ValueAct Capital Discloses Sale of Shares of Microsoft Corporation.

SAN FRANCISCO, Nov. 12, 2015 /PRNewswire/ -- ValueAct Capital Management, L.P. announced today that it has sold 18.65 million shares of Microsoft Corporation in brokers' transactions through the NASDAQ.

ValueAct Capital's President G. Mason Morfit said, "Due in part to the performance of the Microsoft's stock in the fourth quarter, our position in the Company has exceeded 20% of our overall portfolio. We have sold 18.65 million shares over the past few days for portfolio management purposes. After the sale, Microsoft will continue to be one of our top positions and, subject to being re-elected at the Company's annual meeting on December 2^nd, 2015, I will continue to serve on the board of directors. Over time, we will continue to manage our portfolio of investments as appropriate given market conditions and other relevant factors."

Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements.  All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are forward-looking, including statements regarding ValueAct Capital's expectations regarding its portfolio and its investment in Microsoft and statements that include the words "anticipate," "believe," "expect," "estimate," "plan," "will" and similar expressions are generally intended to identify forward-looking statements.  These statements are based on current expectations of ValueAct Capital and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate.  ValueAct Capital does not assume any obligation to update any forward-looking statements contained in this press release, except as required by applicable law.

About ValueAct Capital
ValueAct Capital is an investment management firm founded in 2000 with assets under management of approximately $18 billion. ValueAct Capital's investment strategy combines intensive due diligence, a concentrated number of investments, and active, constructive involvement in the value creation at those investments.

SOURCE ValueAct Capital Management, L.P.