Pershing Square Activist Presentation Deck

Lowe's ("LOW") LOWE'S Lowe's is a high-quality business with significant long-term earnings growth potential Lowe's is laying the foundation for a multi-year transformation Improving customer service and product merchandising ✓ Reducing structural costs and achieving labor efficiencies Modernizing IT systems and enhancing omnichannel capabilities Investing in expanded distribution capabilities x Issues related to legacy pricing systems reduced gross margins Long-term outlook implies significant earnings appreciation Potential to both improve margins and accelerate same-store-sales-growth EBIT margin of ~9% versus management's medium-term target of 12% and Home Depot's current EBIT margin of ~14.5% Lowe's Analyst Day targets implies more than $10 of earnings per share over the next few years Cyclical and structural drivers of the housing market remain intact Source: Company filings 44

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