<table><tr><th>From:</th><th>Steven Sinofsky &lt;</th></tr><tr><td>Sent:</td><td>Wednesday, August 20, 2014 8:24 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Subject:</td><td>MSFT</td></tr></table>

Here's my long position on Microsoft.
<=r>
My guess is -- big dividend coming (one time) or significant =ncrease in dividend.

I have the payment this summ=r and next based on the price on Aug 30.

Imk 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=C24,
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