Snap Inc Investor Presentation Deck

Snap Inc. Adj. EBITDA 2 Leverage per User ARPU Cost of Revenue per User ¹ 2017 Building a Path to Profitability Eight straight quarters of YoY improvement in Adjusted EBITDA and TTM average Adjusted EBITDA Leverage per User of 98%. (48)% ● OpEx per User 1 2018 64% 2019 $8.29 $5.12 $4.22 101% We define ARPU as quarterly revenue divided by the average Daily Active Users. Full year ARPU is the sum of the quarterly ARPUs. We define Adjusted EBITDA as net income (loss), excluding interest income; interest expense; other income (expense), net; income tax benefit (expense); depreciation and amortization; stock-based compensation expense and related payroll tax expense; and certain other non-cash or non-recurring items impacting net income (loss) from time to time. See Appendix for reconciliation of net loss to Adjusted EBITDA. 1. Excludes stock-based compensation expense and related payroll tax expense, depreciation and amortization, and certain other non-cash or non-recurring items impacting net income (loss) from time to time. 2. We define Adjusted EBITDA leverage per user as the year-over-year change in Adjusted EBITDA per user divided by the year-over-year change in ARPU. Adjusted EBITDA per user is calculated as Adjusted EBITDA divided by the average Daily Active Users. Source: Snap Inc. public filings. 26

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