To: Steven Sinofsk From: jeffrey E. Sent Fri 7/25/2014 3:10:32 PM Subject: Re: What do you think Hedge not sell let's talk On Friday, July 25, 2014, Steven Sinofsky wrote: is it time to sell some MSFT? Next milestone is only whether they pay a bigger dividend or not. I think next up will be some hiccup in revenue/margins that will spook people. Feels like optimism factored in at this point and new CEO didn't really change anything other than reduce but not eliminate investment in nokia. please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jecsacatioraginail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA_R1_00356567 EFTA01916727