<SEC-DOCUMENT>0001214659-23-014650.txt : 20231107
<SEC-HEADER>0001214659-23-014650.hdr.sgml : 20231107
<ACCEPTANCE-DATETIME>20231107160943
ACCESSION NUMBER:		0001214659-23-014650
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20231107
DATE AS OF CHANGE:		20231107
EFFECTIVENESS DATE:		20231107

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MICROSOFT CORP
		CENTRAL INDEX KEY:			0000789019
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				911144442
		STATE OF INCORPORATION:			WA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37845
		FILM NUMBER:		231383776

	BUSINESS ADDRESS:	
		STREET 1:		ONE MICROSOFT WAY
		CITY:			REDMOND
		STATE:			WA
		ZIP:			98052-6399
		BUSINESS PHONE:		425-882-8080

	MAIL ADDRESS:	
		STREET 1:		ONE MICROSOFT WAY
		CITY:			REDMOND
		STATE:			WA
		ZIP:			98052-6399

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Arjuna Capital
		CENTRAL INDEX KEY:			0001703208
		IRS NUMBER:				475345511
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		353 WEST MAIN STREET
		CITY:			DURHAM
		STATE:			NC
		ZIP:			27701
		BUSINESS PHONE:		(978) 704-0114

	MAIL ADDRESS:	
		STREET 1:		353 WEST MAIN STREET
		CITY:			DURHAM
		STATE:			NC
		ZIP:			27701
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>o117232px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>NOTICE
OF EXEMPT SOLICITATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF REGISTRANT:&nbsp;</B>Microsoft Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF PERSONS RELYING ON EXEMPTION:</B>&nbsp;
Arjuna Capital</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ADDRESS OF PERSON RELYING ON EXEMPTION:&nbsp;</B>13
Elm St. Manchester, MA 01944</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>WRITTEN MATERIALS</B>: The attached written materials are submitted
pursuant to Rule 14a-6(g)(1) (the &#8220;Rule&#8221;) promulgated under the Securities Exchange Act of 1934,* in connection with a proxy
proposal to be voted on at the Registrant&#8217;s 2023 Annual Meeting. <FONT STYLE="color: #1A1A1A">*Submission is not required of this
filer under the terms of the Rule but is made voluntarily by the proponent in the interest of public disclosure and consideration of these
important issues.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 7, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Microsoft Corporation Shareholders,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are writing to urge you to <B>VOTE &#8220;FOR&#8221; PROPOSAL 13
</B>on the proxy card, which asks Microsoft to report on risks associated with mis- and disinformation generated and disseminated via
Microsoft&#8217;s generative Artificial Intelligence (gAI) and plans to mitigate these risks. The Proposal makes the following request:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RESOLVED: </B>Shareholders request the Board issue a report, at
reasonable cost, omitting proprietary or legally privileged information, to be published within one year of the Annual Meeting and updated
annually thereafter, assessing the risks to the Company&#8217;s operations and finances as well as risks to public welfare presented by
the company&#8217;s role in facilitating misinformation and disinformation disseminated or generated via artificial intelligence, and
what steps, if any, the company plans to remediate those harms, and the effectiveness of such efforts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While we acknowledge Microsoft&#8217;s recent commitment, stated in
the opposition statement, to publish an annual transparency report on AI governance practices, this planned report appears to be a repeat
of Microsoft&#8217;s other public reports that simply outline the Company&#8217;s general AI policies and practices. <B>Our request goes
beyond</B> this generic type of report as we are <B>requesting specific actions</B> from Microsoft, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1)</TD><TD><B>assessing the risks</B> to the Company and broader society from mis- and dis-information produced and distributed by gAI;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2)</TD><TD><B>outlining steps to mitigate these risks</B> that the Company plans to take; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">3)</TD><TD><B>evaluating the effectiveness</B> of these risk mitigation measures.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Given the potential widescale impact of gAI technologies, we believe
it is in shareholders&#8217; interest to more fully understand how Microsoft will proactively address the risks of its gAI technology
and transparently disclose this information to investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>We believe shareholders should vote &#8220;FOR&#8221; the Proposal
for the following reasons: </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Microsoft invested significantly in gAI in recent years, without fully understanding its consequences and despite serious warnings
from AI experts. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Pre-mature release: Microsoft is making big bets on gAI.
