EFTA02587009

From: jeffrey E. <[email protected]> Sent: Wednesday, August 20, 2014 9:28 PM To: Steven Sinofsky Subject: Re: MSFT 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 > 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 2011 103,342 $26.2 2012 118,905 $30.6 Total 547,515 <=span> $25.8 <http://mail/u/0/s/?view=at=&th=147ef2c1f1622477&attid=0.1&disp=emb&realattid==i_147ef2c13aef999d&zw&atsh= 1> EFTA_R1_01767539 EFTA02587009 =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 Unauthorized use,=disclosure or copying of this communication or any part thereof is stri=tly prohibited and may be unlawful. If you have received this commun=cation in error, please notify us immediately by return e-mail or by e-mail to [email protected] <mailto:[email protected]> , and destroy this communication =nd all copies thereof, including all attachments. copyright -all rights=reserved 2 EFTA_R1_01767540 EFTA02587010