From: Tazia Smith Sent: 4/29/2014 4:55:26 PM To: [email protected] CC: Vinit Sahni I ; Nay G upta I I; Paul Morris Vahe Stepan ian Subject: Twitter down - 9% on earnings, lowest price since IPO. Earnings call to begin shortly, lock-up expiry on Tuesday (5/6) ICI Attachments: pic11579.gif; pic29831.gif; pic10013.gif; pic14041.gif; pic03676.gif; pic1S389.gif classification: confidential Jeffrey - As you know, you own 1000 shares of TWTR at S26 (+512.7k) 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 Q1, however, Monthly Active user (MAU) growth was shy of whisper expectations. Investors are focused on valuation (still high at current stock price - OS's price target of S6S implies 6Sx 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 - 5250mm vs 1241.5mm Earnings Setter - 50.00 vs (50.03) 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 S7.OM and S4M in Q4 International 198m vs SA 200.OM and 187M in Q4 (source: Streetaccount.com) Guidance inline/better: Q2 Guidance inline EBIDGA of 135-30mm vs $28mm FY Guidance EBIDA of 1180mm-205mm vs prior 5150-180mm (cons 181mm) TwTR Intra-Day/Aftermarket Price History (Embedded image moved to file: pic13579.gif) TWTR 6mo Price History (Embedded image moved to file: pic29831.gif) (Embedded image moved to file: pic10013.gif) Tazia Smith Director I Key Client Partners - US DB Securities Inc Deutsche Ass