Spyglass Investment Strategy Overview

0 New Position: Shift4 Payments, Inc. (FOUR) SHIFT④ Business Overview Shift4 is a leading provider of payment processing solutions in the US focused on serving merchants operating in complex commerce environments → The Shift4 payment platform integrates with over 500 different software solutions making it easy for merchants to have a single payment integration while using many different softwares to run their business Due to Shift4's wide array of software integration solutions, they can serve a diverse set of customers in a wide variety of end-markets Given the flexibility of Shift4's software integration solutions, they are the provider of choice for merchants operating in complex merchant environments Hotels: Hilton, Hyatt, Caesar's Palace, Virgin Hotels Restaurants: Applebee's, TGI Friday's, Outback Steakhouse, Cold Stone Creamery Theme Parks: Six Flags, Disney Non-Profits: American Cancer Society, St. Jude's Tech Verticals: SpaceX, Fanatics Ticketing: Ticketmaster, SeatGeek Stadiums: 150+ in total (recent wins: St. Louis Blues, Toronto Blue Jays, Texas Rangers, Carolina Panthers) Spyglass is well aligned with management and the Company has a history of prudent capital allocation → CEO and Founder Jared Isaacman owns more than 30% of the shares outstanding Shift4 has an exceptional growth profile while trading at an attractive valuation → End-to-end payment volume has grown from $24 billion in 2020 to an estimated $110 billion in 2023 Adjusted EBITDA has grown from $88 million in 2020 to an estimated $450 million in 2023 → Shift4 operates a capital-light "take-rate" business that requires limited capital to operate → Shares of Shift4 were trading at an 10% FCF yield looking out to Spyglass internal 2025 estimates 29

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