<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Wednesday, August 20, 2014 9:28 PM</td></tr><tr><td>To:</td><td>Steven Sinofsky</td></tr><tr><td>Subject:</td><td>Re: MSFT</td></tr></table>

you told me the same thing at 33.  i would hedg= your position.  sell options,  i wil I give you specifics=if you like
tomorw

On Wed, Aug 20, 2014 at 4:24 PM, Steven Sinofsky <steven@sinofsky.com <mailto:steven@sinofsky.com> > wrote:

Here's my long pos=tion on Microsoft.

My guess is -- big dividend co=ing (one time) or significant increase in dividend.

I have the payment this summer and next based on the pr=ce on Aug 30.

In* if you have any thoughts...

tough to see the price climbing much. a lot of voodoo going on wher= big old tech convicing Street they are "cloud" but in a way tha= doesn't cost any new money (like the way Salesforce, Box, Workday, et=. are spending money). SAP, Microsoft, Adobe, Oracle, real=y aren't cloud technically -- and all had annuity/subscription economi=s before anyway. Sort of an accounting scam.

Acquired Shares Cost Basis=C2
1999 11$9.8
2004 2,975 $27.8
2005 4,966
2006 64,424 $27.9
2007 81,220 $28.2
2008 13,636 $28.7
2009 63,756 $24.7
2010 94,281$24.0
2011103,342 $26.2
2012 118,905 $30.6
Total 547,515 <=span> $25.8

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## =C2 please note

The information co=tained in this communication is confidential, may be attorney-client pr=vileged, may constitute inside information, and is intended only for

JEE

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