EFTA01479579

Subject: Twitter down —9% on earnings, lowest price since IPO. Earnings call to begin shortly, lock-up expiry on Tuesday (5/6) [C] From: Tazia Smith sz: > Date: Tue, 29 Apr 2014 16:55:26 -0400 To: [email protected] 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 01, 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) EFTA01479579 TWTR Intra-Day/Aftermarket Price History TWTR 6mo Price History Tazia Smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue, 10154-0004 New York, NY, USA Tel Fax Mobile Email From: Kevin Bur Cc: Bill Loftu Date: 04/29/2014 04:24 PM Subject: print of $42.62 to —$39.45 (giving To: Tazia S Kevin Burns Re: TWTR shares down —7% from closing back the days gains) [C] New low since breaking syndicate. 38.5 Sent from my iPad On Apr 29, 2014, at 4:17 PM, "Tazia Smith" < › wrote: Classification: Confidential corrected MAUs below to include totals (prey just Mobile) EFTA01479580 From: Tazia Smith/db/dbcom To: Date: 04/29/2014 04:15 PM Subjeili cosingprint 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 Park Avenue 10154-0004 New York, NY, USA Tel. Fax Mobi e 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. EFTA01479581 Tazia Smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue, 10154-0004 New York, NY, USA Tel. Fax Mobile Email EFTA01479582