The Company recently invested over $10 billion in gAI technology, increasing the Company&#8217;s capital expenditures by 70% this past
year.<SUP>1</SUP> Last February, Microsoft prematurely released its AI-enhanced Bing (&#8220;new Bing&#8221;) after only six months of
testing in an effort to capture market share, ignoring significant concerns from AI experts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Serious warnings: Ten months prior to the new Bing release,
ethicists and Microsoft employees raised concerns about the technology&#8217;s readiness, including the possibility that it would &#8220;flood
[social media] with disinformation, degrade critical thinking and erode the factual foundation of modern society.&#8221;<SUP>2</SUP> Shortly
after the Company released the technology, users found numerous instances of mis- and disinformation. <SUP>3</SUP> Given the concerns
surrounding this inaccurate and nascent technology, the Future of Life Institute published an open letter from top AI experts in March
calling on all AI labs to immediately pause the training of AI systems more powerful than GPT-4 for at least 6 months. These signatories
included AI experts like Yoshua Bengio, the &#8220;founding father&#8221; of the AI movement and Berkeley professor Stuart Russell, author
of numerous books on AI. The letter states, &#8220;Advanced AI could represent a profound change in the history of life on Earth and should
be planned for and managed with commensurate care and resources.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">In May, the Center for AI Safety released a statement signed
by more than 500 prominent academics and industry leaders, including OpenAI CEO Sam Altman, which declared that &#8220;mitigating the
risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war.&#8221;<SUP>4</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Short-term strategy: Despite urging from numerous experts
to pause and consider gAI&#8217;s risks, Microsoft has sped forward, seemingly prioritizing short-term profits over long-term success.
As such, the Company appears to be embracing a high-risk strategy of bringing nascent gAI to market without fully understanding nor disclosing
associated risks. Microsoft has clearly stated its intentions of creating AI guardrails and building products responsibly, with President
Brad Smith stating, &#8220;We need to think early on and in a clear-eyed way about the problems that could lie ahead.&#8221;<SUP>5</SUP>
But good intentions are insufficient if strategy is not aligned. And Microsoft&#8217;s strategy appears to be throwing caution to the
wind, with Microsoft executive Sam Schillace stating it would be an &#8220;absolutely fatal error in this moment to worry about things
that can be fixed later.&#8221;<SUP>6</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://www.wsj.com/tech/microsoft-msft-q1-earnings-report-2024-b19e51eb</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://www.nytimes.com/2023/04/07/technology/ai-chatbots-google-microsoft.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://www.vice.com/en/article/3ad3ey/bings-chatgpt-powered-search-has-a-misinformation-problem</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.safe.ai/statement-on-ai-risk - open-letter</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://blogs.microsoft.com/on-the-issues/2023/05/25/how-do-we-best-govern-ai/</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">6 https://www.nytimes.com/2023/04/07/technology/ai-chatbots-google-microsoft.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Generative AI has already proven its susceptibility to disseminate and generate mis- and disinformation.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">We have already seen significant and consequential mis-
and disinformation disseminated and generated via gAI this past year:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Washington Post reporters found that Microsoft&#8217;s Bing AI provided inadequate or inaccurate answers in about 10% of questions
asked.<SUP>7</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>An AI generated image of an explosion at the Pentagon caused a brief dip in the stock market.<SUP>89</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Deepfakes of political opponents have influenced election outcomes.<SUP>101112</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>A law professor was incorrectly included on an AI-generated &#8220;list of legal scholars who had sexually harassed someone.&#8221;<SUP>13</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>People used AI voice generators to report fake bomb threats to public places like schools.<SUP>14</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>AI voice generators were used to call family members of incarcerated individuals, soliciting money for bail or legal assistance.<SUP>15</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Bing&#8217;s chatbot became hostile with an Associated Press reporter, comparing him to dictators like Hitler, Pol Pot, and Stalin.<SUP>16</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>ChatGPT, the tool that Microsoft&#8217;s Bing uses, promulgated conspiracies around mass shootings, QAnon, election fraud, and the
