Pershing Square Activist Presentation Deck

Netflix Overview NETFLIX Ticker: NFLX Stock price: $404 Market Cap: $184bn World's leading streaming subscription video-on-demand company ■ Launched its category-pioneering streaming service in 2007 222 million global paid subscribers in over 190 countries today Vast and diverse library of high-quality content ■ Most Emmy-winning and Oscar-winning TV network/studio of 2021 ■ Industry-leading volume of original content episodes released per quarter High-performance culture led by a visionary management team Subscription-based, highly recurring revenues 26% annual streaming revenue growth and ~360 bps of average annual EBIT margin expansion over last three years Modest financial leverage (1.5x Net Debt / EBITDA) 38

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