From: Steven Sinofsky < Sent: Wednesday, August 20, 2014 8:24 PM To: Jeffrey Epstein Subject: MSFT 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 2011 103,342 $26.2 2012 118,905 $30.6 Total 547,515 <=span> $25.8 1 EFTA_R1_01770150 EFTA02589032