#1Twitter | 2018 Annual Meeting of Stockholders Twitter 2018 Annual Meeting of Stockholders May 30, 2018#2Twitter | 2018 Annual Meeting of Stockholders Metrics and non-GAAP information 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. The numbers of active users presented in our annual meeting materials 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. Furthermore, our metrics may be impacted by our information quality efforts, which are our overall efforts to reduce malicious activity on the service, inclusive of spam, malicious automation, and fake accounts. 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 fewer than 5% of our MAUS as of December 31, 2017. 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.#3Twitter | 2018 Annual Meeting of Stockholders Metrics and non-GAAP information 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 have made improvements in our spam detection capabilities that have resulted in the suspension of a large number of spam, malicious automation and fake accounts. We intend to continue to make such improvements. After we determine an account is spam, malicious automation or fake, we stop counting it in our MAU, DAU or related metrics. Additionally, we rely on third-party SMS aggregators and mobile carriers to deliver SMS messages to certain of our users when we send our SMS messages to such accounts. If, however, we are notified of material deliverability issues because of, for example, infrastructure issues at the service-provider level or governmental restrictions based on content, we do not include the affected users in MAUs. We also treat multiple accounts held by a single person or organization as multiple ers 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. Certain metrics also include users that access Twitter through applications that automatically contact our servers for regular updates with no discernible user-initiated action involved, which we refer to as third- party auto-polling MAU. This activity causes our system to count MAUS associated with such applications as active users on the day or days such contact occurs. As of December 31, 2017, fewer than 8.5% of MAUS may have been third-party auto-polling MAU. 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.#4Twitter | 2018 Annual Meeting of Stockholders Metrics and non-GAAP information Adjusted EBITDA is defined as GAAP net income (loss) adjusted to exclude stock-based compensation expense, depreciation and amortization expense, interest and other expense, net, provision (benefit) for income taxes, restructuring charges and one-time nonrecurring gain. Adjusted free cash flow is GAAP net cash provided by operating activities less capital expenditures (i.e., purchases of property and equipment including equipment purchases that were financed through capital leases, less proceeds received from disposition of property and equipment. This presentation includes certain non-GAAP financial measures. 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 and at https://investor.twitterinc.com/index.#5Twitter | 2018 Annual Meeting of Stockholders Forward looking statements During the course of this Annual Meeting of Stockholders, the Company executive team may make forward- looking statements regarding future events or of the future financial performance of the Company, all of which involve risks and uncertainties. These statements reflect management's current expectations, estimates and assumptions based on the information currently available to us and actual results and events could differ materially from those predictions due to a number of risks. We refer you to the documents that we file with the Securities and Exchange Commission, specifically our quarterly report on Form 10-Q which was filed on May 3, 2018. 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.