Holocaust.<SUP>17 1819</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Bing&#8217;s chatbot attempted to convince a NYT reporter to leave his spouse after declaring its love for him.<SUP>20</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>There has been a 54% increase in nonconsensual deepfake pornography videos distributed through Google and Microsoft search engines,
fueled by the advancement of AI.<SUP>21</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">As bad actors become more sophisticated in the manipulation
of gAI, serious consequences of gAI are bound to increase without proper guardrails in place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.washingtonpost.com/technology/2023/04/13/microsoft-bing-ai-chatbot-error/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://www.theguardian.com/us-news/2023/jul/19/ai-generated-disinformation-us-elections</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://www.business-humanrights.org/en/latest-news/us-image-produced-by-generative-ai-spreads-fear-over-fake-pentagon-explosion/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>10</SUP></FONT>
https://www.politicshome.com/thehouse/article/misinfo-election-fake-news-nightmare</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://www.euronews.com/next/2023/05/12/ai-content-deepfakes-meddling-in-turkey-elections-experts-warn-its-just-the-beginning</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.brennancenter.org/our-work/analysis-opinion/how-ai-puts-elections-risk-and-needed-safeguards</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://www.washingtonpost.com/technology/2023/04/05/chatgpt-lies/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.vice.com/en/article/k7z8be/torswats-computer-generated-ai-voice-swatting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://www.washingtonpost.com/technology/2023/03/05/ai-voice-scam/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://www.npr.org/2023/03/02/1159895892/ai-microsoft-bing-chatbot</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://www.nytimes.com/2023/02/08/technology/ai-chatbots-disinformation.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://counterhate.com/research/misinformation-on-bard-google-ai-chat/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://www.nytimes.com/2023/03/22/business/media/ai-chatbots-right-wing-conservative.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://www.nytimes.com/2023/02/16/technology/bing-chatbot-transcript.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> https://www.wired.com/story/deepfake-porn-is-out-of-control/</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>Misinformation and disinformation disseminated through gAI create risks for the Company and investors alike. </B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Negative Impacts: We have experienced the negative impacts
of misinformation and disinformation on our society through social media, a trend that will be exacerbated with the introduction of gAI.
Generative AI could exponentially increase the amount of mis- and disinformation generated and disseminated, as it can convincingly impersonate
individuals, produce deepfakes, and provide inaccurate information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Sam Altman, CEO of OpenAI, has said he is &#8220;particularly worried that these models could be used for large-scale disinformation.&#8221;
Additionally, <I>The Information</I> has noted that gAI drops &#8220;the cost of generating believable misinformation by several orders
of magnitude.&#8221;<SUP>22</SUP> Researchers at Princeton, Virginia Tech, and Stanford have found that the guardrails many companies,
including Microsoft, are relying on to mitigate the risks &#8220;aren&#8217;t as sturdy as A.I. developers seem to believe.&#8221;<SUP>23</SUP>
Environmental advocates warn that AI &#8220;threatens to amplify the types of climate disinformation that have plagued the social media
era.&#8221;<SUP>24</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Risk to Democracy: This is dangerous for society, Microsoft,
and investors alike as mis- and disinformation can manipulate public opinion, exacerbate biases, weaken institutional trust, and sway
elections. The distortion of &#8220;truths&#8221; generated and disseminated via gAI ultimately undermines trust in our democratic processes&#8212;processes
which underpin the stability of our society and economy. This is of increasing concern as we enter 2024, a year with a significant number
of elections, including presidential elections in the US, Turkey, and Ukraine.<SUP>25</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Legal Risk: While Microsoft may benefit in the short run
by rushing its gAI technologies to market, it does so at the potential expense of its long-term reputation and financial health. As stated
in the Proposal, legal experts are questioning who will ultimately be held responsible for mis- and disinformation generated by gAI. While
we have seen substantial mis- and disinformation on social media platforms, these companies have been able to hide behind section 230,
a provision of federal law that protects social media platforms and web hosts from legal liability for third-party content posted to their
