Question: Snap DCF Analysis 2014 2015 2016 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E Terminal Year Net revenue % change Y/Y Adjusted EBITDA

Snap DCF Analysis 2014 2015 2016 2017E 2018E 2019E 2020E 2021E 2022E

Snap DCF Analysis 2014 2015 2016 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E Terminal Year Net revenue % change Y/Y Adjusted EBITDA 58.7 404.5 943.7 1934.7 3254 4901.7 6907.3 9188.5 11635.3 14130.6 16568.9 17148.8 589.50% 133.30% 105.00% 68.20% 50.60% 40.90% 33.00% 26.60% 21.40% 17.30% 3.50% (-)Cash taxes -292.9 0 -459.4 0 -771.9 0 -609.5 0 -194.6 362.6 0 0 1474 0 2616.1 0 3887.8 5222.5 6573.6 6803.7 0 823.3 1448.4 (+/-)Changes in working capital -15.5 -150.5 -256.6 -227.5 -230.5 -228.4 -208.9 -223.8 -248.1 -206.9 -150.6 (-)Capex 28.3 67 82.6 96.6 109.1 120.1 130.1 140.1 148.1 155.1 161.1 2 Stock-based compensation 73.5 31.8 75 159.3 202.8 256.5 316.6 421.1 533.3 647.7 759.4 Free Cash Flow (for valuation) -410 -709 -1186 -1093 -737 -242 818 1831 2958 3390 4054 4196.1 % of revenue 70047.8 B 9 EBITDA margin Incremental EBITDA margin UFCF/EBITDA -499.0% -113.6% -81.8% -31.5% -6.0% 7.4% 21.3% 28.5% 33.4% 37.0% 39.7% 39.70% -48.20% -57.90% 140.10% 154.30% 153.70% 16.40% 179.30% 31.40% 378.70% 33.80% 55.40% 50.10% 52.00% 53.50% 55.40% -66.90% 55.50% 70.00% 76.10% 64.90% 61.70% 61.70% DCF Valuation Assumptions WACC Perpetual Growth Rate 9.7% 3.50%

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