From: Tazia Smith < To: jeevacation(kgmail.com Cc: Vinit Sahni Nav Gu to , Paul Morris Vahe Stepanian Subject: Twitter down —9% on earnings, lowest price since IPO. Earnings call to begin shortly, lockup expiry on Tuesday (5/6) [C] Date: Tue, 29 Apr 2014 20:55:26 +0000 Inline-Images: unnamed; unnamed(1); unnamed(2); unnamed(3); unnamed(4); unnamed(5) Classification: Confidential Jeffrey - As you know, you own 1000 shares of TWTR at $26 (+$12.7k) TWTR shares are at their lowest level since the stock's IPO (presently $38.70, vs. a close of $42.62) Conference call begins at 5pm ET Twitter reported a better-than-expected top and bottom line for O1, however, Monthly Active User (MAU) growth was shy of whisper expectations. Investors are focused on valuation (still high at current stock price - DB's price target of $65 implies 65x EV/EBITDA vs. Facebook which is —12x), and stock action has reflected the forthcoming headwind: -474mm shares come out of 180 lock-up as of next Tuesday, 5/6 (includes Execs and early stage PE). Top and bottom line beat (like last quarter) but user growth is just inline with consensus ests and disappoint vs expectations: Revenues Better - $250mm vs $241.5mm Earnings Better - $0.00 vs ($0.03) But audience growth (Monthly Active Users) just inline - disappointing vs. whisper MAU: Total 255M vs SA 256.8M and 241M in Q4 - represents y/y growth of +25% Mobile 198M vs 184M in Q4 US 57M vs SA 57.0M and 54M in Q4 International 198M vs SA 200.0M and 187M in Q4 (source: Streetaccount.com) Guidance inline/better: Q2 Guidance inline EBIDGA of $35-30mm vs $28mm FY Guidance EBIDA of $180mm-205mm vs prior $150-180mm (cons 181mm) TWTR Intra-Day/Aftermarket Price History EFTA01176390 ITVITR US $ j 42.62 +1.89 N43.03/39.92P 1 x 1 all At 16:15 Vol 24,902,016 0 40.53K H 43.97T L 40.175D Val 1.048 rave As 9Q Actions 101PrinEMPI r intrat MiELIEEMMI 11) Compare LSD SY Max Tick • ■ ite Security/Study M Event 0 ± Track z Annotate E News Co. Zocirri -MIR US Equi 1 day(s) 1D 3D 1M TWTR US E ui 11/06/2013 04/29/2014 6M YTD lY 04/29/2014 1 • TWTR US Equity 38.87 • Close on 04/28 ---- 4033 T High on 04/29 16:00 44.90 -9- Average 41.6217 I Low on 04/29 16:27 38.20 06:00 08:00 29 Apr 2014 04:00 12:00 14:00 18:00 29 Apr 2014 29 Apr 2014 45.00 44.00 43.00 42.00 41.00 40.00 38.00 TWTR 6mo Price Histor TWTR US S ; 42,62 -1.89 —,,,.,-------' N43.03/39.92P 1 x 1 .ail At 16:15 Vol 24,867,894 a 40.53K H 43.97T L 40.175D Val 1.0398 95) Save As 96)-Adions .! -9rEdit •' 98) TIBTIOnimmill. Line Chart !Ilan ::; Compare Mov. 4,,gslEMIMIMI Volume II USD A 1D 3D 1M _611 YID 1Y SY Max Daily • a ' Security/Study M Event 0 + Track .?„ Annotate News 0, Zoom 04/29/2014 Last Price ON Last Price 42.62 - T High on 12/26/13 73.31 - -0- Average 51.9903 Low on 11/06/13 26.00 4-70 -4-60 4-50 42.62 Mv -0-30 .m.whoilt@nratitran. -ii iimiumithat .1I II _imago Nov I Dec I Jan Feb 2013 ?Eve me 24.865M L • SMAVG (15) 13.04%1 2014 Mar Apr ILL 0-100M 0- SOH 24.865M EFTA01176391 Tazia Smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset & Wealth Management 345 P -0004 New York. NY. USA Tel. Fax Mobi Email Peefoan From: Kevin Bums < > To: Tazia Smith/db/dbcom@DBAMERICAS. Cc: Bill Loftus-•. Kevin Burns Dale: 04/29/2014 04:24 PM Subject: Re: TWTR shares down -7% from closing print of $42.62 to -539.45 (giving back the days gains) ICI New low since breaking syndicate. 383 Sent from my iPad On Apr 29, 2014, at 4:17 PM, "Tazia Smith" Classification: Confidential corrected MAUs below to include totals (prey just Mobile) > wrote: From: Tazia Smith/db/dbcom To: Dale: 04/29/2014 04:15 PM Subject: TWTR shares down -7% from closing print of $42.62 to -$39.45 (giving back the days gains) (C) <ATT00003.gif> Tazia Smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset & Wealth Management 345 rk Avenue 10154-0004 New York. NY. USA Tel. Fax EFTA01176392 Email <ATT00004.gif> This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. Tazia Smith Dimctortl(eyCheMPwirmm-US DB Securities Inc Deutsche Asset 8 Wealth Management 345 Park Avenue, 10154-0004 New York. NY. USA Tel. Fax Mobi Email Pemitrwirr*frow This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01176393