#6Twitter | 2018 Annual Meeting of Stockholders Jack Dorsey CEO @jack Ned Segal CFO @nedsegal Sean Edgett General Counsel @edgett#7Twitter | 2018 Annual Meeting of Stockholders What's happening 7#8+ $ Wi Health Product Revenue Products#9Twitter | 2018 Annual Meeting of Stockholders Health +#10Behavioral signals ·|·· ··· "|#11Twitter | 2018 Annual Meeting of Stockholders Product#12Ease of use ... TWTR X B 280 characters 3 123 9:15 AM qwe r tyu i ор a sdfghjkl 100% Tweet There's this woman in the grocery store line ahead of me with two bottles of champagne. She can't stop smiling and I'm feeling pretty happy for her right now! Z X C vbnm space @ (x) X Tweet threads ..... TWTR 9:15 AM Home 100% Paul Stamatiou @Stammy 1m Headed to the game tonight with friends! 3 reasons why our team wins 27 M Show this thread Paul Stamatiou @Stammy. 1m 2nd, our rookie may be the best talent joining the league in years 27 Paul Stamatiou @Stammy 1m Finally, our offense has gotten better since we changed our head coach. 22 Yuan Wang @yuuuanw . 6m Devil's slide coast trail. e TWTR NASA Bookmarks 1 263:31 9:15 AM Home 13 1.7K Amstrong Fight Research Center NASA @NASA 25m LIVE NOW: Watch views of the #SuperBlueBloodMoon from multiple telescopes. Take a look: ♡9 3.7M viewers 1 95K Rohin Tilotta @rah blog 20m ↑ 88K D Send via Direct Message Add Tweet to Bookmarks Share Tweet via... Cancel 100%#13Relevance & interests Home Timeline .TWTR Happening now NBA Nuggets vs Warriors 9:15 AM * Home Twitter Design > @design - 30m We're inspired by great design thinking. You might be too with our favorite reads. medium.com/twitter- design... 22 ACTROMAN BARTH Sofo @sofo 45m 100% Show more . TWTR Notifications All 224 9:15 AM Notifications Mentions News for you House narrowly passes health care bill, 217 to 213 100% Sean and Kathie Pham Retweeted your Tweet Who says good, investigative journalism is dead? bit.ly/2ok2E41 Eleanor Harding@tweet... 1m Replying to @Coops 22 Feeing so fortunate to be part of this. There are some spectacular women on this list womenwho.design 0 Josh Wilburne followed you Bryan Haggerty and Bernadine Lui liked your Tweet After tuning a thind hanking you nhould ..... TWTR Explore tab Q Search Twitter appearance 6,646 Likes 9:15 AM Royal family 8h Harry and Meghan make first official post-wedding San Francisco trends 1 #NMVSummit 2 #SalesforceTower 3 Andre Iguodala 3,668 Tweets 4 #SpecbySlack 100% 5 #WorldGothDay Do#14Events Happening Now Recap San Francisco Giants vs Houst... 000 San Francisco Giants Houston Astros All 8 AST MLB San Francisco Giants vs Houston Astros ROS 10 1 41 Final 5/23 Latest Recap SF Giants on NBCS @NBCSGi... 4h v #SFGiants submission for the best Happening Now Latest San Francisco Giants vs Houst... 000 San Francisco Giants Houston Astros AST MLB San Francisco Giants vs Houston Astros Recap ROS 10 1 41 Final 5/23 Latest keegan scholten @kscholts96 31s At the beginning of the year I said#15Twitter | 2018 Annual Meeting of Stockholders Revenue Products U $#16Growing, engaged audience + Lower price + Better performance + Improved measurement + Differentiation II Improved ROI#17Twitter | 2018 Annual Meeting of Stockholders Ned Segal CFO @nedsegal#18Significant operational and financial progress in 2017 Investing to drive growth in 2018 Delivered strong results in Q1#19$ WI Audience and engagement Revenue and profitability Investment priorities#20Audience and engagement We grew audience and engagement, highlighted by six consecutive quarters of double-digit DAU growth. MAU* Monthly average users Millions 310 Q1'16 313 317 318 327 326 330 330 336 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 (Adjusted) (Adjusted) (Adjusted) DAU Daily active users Y/Y growth rate 3% 5% 7% 11% Q1'16 Q2'16 Q3'16 Q4'16 14% Q1'17 12% 14% 12% 10% Q2¹17 Q3'17 Q4'17 Q1'18 *In the three months ended March 31, 2018, we discovered that a software change made in the second quarter of 2017 resulted in a non-material overstatement of our historical MAU in 2017. The differences were between 30,000 and 400,000 in each period presented for total MAU. After rounding, the only impact to our prior disclosures was to reduce international MAU from 261 million to 260 million in the third quarter of 2017 due to a change of approximately 175,000 international MAUS.