EFTA01361962

From: Daniel Sabba Sent: 6/11/2015 5:20:59 PM To: jeffrey E. [email protected]) CC: Richard Kahn ; Paul Morris Stewart Oldfield ; Vahe Stepanian Ariane Dwyer UMIIMI Subject: FW: (BN ) Costolo Steps Down as Twitters Chief Executive Officer (1) (C) Classification: Confidential Shares jumped in late trading, rising as much as 13 percent Original Message From: Daniel Sabba (DEUTSCHE BANK SECURI) [mailto: Sent: Thursday, June 11, 2015 5:20 PM Subject: (8N) Costolo Steps Down as Twitter's Chief Executive Officer (1) (8N) costolo steps Down as Twitter's chief Executive Officer (1) This has been prepared solely for informational purposes. It is not an offer, recommendation or solicitation to buy or sell, nor is it an official confirmation of terms. It is based on information generally available to the public from sources believed to be reliable. No representation is made that it is accurate or complete or that any returns indicated will be achieved. changes to assumptions may have a material impact on any returns detailed. Past performance is not indicative of future returns. Price and availability are subject to change without notice. Additional information is available upon request. costolo steps Down as Twitter's chief Executive officer (1) 2015-06-11 20:26:09.886 GMT (updates with company comment in third paragraph.) By Sarah Frier (Bloomberg) -- Twitter Inc. said Chief Executive Officer Dick Costolo is stepping down, reflecting the social-media company's struggle to define its vision in the months following its initial public offering. Shares jumped in late trading, rising as much as 13 percent after the company announced the management change. Jack Dorsey, a co-founder, will take his place in the interim until the company can find a replacement, Twitter said in a regulatory filing. Dorsey's appointment, effective July 1, signals that the company is focusing on improving its product after a slew of leadership changes in the past five years. "Jack has a profound understanding of the product and Twitter's mission, as well as a great relationship with Twitter's leadership team, which will facilitate a smooth transition," the company said in a statement. Costolo will remain on the San Francisco-based company's board. For Related News and Information: Top Stories:TOP.coo> To contact the reporter on this stor : Sarah Frier in San Francisco at or responsible for this story: Jillian ward at or Reed Stevenson To contact the editors CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0051244 CONFIDENTIAL SDNY_GM_00197428 EFTA01361962