EFTA01447239

From: Tazia Smith Sent: 4/29/2014 4:55:26 PM To: [email protected] CC: Vinit Sahni Nay Guptil lit pm); Paul Morris OMENS; Vahe Stepanian Subject: Twitter down -9% on earnings, lowest price since IPO. Earnings call to begin shortly, lock-up expiry on Tuesday (5/6) (CI Attachments: pic20229.gif; pic23914.gif; pic25227.gif; pic32679.gif; pic10889.gif; pic19506.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 growth was shy of whisper expectations. Investors are price - DB's price target of S6S implies 6Sx EV/EBITDA reflected the forthcoming headwind: -474mm shares come (includes Execs and early stage PE). line for Q1, however, Monthly Active user (MAU) focused on valuation (still high at current stock vs. Facebook which is —12x), and stock action has out of 180 lock-up as of next Tuesday, 5/6 Top and bottom line beat (like last quarter) but user growth is just inline with consensus ests and disappoint vs expectations: Revenues Better - $2SOmm vs S241.5mm 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 S7M vs SA 57.014 and S4M in Q4 International 198M vs SA 200.0m and 187M in Q4 (source: Streetaccount.com) Guidance inline/better: 02 Guidance inline EBIDGA of 535-30mm vs S28mm FY Guidance EBIDA of 5180mm-205mm vs prior 5150-180mm (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 & wealth Management 345 Park Avenue, 10154-0004 New York, NY, USA CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00247999 DB-SDNY-0 101815 EFTA01447239