#1CORPORATE STRATEGY AND PRIORITIES @ANTHONYNOTO#2FORWARD LOOKING STATEMENTS AND NON-GAAP INFORMATION The presentations and discussions you'll hear today, and the materials that will be presented, will contain "forward-looking" statements. These forward-looking statements are based on our management's beliefs and assumptions and on information currently available to management. Forward-looking statements include statements about expected financial metrics, such as revenue, non-GAAP adjusted EBITDA and EPS, as well as non-financial metrics, such as average monthly active users, mobile monthly active users, daily usage, unique visitors and timeline views, for the fourth quarter of 2014, the 2015 fiscal year and beyond. They also include statements about our possible or assumed business strategies, user and visitor growth, competitive position, industry environment, potential growth opportunities, potential market opportunities and the effects of competition. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as "anticipates," "believes," “could," "seeks,” “estimates,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. For a discussion of these risks, you should read our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2013 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2014. In addition, please note that the date of this esentation is November 12, 2014, and any looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. 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 in the appendix of the financial overview and in some of the other presentations.#3A NOTE ABOUT METRICS The numbers of active users, user engagement and timeline views presented in these presentations 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 estimated that false or spam accounts represented less than 5% of our MAUS. 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. For example, we made an improvement in our spam detection capabilities in the second quarter of 2013 and suspended a large number of accounts. Spam accounts that we have identified are not included in the active user numbers presented in our earnings materials. 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 user 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. In the three months ended September 30, 2014, approximately 11.5 percent of active users solely used third-party applications to access Twitter. In the three months ended September 30, 2014, approximately 8.5 percent 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 MAUs presented in our earnings materials may be affected as a result of automated activity. In addition, our data regarding user geographic location for purposes of reporting the geographic location of our MAUS is based on the IP address associated with the account when a user initially registered the account on Twitter. The IP address may not always accurately reflect a user's actual location at the time such user engaged with our platform. We present and discuss timeline views, but have estimated a small percentage of the timeline views in the three months ended September 30, 2013 to account for certain timeline views that were logged incorrectly during the quarter as a result of a product update. We believe these estimates to be reasonable, but actual numbers could differ from our estimates. Further, timeline views in 2012 exclude an immaterial number of timeline views for our mobile applications, certain of which were not fully tracked until June 2012. We present and discuss the size of our audience based on both internal metrics and data from Google Analytics, which measures unique visitors to our properties. 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.#4MARKET OPPORTUNITY Mobile User Growth 3x Internet User Growth Source | IDC Research, May 2014 4B 3B 2B 1B 2.1B 0.6B 2010 Mobile Users 9.9% 32.1% WORLDWIDE 2.8B 1.3B 2013 INTERNET USERS#54B 3B 2B 1B 2.1B 0.6B 2010 Mobile Users 9.9% 32.1% WORLDWIDE 2.8B Source IDC Research, May 2014 1.3B 2013 INTERNET USERS 400M 300M 200M 100M 54M 2010 64.6% 117M 2011 185M 2012 TWITTER MONTHLY ACTIVE USERS 241M 2013#6MARKET OPPORTUNITY Social Mobile Users Source | IDC Research, May 2014 4B 3B 2B 1B 1.3B 0.2B 2010 Mobile Social Users 16.3% 64.4% 2B USERS 0.9B 2013 SOCIAL NETWORK#74B 3B 2B 1B 1.3B 0.2B 2010 Mobile Social Users 16.3% 64.4% USERS 2B Source IDC Research, May 2014 0.9B SOCIAL NETWORK 2013 400M 300M 200M 100M 54M 2010 64.6% 117M 2011 185M 2012 TWITTER MONTHLY ACTIVE USERS 241M 