Strategy Inc — Director's Dealing 2018

May 2, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MICROSTRATEGY INC (MSTR)
CIK: 0001050446
Period of Report: 2018-05-01

Reporting Person: Epstein Robert H (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-01	Class A Common Stock	M	3500	$121.43	Acquired	3500	Direct
2018-05-01	Class A Common Stock	S	3000	$128.92	Disposed	500	Direct
2018-05-01	Class A Common Stock	S	500	$130.70	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-05-01	Director Stock Option (Right to buy)	$121.43	M	3500	Disposed	2024-04-30	Class A Common Stock (3500)	Direct

Footnotes

F1: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $128.67 to $129.41 per share, inclusive. The reporting person undertakes to provide to MicroStrategy Incorporated, any security holder of MicroStrategy Incorporated, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.

F2: The 3,500 shares exercised on May 1, 2018 pursuant to this option vested on April 30, 2016. Of the remaining 14,400 shares subject to this option, 1,900 shares vested on April 30, 2016, 6,250 shares vested on April 30, 2017, and 6,250 shares vested on April 30, 2018.

F3: See Exhibit A.