Pershing Square Investor Presentation Deck
LOW Share Price Performance Since Inception
LOW's share price including dividends increased 36% in 2020 and
increased 9% year-to-date in 2021¹
LOW share price performance from 4/6/2018 to 2/16/2021:
$180
Share price
$165
$150
$135
$120
$105
$90
$75
$60
5/22/18: Lowe's hires
Marvin Ellison as CEO
Apr-2018
5/20/20: Lowe's reports Q1 results, including 20% April same-
store sales following unprecedented consumer demand.
Withdraws 2020 guidance given economic uncertainty
ming
organ
12/12/18: LOW 2018
Analyst Day
Dec-2018
8/19/20: Lowe's reports Q2
results, including 35%
same-store sales
m
11/18/20: Lowe's
reports Q3 results,
including 30%
same-store sales
Aug-2018
Apr-2019
Aug-2019 Dec-2019
Apr-2020
Aug-2020 Dec-2020
Note: The performance of Lowe's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds.
*Average cost at announcement date. Please see the additional disclaimers and notes to performance results at the end of the presentation.
(1) As of 2/16/2021.
39
$174
12/9/2020: LOW 2020 Analyst Day
highlights progress across many fronts
and an updated medium-term operating
plan, including a new 13% margin target
$86*View entire presentation