From: Daniel Sabba •tt

From: Daniel Sabba •tt > To: "jeffrey E." <[email protected]> Oldfield , Vahe Stepanian , Paul Morris , Stewart , Ariane Dwyer CC: Richard Kahn Subject: FW: (BN) Costolo Steps Down as Twitter's Chief Executive Officer (1) [C] Date: Thu, 11 Jun 2015 21:20:59 +0000 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: (BN) Costolo Steps Down as Twitter's Chief Executive Officer (I) (BN) 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 I, 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<GO> To contact the reporter on this story: EFTA00666911 Sarah Frier in San Francisco at . or To contact the editors responsible for this story: Jillian Ward at or Reed Stevenson --- 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. EFTA00666912