For copying to my laptop I removed the card from camera and inserted to my laptop SD card slot. Its prompting to Format the card. Looks like my Windows 7 is not recognizing the file format in the card.

Is your laptop an older laptop (5 or more years old)? If so, then WayneF's comment to your question is probably correct — your laptop's SD card reader is probably not SDXC-compatible. (See the SD Association's primer on SDXC card compatibility).

Is there anyway to copy the files from this card to my Win7 laptop?

If your laptop's card reader is not SDXC-compatible, then you will have to buy a USB SD card reader. Ones supporting USB 3 (for fastest transfer speed), with multi-card support (Compact Flash, SD/SDHC/SDXC, and other less important formats) can be had for around $15 USD.

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Regarding the exFAT filesystem itself, Windows is the most compatible operating system for that filesystem (Microsoft invented it, and holds the patents for exFAT).

• Apple has licensed exFAT from Microsoft, so OS X is 100% compatible with it, including reading, writing, and formatting media for exFAT.

• Linux is the least compatible with exFAT — it has no built-in support for exFAT. People have reverse-engineered the filesystem and have written exFAT filesystem drivers for Linux, but those drivers are not installed as part of the operating system.

  Note: If you use a Linux Live CD or Live Boot USB, after booting, you will first have to install exfat-utils and exfat-fuse (assuming you're using Debian or Ubuntu Linux) before you can mount an exFAT drive or partition.