#21Total revenue Revenue performance improved each quarter throughout FY 2017, while Q1 marked a strong start to FY 2018. Annual revenue Y/Y Growth Y/Y Growth Ex- TellApart $2.218B FY¹15 58% 51% $2.530B FY¹16 14% 13% $2.443B FY'17 -3% Flat Advertising: O&O ■Advertising: Non-O&O Data Licensing and Other Quarterly revenue Y/Y Growth Y/Y Growth Ex-TellApart $548M Q1'17 -8% -7% Advertising: O&O $574M Q2'17 -5% -2% $590M Q3'17 -4% -1% Advertising: Non-O&O $732M Q4'17 2% 8% $665M Q1'18 21% 27% Data Licensing and Other#22Net income and adjusted EBITDA Revenue growth and disciplined cost controls led to GAAP profitability and significant adjusted EBITDA margin expansion. GAAP net income/loss % of total revenue - $457M -18% - $108M -4% - $521M -23% FY'15 FY'16 FY¹17 $62M -11% - $116M -20% - $21M -4% $91M 12% $61M 9% Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Adjusted EBITDA % of total revenue $558M 25% $751M 30% $863M 35% FY'15 FY'16 FY'17 $207M $170M $178M 35% 31% 31% $308M 42% $244M 37% Q1'17 Q2'17 Q3'17 Q4'17 Q1'18#23Cash flow trends Our balance sheet remained healthy as we continued to generate positive adjusted free cash flow each quarter. Cash flow from operations $millions $383M $763M $831M FY'15 FY'16 FY'17 $203M $190M $240M $198M $243M Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Adjusted free cash flow $millions $444M $550M $5M FY'15 FY'16 FY¹17 $126M $113M $176M $135M $135M Q1'17 Q2'17 Q3'17 Q4'17 Q1'18#24Aj4 Investing to drive growth in 2018 Balance growth opportunities with ability to consistently deliver profitability Key areas of investment#25Adjusted EBITDA reconciliation Net income (loss) Stock-based compensation expense Depreciation and amortization expense Interest and other expense (income), net Provision (benefit) for income taxes Restructuring charges and one- time nonrecurring gain Adjusted EBITDA FY15 682,118 ($521,031) ($456,873) 312,823 83,269 (12,274) 12,902 Reconciliation of Net Income (Loss) to Adjusted EBITDA $557,807 FY16 615,233 402,172 73,626 16,039 101,296 $751,493 FY17 ($108,063) 433,806 395,867 134,158 12,645 (5,427) $862,986 3/31/2017 ($61,559) 116,997 102,792 18,087 3,194 (9,572) $169,939 Three months ended 6/30/2017 ($116,488) 113,396 103,063 74,716 3,413 (226) $177,874 9/30/2017 ($21,095) 100,959 97,492 24,810 3,564 1,269 $206,999 12/31/2017 $91,079 102,454 92,520 16,545 2,474 3,102 $308,174 3/31/2018 $60,997 73,266 96,846 11,043 2,885 (983) $244,054#26Adjusted free cash flow reconciliation Net cash provided by operating activities Less: Purchases of property and equipment Plus: Proceeds from sales of property and equipment Less: Equipment purchases under capital leases Adjusted free cash flow FY15 $383,066 (347,280) (31,215) $4,571 FY16 $763,055 (218,657) (100,281) $444,117 Reconciliation of Adjusted Free Cash Flow FY17 $831,209 (160,742) 2,783 (123,235) $550,015 3/31/2017 $203,448 (39,881) (37,434) $126,133 Three months ended 6/30/2017 $189,707 (44,626) 1,290 (33,492) $112,879 9/30/2017 $239,947 (36,076) 1,493 (29,707) $175,657 12/31/2017 $198,107 (40,159) (22,602) $135,346 3/31/2018 $242,673 (93,091) 1,763 (16,086) $135,259#27Twitter | 2018 Annual Meeting of Stockholders Recap#28Twitter | 2018 Annual Meeting of Stockholders Sean Edgett General Counsel @edgett#29Twitter | 2018 Annual Meeting of Stockholders Order of business#30Twitter | 2018 Annual Meeting of Stockholders Q&A#31Twitter | 2018 Annual Meeting of Stockholders @TwitterlR