2013#84B 3B 2B 1B 1.3B 0.2B 2010 Mobile Social Users 16.3% 64.4% 2B 0.9B 2013 USERS 7.6% Source IDC Research, May 2014 18.7% SOCIAL NETWORK 2.9B 2B 2018 400M 300M 200M 100M 54M 2010 64.6% 117M 2011 185M 2012 TWITTER MONTHLY ACTIVE USERS 241M 2013#9CORPORATE STRATEGY#10A CLEAR, BROADLY COMMUNICATED STRATEGY Establishes the scope of what a company will and won't do Provides a unified goal Aligns philosophy and gives license to think outside the current business Enables better and more efficient decision making Informs key business decisions Drives greater organizational commitment to stretch#11COMPONENTS OF A STRATEGY Aspirational financial and non-financial goals within a defined time period OBJECTIVE COMPETITIVE ADVANTAGES SCOPE Target customers, product offerings, geographic areas and areas of focus Attributes that Twitter has and others want (i.e., what makes our strategy unique to Twitter)#12OBJECTIVE COMPETITIVE ADVANTAGES SCOPE Reach the largest daily audience in the world by connecting everyone to their world via our information sharing and distribution platform products and be one of the top revenue generating Internet companies in the world#13COMPONENTS OF TWITTER'S STRATEGY OBJECTIVE SCOPE COMPETITIVE ADVANTAGES • Largest daily audience in the world Be one of the top revenue generating Internet companies in the world#14COMPONENTS OF TWITTER'S STRATEGY OBJECTIVE SCOPE COMPETITIVE ADVANTAGES • Largest daily audience in the world • TARGET Everyone • PRODUCT Information, Sharing and Distribution Platform Be one of the top revenue generating Internet companies in the world GEOGRAPHY Worldwide (near and long term priorities) • FINANCIAL Returns above Cost of Capital#15COMPONENTS OF TWITTER'S STRATEGY OBJECTIVE SCOPE COMPETITIVE ADVANTAGES • Largest daily audience in the world • TARGET Everyone • PRODUCT Information, Sharing and Distribution Platform • Real Time, Public, Conversational, Distributed ● Great Content (often unique) • Global Brand • Large Global Audience VIT/World Class Partner Be one of the top revenue generating Internet companies in the world GEOGRAPHY Worldwide (near and long term priorities) • FINANCIAL Returns above Cost of Capital • Unique Data Set • Platform Ubiquity Superior Monetization Model • Pseudonymity#16EXAMPLES OBJECTIVES Largest Daily Audience in the World Be One of the Top Revenue Generating Internet Companies in the World SCOPE Target: Everyone Product: Info Sharing and Distribution Platform Geography: Worldwide COMPETITIVE ADVANTAGES Large Global Audience Great Content - Often Unique Real-time, Public, Conversational, Distributed Global Brand VIT/World class partners Unique Data Set Platform Ubiquity Superior Monetization Model Pseudonymity OVERALL STRATEGIC FIT VINE Y Y Y Y Y Y N <Z Y N Y Y Y Y Y Y LOGGED OUT Y Y Y Y Y Y Y Y Y MUSIC SUBSCRIPTION SERVICE Y Y N Y Y Y N N N < Z Y ZZZZ N N N N#17THE OPPORTUNITY Leverage our unique content to further expand our global audience SYNDICATION -185B+ impressions per quarter3 LOGGED IN 284M monthly active users¹ 1 Q3 2014 Monthly Active Users 2 Q3 2014. Estimates based on Internal company data and Google Analytics 3 Q3 2014 impression estimates based on Twitter internal data and data provided by various syndication partners FABRIC (SDK) LOGGED OUT 500M+ monthly unique visitors²#18USERS 2B 1.5B 1B 0.5B STRATEGY IMPLICATIONS 2010 2011 2012 2013 2014 11 11 8 2015 2016 2017 2018 MAUS 40% CAGR 2019 2020 MAUS 25% CAGR MAUS 15% CAGR 2021 2022 Note | Twitter MAU Q3'13 Q3'14 growth was 23% User growth reflects 1H'14 annualized for 2014, followed by year-over-year growth until last year shown. Please note that these are hypothetical scenarios to illustrate the various outcomes of our different strategies if they are successful. These scenarios should not be treated as forecasts or projections or financial guidance. We cannot assure you that we will be able to accomplish any of these plans, metrics or opportunities, all of which are subject to risks and uncertainties.#19USERS 2B 1.5B 1B 0.5B STRATEGY IMPLICATIONS 2010 2011 2012 2013 2014 8 2015 MAUs + Unique Visitors 15% CAGR 2016 2017 2018 MAUS 40% CAGR 2019 2020 MAUS 25% CAGR MAUS 15% CAGR 2021 2022 Note | Twitter MAU Q3'13 Q3'14 growth was 23% User growth reflects 1H'14 annualized for 2014, followed by year-over-year growth until last year shown. Please note that these are hypothetical scenarios to illustrate the various outcomes of our different strategies if they are successful. These scenarios should not be treated as forecasts or projections or financial guidance. We cannot assure you that we will be able to accomplish any of these plans, metrics or opportunities, all of which are subject to risks and uncertainties.