Twitter’s $1,820MM Initial Public OfferingPriced November 6, 2013

Source Morgan Stanley

• On November 6, 2013, Morgan Stanley, as joint lead bookrunner, priced the $1,820MM IPO of Twitter

• This landmark transaction highlights Morgan Stanley’s continued leadership in transformative technology IPOs and Internet IPOs

– Morgan Stanley has served as a lead bookrunner on over 77% of technology IPOs with a market capitalizations greater than $1Bn since 2010

– In conjunction with the IPO, Morgan Stanley also served as the lead left bookrunner and joint lead arranger on Twitter's $1Bn revolving credit facility, reinforcing Morgan Stanley's expertise in providing complete and differentiated financing solutions for clients across capital markets products

Deal Highlights

• 8-day roadshow focused on the right investors to build high quality demand

• High volume of demand enabled share allocation to a broad set of high quality investors

Source Morgan Stanley

Summary of Deal Terms Excludes Over-Allotment Option Initial Public Filing Date October 3, 2013

Launch Date October 25, 2013

Pricing Date November 6, 2013

Deal Size $1,820MM / 70.0MM shares

Primary / Secondary Split 100% Primary

Over-Allotment 15% (100% Primary)

Percent of Company Offered(1) 10.1%

Initial Price Range $17.00 - $20.00

Revised Price Range $23.00 - $25.00

Offer Price $26.00

% File / Offer +40.5%

Market Cap $17,983MM

Ticker / Exchange TWTR / NYSE

Morgan Stanley Role Joint Lead Bookrunner

Company Overview

Note1. Based on post-IPO fully diluted share count of 691.7MM and 70.0MM primary shares offered, excluding the exercise of the greenshoe

Allocation Breakdown(%)

This communication has been prepared solely for informational purposes and is not and shall not constitute an offer to sell or the solicitation of an offer to buy any security. This communication is being sent to the intended recipient hereof only following completion of the distribution described herein.

• With over 230MM monthly active users (MAUs) and 100MM daily active users, Twitter is a global platform for public self-expression and conversation in real time -140 characters at a time

• Twitter is public, real-time, conversational and distributed, which allows users to create, distribute and discover content in real time and at a global scale; users create 500MM Tweets every day

• Twitter allows platform partners such as publishers, media outlets and developers to integrate with Twitter– In Q3 2013, there were approximately 48Bn online impressions

of Tweets off of Twitter’s properties– 44% of Americans hear about Tweets through media channels

other than Twitter almost every day• Twitter offers advertisers pay-for-performance ad formats that are

native to the user experience– Promoted Products enable advertisers to target an audience

based on a variety of factors, including a user’s Interest Graph• Twitter’s advertising services address the large online and mobile

advertising markets, which are expected to grow to $125Bn and $52Bn, respectively, by 2017

• Mobile has become the primary driver of Twitter’s business: 76% of its average MAUs accessed Twitter from a mobile device and over 70% of advertising revenues were generated from mobile devices in Q3 2013

• In 2012 Twitter generated $317MM revenues (198% YoY growth) and $21MM in Adjusted EBITDA (7% margin); In the 9 months ended September 30, 2013, revenue increased by 106% to $422MM and Adjusted EBITDA increased to $31MM (7% margin)

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Buildup of Demand

1

Institutional89%

Retail11%