From: Steven Sinofsky Sent: Monday, July 22, 2013 3:01 PM To: Jeffrey Epstein Subject: Loeb what he did with yahoo was brilliant. Poor marissa is left holding the bag now. Ouch. It is exactly what valueact is doing for (to) Microsoft. It is fun to be getting calls from the people doing this stuff. Some folks are bummed there is not a proxy battle since that juices the share price more and more quickly. EFTA_R1_00060458 EFTA01757885