#20REVENUE $18B $14B $9B $5B TOP REVENUE GENERATING INTERNET COMPANIES 1 2 3 Google (excl. TAC) 4 5 6 7 8 amazon.com 9 10 ebay (incl. Paypal) 11 12 TIME FROM $1B (YEARS) Please note that these are hypothetical scenarios to illustrate the various outcomes of our different strategies if they are successful. These scenarios should not be treated as forecasts or projections or financial guidance. We cannot assure you that we will be able to accomplish any of these plans, metrics or opportunities, all of which are subject to risks and uncertainties.#21REVENUE $18B $14B $9B $5B TOP REVENUE GENERATING INTERNET COMPANIES EZA! 1 Alibaba.com Global trade starts here." 2 3 Google (excl. TAC) facebook. Tencent QQ 5 6 7 8 amazon.com 9 YAHOO! JAPAN 10 ebay (incl. Paypal) YAHOO! 11 12 TIME FROM $1B (YEARS) Please note that these are hypothetical scenarios to illustrate the various outcomes of our different strategies if they are successful. These scenarios should not be treated as forecasts or projections or financial guidance. We cannot assure you that we will be able to accomplish any of these plans, metrics or opportunities, all of which are subject to risks and uncertainties.#22REVENUE $18B $14B $9B $5B TOP REVENUE GENERATING INTERNET COMPANIES EZA! Alibaba.com® Global trade starts here. 1 2 3 Google (excl. TAC) facebook. Tencent 5 6 7 8 amazon.com 9 YAHOO! JAPAN 10 ebay (incl. Paypal) YAHOO! 11 12 TIME FROM $1B (YEARS) Please note that these are hypothetical scenarios to illustrate the various outcomes of our different strategies if they are successful. These scenarios should not be treated as forecasts or projections or financial guidance. We cannot assure you that we will be able to accomplish any of these plans, metrics or opportunities, all of which are subject to risks and uncertainties.#23OBJECTIVES AND PRIORITIES#24TWITTER OBJECTIVES 1 STRENGTHEN THE CORE 2 REDUCE BARRIERS TO CONSUMPTION 3 NEW APPS AND SERVICES#251 STRENGTHEN THE CORE Improve the new user experience Provide appropriate sharing and messaging features Launch consumer video Utilize geo based data to target location based content/services • Tailor products to local markets Improve the quality and breadth of our content Expand media playbook in top markets • Create new participation event experiences Leverage consumer marketing to retain and re-engage users#262 REDUCE BARRIERS TO CONSUMPTION Better organize content Deliver consumption-first logged-out experiences Improve topic-based search Expand content reach via distribution partnerships, SEO and syndication Develop a strategy for politically sensitive markets#273 NEW APPS AND SERVICES • Vine Establish Fabric (SDK) as a key building block in the mobile app landscape Syndicated Video and Sound Card Monetization of syndicated content • Data product - GNIP ●#28ADJUSTED EBITDA RECONCILIATIONS In Thousands Reconciliation of Net Loss to Adjusted EBITDA Three Months Fiscal Year Ended Ended 30-Sep-13 $(64,601) 43,602 29,023 909 31-Dec-13 360 Net loss Stock-based compensation expense Depreciation and amortization expense Interest and other expense (income) Provision (benefit) for income taxes Adjusted EBITDA $9,293 Note: Adjusted EBITDA is defined as net loss adjusted to exclude stock-based compensation expense, depreciation and amortization expense, interest and other expenses and provision (benefit) for income taxes. $(645,323) 600,367 110,894 11,315 (1,823) $75,430 Three Months Ended 30-Sep-14 $(175,464) 169,602 60,155 13,874 159 $68,326 Nine Months Ended 30-Sep-14 $(452,468) 454,382 145,737 15,973 (4,218) $159,406#29GAAP TO NON-GAAP RECONCILIATIONS In Thousands Cost of Revenue Research & Development Sales & Marketing General & Administrative Cost of Revenue Research & Development Sales & Marketing General & Administrative Fiscal Year Ended December 31, 2013 GAAP $266,718 593,992 316,216 123,795 Stock-based GAAP $309,696 509,828 410,511 134,602 compensation expense $50,942 379,913 114,440 55,072 Nine Months Ended September 30, 2014 Stock-based compensation expense Amortization of acquired intangible assets $37,296 264,784 108,232 44,070 $14,884 300 1,346 Amortization of acquired intangible assets $18,749 792 6,603 Non-GAAP $200,892 213,779 200,430 68,723 Non-GAAP $253,651 244,252 295,676 90,532#30@ANTHOΝΥΝΟΤΟ