intel inte-grated GPU��IA CPU (Core)��Cache (SRAM)��Memory Controller��SA, I/O,Etc.��Co-packaged��DRAM��PCH1��EC2��USB��Display��Audio��WiFi��PC  Haswell GT3e��Cross-platform IP sharing and innovation��135_84 65_84 4_84 27_84 28_84 161_84 167_84 2_84 26_84 23_84 29_84������Segment Specific IP����PC IPReuse����Server - Intel� Xeon� E5-2600 V3 ��DRAM��PCH��EC��USB��Display��Audio��IA CPU (Core)��Cache(SRAM)��IA CPU (Core)��IA CPU (Core)��Cache(SRAM)��IA CPU (Core)��UnicoreI/O��Memory Controller��ECC3��QPI4��QPI4��40GEthernet��PCIE����I/O��Intel integrated GPU��Memory Controller��IA CPU (Atom)5 incl.Cache��I/O��I/O��USB��Security��Display��Audio��Camera��DRAM��WiFi��BT��WWAN��Mobile  Bay Trail SoC��WiFi��BT��WWAN��BT��WWAN����Mobile IPReuse��EmbeddedDRAM��PCIE��IA CPU (Core)��Cache (SRAM)��Memory Controller��SA, I/O,Etc.��DRAM��PCH1��EC2��USB��Display��Audio��EmbeddedDRAM��Intel inte-grated GPU��IA CPU (Core)��Cache (SRAM)��SA, I/O,Etc.��DRAM��WiFi��IA CPU (Core)��Cache (SRAM)��Memory Controller��SA, I/O,Etc.��DRAM��PCH1��EC2��USB��Display��Audio��PCIE��EmbeddedDRAM��Intel inte-grated GPU��WiFi��BT��WWAN��PCIE��Security��Security��Security��Security��Note: 1PCH  Platform Controller Hub; 2EC  Ethernet Controller; 3ECC  Error Correcting Code memory; 4QPI  QuickPath Interconnect; 5Baytrail SoC sharing Core IP with Avoton microserverSource: Intel�

�

�Shared costs are alarge portion of Intel R&D ��Note: Shared platforms include PC, Server and Mobile����GenXGPU��Core��Cache (SRAM)��Memory Controller��SA, I/O,Etc.��EmbeddedDRAM��Co-packaged��DRAM��PCH��EC��USB��Clock��Display��Audio��WiFi����Core��Cache (SRAM)��Memory Controller��SA, I/O,Etc.��EmbeddedDRAM��Co-packaged��DRAM��PCH��EC��USB��Clock��Display��Audio��WiFi��GenXGPU����GenXGPU��Core��Cache (SRAM)��Memory Controller��SA, I/O,Etc.��EmbeddedDRAM��Co-packaged��DRAM��PCH��EC��USB��Clock��Display��Audio��WiFi��Core��Cache (SRAM)��Memory Controller��SA, I/O,Etc.��EmbeddedDRAM��DRAM��USB��Clock��Display��Audio��WiFi��GenXGPU��Core��Cache (SRAM)��Memory Controller��SA, I/O,Etc.��DRAM��PCH��EC��USB��Clock��Display��Audio��Core��Cache (SRAM)��Memory Controller��SA, I/O,Etc.��DRAM��PCH��EC��USB��Clock��Display��Audio��~$11B��Intel R&D (2014)��Shared Platform Investments: Connectivity, WWAN, Graphics IP, etc.��Foundational Investments:Process Development,CPU & Core Design,SOC Integration, Validation & Testing��MCG��IoT��Other��PCCG / DCG�

�

�Our Competitive Advantage 1: IP��Key Segments of Our Business ��Our Competitive Advantage 2: Manufacturing��Cash and Shareholder Return�

�

������������

�

�Data Center Group2013 vs. 2014 Forecast��*Forecast is based on current expectations and is subject to change without noticeSource: Intel�� ~$14.1B of Revenue:Up ~16% YoY~$7.0B Operating margin:Up ~26% YoY ~50% of revenue��2014 PERFORMANCE��$Billion�

�

�������������Enterprise��Enterprise��Cloud SP��Cloud SP��Telco SP��Telco SP��TechCompute��TechCompute��>20%Growth YoY in non-enterprise market segment��Cloud + Big Data=BIG DEAL������*Forecast is based on current expectations and is subject to change without noticeSource: Intel�

�

�YoY Revenue growth >15% in 2015Operating Profit to grow faster than revenue��Data Center Expectations����*Forecast is based on current expectations and is subject to change without noticeSource: Intel�

�

������������

�

�PC Client Group & Mobile and Communications Group2013 vs. 2014 Forecast��$B��MCG Financials��2013��2014F��2013��2014F��$B��*Forecast is based on current expectations and is subject to change without noticeSource: Intel�

�

�PC Unit Trend: SOM��*Platform includes both CPU and chipset and excludes netbookForecast is based on current expectations and is subject to change without noticeSource: Intel��PC Annual Unit SOM (excluding netbooks)��Mu��Units are growing. PC up ~9%��F��YoY Growth �

�

�*Platform includes both CPU and chipset and excludes netbookForecast is based on current expectations and is subject to change without noticeSource: Intel��PC Platform* ASP����$��0�

�

�*Platform includes both CPU and chipset and excludes netbookForecast is based on current expectations and is subject to change without noticeSource: Intel��PC Platform* Cost����$��0�

�

�*Platform includes both CPU and chipset and excludes netbookForecast is based on current expectations and is subject to change without noticeSource: Intel��PC Platform* ASP and Cost����$��0�

�

�Segmented Costs to Compete Across SegmentsPlatform Costs*��Performance��Mainstream��Value��Forecast��Old��Old��Old��Forecast��Forecast��*Platform includes both CPU and Chipset componentsForecast is based on current expectations and is subject to change without noticeSource: Intel�

�

�Segmented Costs to Compete Across SegmentsPlatform Costs*��Performance��Mainstream��Value��*Platform includes both CPU and Chipset componentsForecast is based on current expectations and is subject to change without noticeSource: Intel��Old��Old��Old��New��New��New��Forecast��Forecast��Forecast�

�

�Segmented Costs to Compete Across SegmentsPlatform Costs*��Performance��Mainstream��Value��Old��Old��Old��New��New��New��Forecast��Forecast��Forecast��*Platform includes both CPU and Chipset componentsForecast is based on current expectations and is subject to change without noticeSource: Intel�

�

�2015 14nm Ramp: Broadwell Cost Curve��Broadwell��Broadwell��Forecast is based on current expectations and is subject to change without notice. Source: Intel�

�

�14nm vs. 22nm Cost Curve Comparison��Ivy Bridge��Haswell��Q2 12��Q3 12��Q4 12��Q1 13��Q3 13��Q4 13��Q1 14��Q2 14��Unit Cost Curve by Products��Broadwell��Haswell��Ivy Bridge��Broadwell��Forecast is based on current expectations and is subject to change without notice. Source: Intel��Timing adjusted for volume ramp + 1 quarter. Volume ramp defined as the first quarter shipments exceed 1Mu�

�

�������PC Segmentation��*Platform includes both CPU and chipset. Forecast is based on current expectations and is subject to change without noticeSource: Intel����YoY Growth 14%��YoY Growth 5%��Mu��Core Mix Ramp over 2014F�

�

�Extending the Cost Curve in ClientLowest PC Client Platform Cost��~40%��~30%��Bay TrailCeleron��Bay TrailCeleron��Forecast��0��$��Forecast��*Platform includes both CPU and chipset .Forecast is based on current expectations and is subject to change without noticeSource: Intel�

�

�Multi-Comms��*Forecast is based on current expectations and is subject to change without noticeSource: Intel��Revenue $M��Forecast����CUSTOMERS��Forecast��Other names and brands may be claimed as the property of others.�

�

�PC and Tablet Unit Trend: SOM��*Platform includes both CPU and chipset and excludes netbookForecast is based on current expectations and is subject to change without noticeSource: Intel��Annual Unit SOM (excluding netbooks)��Mu�

�

�PC and Tablet Unit Trend: SOM YoY Growth��*Platform includes both CPU and chipset and excludes netbookForecast is based on current expectations and is subject to change without noticeSource: Intel��Annual Unit SOM (excluding netbooks)��Mu��20%��10%��0%��-5%��YoY Growth �

�

�PC and Tablet Unit Trend: MSS��*Platform includes both CPU and chipset and excludes netbookForecast is based on current expectations and is subject to change without noticeSource: Intel��Annual Unit MSS (excluding netbooks)�

�

�2014 Tablet Progress��*Forecast is based on current expectations and is subject to change without noticeSource: Intel Internal RoadmapCost is defined as full kit cost������Entry��Performance����Cost: ~40% of Bay Trail BOM Delta: >$15��BOM Delta: >$15��Bay Trail��Clover Trail +��Bay Trail Entry��Cost: ~90% of Bay TrailBOM Delta: ~$8��On track to ship 40M Designs  across Android, Windows and ChromeEnabled the ChinaTech ecosystem�

�

���2015��BOM Delta: >$15��Bay Trail��SoFIA 3G��Cost: ~40% of Bay Trail BOM Delta: ~$0��SoFIA LTE��Cost: ~25% of Bay Trail BOM Delta: ~$0��2014��2015 Introducing New Products for Value and Entry��*Forecast is based on current expectations and is subject to change without noticeSource: Intel Internal RoadmapCost is defined as full kit cost�

�

�~$11B��Intel R&D (2014)��Shared Platform Investments: Connectivity, WWAN, Graphics IP, etc.��Foundational Investments:Process Development,CPU & Core Design,SOC Integration, Validation & Testing��MCG��IoT��Other��PCCG / DCG��MCG R&D Breakout Unique vs. Shared Investment����MCG R&D Spending����Phone Spend��Tablet Spend��Shared Investment and Foundational Investments��*The 2014 forecast� is based on Q1-Q314 actuals plus the midpoint of� the Q414 forecast.Forecast range is based on current expectations and is subject to change without noticeSource: Intel�

�

�����PCCG & MCG 2015 Expectations��~ Flat Units and Revenue slightly downCOGS higher: 10nm start-up costs and elevated Broadwell costs in 1H 15, better in 2H 15��Ramping LTE SoFIA in value and entryOperating margin improvement ~$800M������*Forecast is based on current expectations and is subject to change without noticeSource: Intel Internal Roadmap�

�

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�

�Internet of Things Group2013 vs. 2014 Forecast��*Forecast is based on current expectations and is subject to change without noticeSource: Intel�� ~$2.1B of Revenue:Up ~18% YoY~$0.6B Operating margin: ~26% of rev��2014 PERFORMANCE��$2B��$0�

�

�Design win momentum continues across all segments2015: Expect uptick in growth ��2014 PERFORMANCE��Internet of Things Group��*Forecast is based on current expectations and is subject to change without noticeSource: Intel��������������������������$2B��$0�

�

�Software & Services operating segment2013 vs. 2014 Forecast��*Forecast is based on current expectations and is subject to change without noticeSource: Intel�� ~$2.3B of Revenue:Up ~3% YoY~$0.1B Operating margin: ~5% of rev��2014 PERFORMANCE��$2B��$0�

�

�Non-Volatile Memory Solutions Group��$0��*Forecast is based on current expectations and is subject to change without noticeSource: Intel��$2B��$0�

�

�Our Competitive Advantage 1: IP��Key Segments of Our Business ��Our Competitive Advantage 2: Manufacturing��Cash and Shareholder Return�

�

�������������Cost Reduction On Track��*Forecast is based on current expectations and is subject to change without noticeSource: Intel��X����mm2/transistor��Normalized Area/Transistor Growth (mm2/transistor)��65 nm��45 nm��32 nm��22 nm��14 nm��10 nm*��90 nm��0.13 um��=����$/transistor��Normalized Cost per Transistor ($/transistor)��65 nm��45 nm��32 nm��22 nm��14 nm��10 nm*��90 nm��0.13 um���� $/mm2��Normalized Capital Growth ($/mm2)��65 nm��45 nm��32 nm��22 nm��14 nm��10 nm*��90 nm��0.13 um�� 7 nm*�

�

�Capex by Peak Wafer Start By Generation��$��0��*Forecast is based on current expectations and is subject to change without noticeSource: Intel��Forecast��Ku��0��Capex / Peak wafer starts per week ��Peak wafer starts per week �

�

�Weighted Average Die SizePlatform*��mm2��Forecast is based on current expectations and is subject to change without noticeSources: Intel*Platform includes CPU and chipset��Forecast��Forecast�

�

�����The Broadwell Advantage��SUB 5 WATT enables fanless designsUp to 40% higher 3Dgraphics performance1����BROADWELL 2 X 2 (14nm)��HASWELL 2 X 2 (22nm)��37% Smaller��14nm Delivers Cost AND Performance Benefits:��960MTransistors��1.3BTransistors��1 Intel� Core" M-5Y70 processor compared to Intel� Core" i5-4302Y processor�

�

�Capacity & Loadings��F��*Forecast is based on current expectations and is subject to change without noticeSource: Intel�

�

�So hold on there Tex &&Can you tell me again why it takes $11B of Capex to run your business?�

�

�2014 Capex Breakout��Capacity��Development��Non-Manufacturing��450mm��~$7.3B����*The 2014 forecast� is based on Q1-Q314 actuals plus the midpoint of� the Q414 forecast.Forecast range is based on current expectations and is subject to change without noticeSource: Intel�

�

�Capital Trends: 2011  2014F��$11B��2011��2012��2013��2014��Forecast��*The 2014 forecast� is based on Q1-Q314 actuals plus the midpoint of� the Q414 forecast.Forecast range is based on current expectations and is subject to change without noticeSource: Intel�

�

�Capital Trends: 2011  2015F��$11B��2011��2012��2013��2014��Forecast��2015Capital Spending Range$10.5B(+/- $500M)��*The 2014 forecast� is based on Q1-Q314 actuals plus the midpoint of� the Q414 forecast.Forecast range is based on current expectations and is subject to change without noticeSource: Intel�

�

�So hold on there Tex (part 2)&Even at $7B - $8B of CapEx, wont the increase in depreciation lower your Gross Margins?�

�

�Depreciation Trends��������COS Depreciation as a % of Revenue������COS Depreciation as a % of Total Cost of Sales��%��Sources: IntelForecast is based on current expectations and is subject to change without notice��%��Forecast��Forecast�

�

�Napkin Math����For illustrative purposes only, not a forecast.�

�

�Gross Margins��*The 2014 forecast is based on Q1-Q314 actuals plus the midpoint of the Q414 forecast.Forecast range is based on current expectations and is subject to change without noticeSource: Intel��Forecast����2015Forecast Range60%- 64%�

�

���Number of players with a leading edge fab��25��TSMC��Intel��Samsung��AMD��IBM��ST-M��UMC��Panasonic��Fujitsu��Renesas��SMIC��Freescale��Infineon��Sony��Cypress��Sharp��ADI��Atmel��Hitachi��ON��Rohm��Sanyo��Mitsubishi��18��13��13��8��5��TSMC��Intel��Samsung��AMD��IBM��ST-M��UMC��Panasonic��Fujitsu��Renesas��SMIC��Freescale��Infineon��Sony��Cypress��Sharp��TSMC��Intel��Samsung��GF��IBM��ST-M��UMC��Panasonic��Fujitsu��Renesas��SMIC��TSMC��Intel��Samsung��GF��IBM��ST-M��UMC��Panasonic��TSMC��Intel��Samsung��GF��IBM��(130nm)��(90nm)��(65nm)��(45/40nm)��(32/28nm)��(22/20nm)��Si technology is becoming rare��Note: IBM Fabs are currently getting acquired by Global FoundriesSource: Analyst reports; company information��TI��Toshiba��TI��Toshiba��TI��Toshiba��TSMC��Intel��Samsung��GF��IBM��ST-M��UMC��Panasonic��Fujitsu��Renesas��SMIC��TI��Toshiba������TSMC��Intel��Samsung��GF��(16/14nm)��4�

�

�Our Competitive Advantage 1: IP��Key Segments of Our Business ��Our Competitive Advantage 2: Manufacturing��Cash and Shareholder Return�

�

�Strong Cash Generation��$B��*Forecast is based on current expectations and is subject to change without noticeSource: Intel��Cash from Operations��$B��Free Cash Flow�

�

� First: Invest in our business�� Third: Share Repurchases��Investing and Returning Cash to Shareholders�� Second: Dividend�

�

�Investing and Returning Cash to Shareholders��$B��Dividend and Share Repurchases$98B since 2004��R & D andCapital Expenditure$153B since 2004��Dividend��ShareRepurchase��CapitalExpenditure��R & D��Source: Intel�

�

�Announcing Dividend Increase Starting in Q1 15��Dividend/Share����Dividend / Share Increase$0.06��2015��Forecast��*Forecast is based on current expectations and is subject to change without noticeSource: Intel��$0.96��$0.90 �

�

���Buyback History (Q1 04 to Q3 14)��Buyback program in place since 1990Returned ~$98B cash and repurchased 4.6B shares from inceptionLast 5 years returned $29B in cash and repurchased 1.2B shares��Billion Shares��Dilutive Shares��Source: Intel�

�

�Revenue Growth in the Mid Single Digits��Gross Margin at 62% (+/- 2 points)��Spending at $20B (+/- $400M)Spending as a Percent of Revenue Down��Capital Spending at $10.5B (+/- $500M)��Putting It All Together2015 Full Year Outlook��*Forecast is based on current expectations and is subject to change without noticeSource: Intel�

�

�Key Messages��Return to growth in 2014��IP and Manufacturing leadership are increasingly valuable advantages��Exquisitely positioned to benefit from cloud and big data��We are investing in our business and returning cash to shareholders�

�

�Q&A�

�

�

�Legal Disclaimers��Software and workloads used in performance tests may have been optimized for performance only on Intel microprocessors. Performance tests, such as SYSmark and MobileMark, are measured using specific computer systems, components, software, operations and functions. Any change to any of those factors may cause the results to vary. �You should consult other information and performance tests to assist you in fully evaluating your contemplated purchases, including the performance of that product when combined with other products. �All dates, forecasts and products specified in this presentation are subject to change without notice.� This presentation will not be updated to reflect any such changes.�Copyright 2014 Intel Corporation.�*Other names and brands may be claimed as the property of others.�

�

�Risk Factors��The statements in the presentations and other commentary that refer to plans and expectations for the fourth quarter, the year and the future are forward-looking statements that involve a number of risks and uncertainties. Words such as anticipates, expects, intends, plans, believes, seeks, estimates, may, will, should and their variations identify forward-looking statements.�Statements that refer to or are based on projections, uncertain events or assumptions also identify forward-looking statements.�Many factors could affect Intels actual results, and variances from Intels current expectations regarding such factors could cause actual results to differ materially from those expressed in these forward-looking statements. Intel presently considers the following to be important factors that could cause actual results to differ materially from the companys expectations. �Demand for Intels products is highly variable and could differ from Intels expectations due to factors including changes in the business and economic conditions; consumer confidence or income levels; customer acceptance of Intels and competitors products;� competitive and pricing pressures, including actions taken by competitors; supply constraints and other disruptions affecting customers; changes in customer order patterns including order cancellations; and changes in the level of inventory at customers.Intels gross margin percentage could vary significantly from expectations based on capacity utilization; variations in inventory valuation, including variations related to the timing of qualifying products for sale; changes in revenue levels; segment product mix; the timing and execution of the manufacturing ramp and associated costs; excess or obsolete inventory; changes in unit costs; defects or disruptions in the supply of materials or resources; and product manufacturing quality/yields.� Variations in gross margin may also be caused by the timing of Intel product introductions and related expenses, including marketing expenses, and Intels ability to respond quickly to technological developments and to introduce new features into existing products, which may result in restructuring and asset impairment charges. Intel operates in highly competitive industries and its operations have high costs that are either fixed or difficult to reduce in the short term.� The declaration and rate of dividend payments and the amount and timing of Intels stock buyback program are at the discretion of Intels board of directors, and plans for future dividends and stock buy backs and could be affected by changes in Intels priorities for the use of cash, such as operational spending, capital spending, acquisitions, and because of changes to Intels cash flows and changes in tax laws.Intels expected �tax rate is based on current tax law and current expected income and may be affected by the jurisdictions in which profits are determined to be earned and taxed; changes in the estimates of credits, benefits and deductions; the resolution of issues arising from tax audits with various authorities, including payment of interest and penalties; and the ability to realize deferred tax assets.� Gains or losses from equity securities and interest and other could vary from expectations depending on gains or losses on the sale, exchange, change in the fair value or impairments of debt and equity investments; interest rates; cash balances; and changes in fair value of derivative instruments. Intel's results could be affected by adverse economic, social, political and physical/infrastructure conditions in countries where Intel, its customers or its suppliers operate, including military conflict and other security risks, natural disasters, infrastructure disruptions, health concerns and fluctuations in currency exchange rates.� Intels results could be affected by the timing of closing of acquisitions, divestitures and other significant transactions.Intel's results could be affected by adverse effects associated with product defects and errata (deviations from published specifications), and by litigation or regulatory matters involving intellectual property, stockholder, consumer, antitrust, disclosure and other issues. An unfavorable ruling could include monetary damages or an injunction prohibiting Intel from manufacturing or selling one or more products, precluding particular business practices, impacting Intels ability to design its products, or requiring other remedies such as compulsory licensing of intellectual property.A detailed discussion of these and other factors that could affect Intels results is included in Intels SEC filings, including the companys most recent Form 10-Q, Form 10-K and earnings release.