<table><tr><th>From: </th><th>Steven Sinofsky</th></tr><tr><td>Sent: </td><td>Friday, July 25, 2014 2:31 PM</td></tr><tr><td>To: </td><td>Jeffrey Epstein</td></tr><tr><td>Subject: </td><td>What do you think</td></tr></table>

is it time to sell some MSFT?

Next milestone is only whether they pay a bigger dividend or not.

I think next up will be some hiccup in revenue/margins that will spook people. Feels like optimism factored in at this point and new CEO didn't really change anything other than reduce but not eliminate investment in nokia. <?xml version="1.0" encoding="UTF-8"?> <!DOCTYPE plist PUBLIC "-//Apple//DTD PLIST 1.0//EN" "http://www.apple.com/DTDs/Propertylist-1.0.dtd"> <plist version="1.0">

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