2017 Annual Shareholders Meeting. May 22, 2017 San Francisco, CA

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1 2017 Annual Shareholders Meeting May 22, 2017 San Francisco, CA

2 Metrics and non-gaap information The numbers of active users presented are based on internal company data. While these numbers are based on what we believe to be reasonable estimates for the applicable period of measurement, there are inherent challenges in measuring usage and user engagement across our large user base around the world. For example, there are a number of false or spam accounts in existence on our platform. We have performed an internal review of a sample of accounts and estimate that false or spam accounts represented less than 5% of our MAUs as of December 31, In making this determination, we applied significant judgment, so our estimation of false or spam accounts may not accurately represent the actual number of such accounts, and the actual number of false or spam accounts could be higher than we have estimated. We are continually seeking to improve our ability to estimate the total number of spam accounts and eliminate them from the calculation of our active users, and in the past have made improvements in our spam detection capabilities that have resulted in the suspension of a large number of accounts. Spam accounts that we have identified are not included in the active user numbers presented. We treat multiple accounts held by a single person or organization as multiple users for purposes of calculating our active users because we permit people and organizations to have more than one account. Additionally, some accounts used by organizations are used by many people within the organization. As such, the calculations of our active users may not accurately reflect the actual number of people or organizations using our platform. Our metrics are also affected by applications that automatically contact our servers for regular updates with no discernible userinitiated action involved, and this activity can cause our system to count the users associated with such applications as active users on the day or days such contact occurs. As of December 31, 2016, approximately 8.5% of users used third-party applications that may have automatically contacted our servers for regular updates without any discernible additional user-initiated action. As such, the calculations of our active users presented here may be affected as a result of this activity.

3 Metrics and non-gaap information (cont.) In addition, our data regarding user geographic location for purposes of reporting the geographic location of our MAUs is based on the IP address or phone number associated with the account when a user initially registered the account on Twitter. The IP address or phone number may not always accurately reflect a user s actual location at the time such user engaged with our platform. For example, a mobile user may appear to be accessing Twitter from the location of the proxy server that the user connects to rather than from a user s actual location. We regularly review and may adjust our processes for calculating our internal metrics to improve their accuracy. Our measures of user growth and user engagement may differ from estimates published by third parties or from similarly-titled metrics of our competitors due to differences in methodology. We present and discuss our total audience based on both internal metrics and relying on data from Google Analytics, which measures logged out visitors to our properties. We define monthly active users (MAUs) as Twitter users who logged in or were otherwise authenticated and accessed Twitter through our website, mobile website, desktop or mobile applications, SMS or registered third-party applications or websites in the 30-day period ending on the date of measurement. Average MAUs for a period represent the average of the MAUs at the end of each month during the period. We define daily active users or daily active usage (DAU) as Twitter users who logged in or were otherwise authenticated and accessed Twitter through our website, mobile website or mobile applications on any given day. Average DAU for a period represents the number of DAUs on each day of such period divided by the number of days for such period. To calculate the year-over-year change in DAUs, we subtract the average DAU for the three months ended in the previous year from the average DAU for the same three months ended in the current year and divide the result by the average DAU in the previous year. Prior to Q3 2016, Twitter has discussed DAUs and the ratio of monthly active users (MAUs) to DAUs. In those instances, for comparability and consistency with MAUs, DAUs also included users who accessed Twitter through our desktop applications and third-party properties.

4 Metrics and non-gaap information (cont.) We define Adjusted EBITDA as net loss adjusted to exclude stock-based compensation expense, depreciation and amortization expense, interest and other expenses, provision (benefit) for income taxes, restructuring charges and one-time nonrecurring gain, if any. This presentation includes certain non-gaap financial measures as defined by SEC rules. As required by Regulation G, we have provided a reconciliation of those measures to the most directly comparable GAAP measures, which is available at

5 Forward-looking statements During the course of this Annual Meeting of Stockholders, the Company executive team may make forwardlooking statements regarding future events or of the future financial performance of the Company, all of which involve risks and uncertainties. Such statements are only predictions and actual results and events could differ materially from those predictions due to a number of risks. I refer you to the documents that we file with the Securities and Exchange Commission, specifically our quarterly report of Form 10-Q which was filed on May 2, That document contains important information about factors that could cause our results to differ materially from those contained in our projections or forward-looking statements.

6 Jack Dorsey Anthony Noto COO & Vijaya Gadde General

7 What s happening?

8 Audience Content Revenue

9 Audience Core use case Safety

10 Audience Timeline Notifications

11 Safety Communication Tools Technology

12 Recent product launches Twitter Lite Explore Everything Esports #EsportsWeekly Safety

13 Audience growth DAU Daily active users Y/Y growth rate 14% MAU Monthly active users Millions % % % 3% Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

14 Anthony Noto COO &

15 Content Live-streaming video

16 Sports Entertainment News and Politics esports

17 Content Live premium video 800+ Hours of live premium video 450+ Events Q Premium content partners 45m Unique viewers 60% International 55% under 25

18 Revenue

19 Revenue FY 15-FY 16 GROWTH RATE Q1 16 vs Q1 17 GROWTH RATE 3,000 TOTAL REVENUE 14% TOTAL REVENUE -8% 2,250 $2.2B $2.5B 26% DL & Other 17% DL & Other 1,500 $1.4B 34% Non-O&O -8% Non-O&O % O&O $548M -11% O&O FY'14 FY'15 FY'16 Q1'17 Advertising: O&O Advertising: Non-O&O Data Licensing and Other

20 Profitability trends GAAP Net Income % of total revenue Adjusted EBITDA % of total revenue $62M -11% $558M 25% $751M 30% $301M 21% $578M -41% - $521M -23% - $457M -18% $170M 31% FY'14 FY'15 FY'16 Q1'17 FY'14 FY'15 FY'16 Q1'17

21 Cash flow trends Cash Flow from Operations Free Cash Flow* $800 $763M $500 $444M $375 $600 $250 $400 $383M $125 $0 $5M $126M $200 $203M -$125 $82M -$250 -$261M FY'14 FY'15 FY'16 Q1'17 FY'14 FY'15 FY'16 Q1'17 * - Free Cash Flow: Net cash provided by (used in) operating activities less capital expenditures.

22 Adjusted EBITDA reconciliation Reconciliation of Net Loss to Adjusted EBITDA Three months ended FY 2014 FY 2015 FY 2016 March 31, 2017 Net loss ($577,820) ($521,031) ($456,873) ($61,559) Stock-based compensation expense 631, , , ,997 Depreciation and amortization expense 208, , , ,792 Interest and other expense, net 39,485 83,269 73,626 18,087 Provision (benefit) for income taxes (531) (12,274) 16,039 3,194 Restructuring charges and one-time, non-recurring gain 12, ,296 (9,572) Adjusted EBITDA $300,896 $557,807 $751,493 $169,939

23 Adjusted free cash flow reconciliation Reconciliation of Adjusted Free Cash Flow Three months ended FY 2014 FY 2015 FY 2016 March 31, 2017 Net cash provided by operating activities $81,796 $383,066 $763,055 $203,448 Less: Purchases of property and equipment (201,630) (347,280) (218,657) (39,881) Less: Equipment purchases under capital leases (140,685) (31,215) (100,281) (37,434) Free cash flow ($260,519) $4,571 $444,117 $126,133

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25 Vijaya Gadde General

26 Order of business

27 Q&A

28 Thank you