Subject: Twitter down -9% on earnings, lowest price since IPO. Earnings call to begin shortly, lock- up expiry on Tuesda 5 6 C From: Tazia Smith < Date: Tue, 29 Apr 2014 16:55:26 -0400 To: jeevacation0gmail.com Cc: Vinit Sahni < Nav Gupta Paul Morris Vahe Stepanian < 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 Q1, however, Monthly Active User (MA U) growth was shy of whisper expectations. Investors are focused on valuation (still high at curren t stock price - DB's price target of $65 implies 65x EV/EBITDA vs. Facebook which is -12x), and stoc k action has reflected the forthcoming headwind: -474mm shares come out of 180 lock-up as of next Tu esday, 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 535-30mm vs $28mm FY Guidance EBIDA of $180mm-205mm vs prior $150-180mm (cons 181mm) TWTR Intra-Day/Aftermarket Price History (Embedded image moved to file: pic20229.gif) TWTR 6mo Price History (Embedded image moved to file: pic23914.gif) (Embedded image moved to file: pic25227.gif) Tazia Smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset a Wealth Management 345 Park Avenue, 10154-0004 New York, NY, USA Tel. Fax Mobile E