Pershing Square Investor Presentation Deck

Lowe's ("LOW") LOWE'S Lowe's is a high-quality business with significant long-term earnings growth potential COVID crisis significantly boosted Lowe's business Unprecedented demand across the sector driven by consumer nesting, higher home asset utilization and a reallocation of discretionary spend Critical technology and ecommerce investments allowed Lowe's to react amidst a highly volatile operating environment and take market share Comparable sales growth of >20% since the beginning of the pandemic Lowe's invested >$1 billion in special associate support, community donations and enhanced store safety Revised long-term outlook implies significant earnings appreciation New long-term revenue productivity and operating margin targets ■ Revised medium-term EBIT margin target of 13% vs. Home Depot's normalized margin of 14.5% ~ New targets imply $13 to $15 of earnings pershare over the next few years Multi-year business transformation with substantial earnings upside Source: Company filings 38

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