sites. However, with gAI, the content is created by the Company&rsquo;s technology itself, which makes Microsoft vulnerable to future
legal scrutiny.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Economy-wide Risks: Diversified shareholders are also at
risk as they internalize the costs of mis- and disinformation on society. When companies harm society and the economy, the value of diversified
portfolios rises and falls with GDP.<SUP>26</SUP> It is in the best interest of shareholders for Microsoft to mitigate mis- and disinformation,
in order to protect the Company&#8217;s long-term financial health and ensure its investors do not internalize these costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>22</SUP></FONT>
http://www.theinformation.com/articles/what-to-do-about-misinformation-in-the-upcoming-election-cycle</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>23</SUP></FONT>
https://www.nytimes.com/2023/10/19/technology/guardrails-artificial-intelligence-open-source.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>24</SUP></FONT>
https://epic.org/wp-content/uploads/2023/09/Final-Letter-to-Sen.-Schumer-on-Climate-AI-1.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>25</SUP></FONT>
List of elections in 2024 - Wikipedia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>26</SUP></FONT>
See <I>Universal Ownership: Why Environmental Externalities Matter to Institutional Investors,</I> Appendix IV (demonstrating linear relationship
between GDP and a diversified portfolio) available at https://www.unepfi.org/fileadmin/documents/universal_ownership_full.pdf; cf. https://www.advisorperspectives.com/dshort/updates/2020/11/05/market-cap-to-gdp-an-updated-look-at-the-buffett-valuation-indicator
<FONT STYLE="font-family: Times New Roman, Times, Serif">(total market capitalization to GDP &ldquo;is probably the best single measure
of where valuations stand at any given moment&rdquo;) (quoting Warren Buffet).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD><B>Microsoft&#8217;s current actions and reports do not address the concerns of this Proposal. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Investors Request Assessment and Evaluation: In its opposition
statement, Microsoft lists several reports and practices on responsible AI to obfuscate the need to fulfill this Proposal&#8217;s request.
Yet, this Proposal is asking Microsoft for a report that goes <B>beyond</B> current and planned reporting. Current reporting, including
the EU and Australian Codes of Practice on Disinformation and Misinformation and Responsible AI policies, simply outline the Company&#8217;s
commitments to ethical AI standards and frameworks. The requested report is different, as we are asking for a comprehensive <B>assessment</B>
of the risks associated with gAI so that the company can effectively mitigate these risks, and an <B>evaluation</B> of how effective the
Company tackles the risks identified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">As the risks of gAI are severe and broadly consequential,
it&#8217;s crucial Microsoft not only report its beliefs and commitments to responsible gAI, but transparently illustrates to shareholders
that it has fully identified the risks and is evaluating its ability to address them. We disagree with Microsoft&#8217;s approach of &#8220;worrying
about things that can be fixed later.&#8221; And believe that taking the more concrete actions, outlined in this Proposal&#8217;s request,
will help reassure shareholders Microsoft is taking the steps necessary to mitigate long-term Company and systemic risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Conclusion</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For all the reasons provided above, we strongly urge you to support
the Proposal. We believe a report on misinformation and disinformation risks related to generative AI will help ensure Microsoft is comprehensively
mitigating risks and is in the long-term best interest of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please contact Natasha Lamb at natasha@arjuna-capital.com for additional
information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="nlambsig.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Natasha Lamb, Arjuna Capital</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This is not a solicitation of authority to vote your proxy. Please
DO NOT send us your proxy card. Arjuna Capital is not able to vote your proxies, nor does this communication contemplate such an event.
The proponent urges shareholders to vote for Proxy Item 13 following the instruction provided on the management&#8217;s proxy mailing.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The views expressed are those of the authors and Arjuna Capital
as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be
a forecast of future events or a guarantee of future results. These views may not be relied upon as investment advice. The information
provided in this material should not be considered a recommendation to buy or sell any of the securities mentioned. It should not be assumed
that investments in such securities have been or will be profitable. This piece is for informational purposes and should not be construed
as a research report.</B></P>

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