Billionaire Stephen Mandel’s Lone Pine Capital Initiates Stake in Lululemon Athletica Inc. (LULU)

1818 Cornwall Avenue

Vancouver, British Columbia V6J1C7

This statement is filed by:

Lone Pine Capital LLC, a Delaware limited liability
company (“Lone Pine Capital”), which serves as investment manager to Lone Spruce, L.P., a Delaware limited partnership
(“Lone Spruce”), Lone Cascade, L.P., a Delaware limited partnership (“Lone Cascade”), Lone Sierra, L.P.,
a Delaware limited partnership (“Lone Sierra”), Lone Tamarack, L.P., a Delaware limited partnership (“Lone Tamarack”),
Lone Cypress, Ltd., a Cayman Islands exempted company (“Lone Cypress”), Lone Kauri, Ltd., a Cayman Islands exempted
company (“Lone Kauri”), Lone Monterey Master Fund, Ltd., a Cayman Islands exempted company (“Lone Monterey Master
Fund”), and Lone Savin Master Fund, Ltd., a Cayman Islands exempted company (“Lone Savin Master Fund”, and together
with Lone Spruce, Lone Cascade, Lone Sierra, Lone Tamarack, Lone Cypress, Lone Kauri, Lone Monterey Master Fund and Lone Savin
Master Fund, the “Lone Pine Funds”), with respect to the Common Stock directly held by each of the Lone Pine Funds;
and

Stephen F. Mandel, Jr. (“Mr. Mandel”),
the managing member of Lone Pine Managing Member LLC, which is the Managing Member of Lone Pine Capital, with respect to the Common
Stock directly held by each of the Lone Pine Funds.

The foregoing persons are hereinafter sometimes collectively referred
to as the “Reporting Persons”. Any disclosures herein with respect to persons other than the Reporting Persons are
made on information and belief after making inquiry to the appropriate party.

Item 2(d).

TITLE OF CLASS OF SECURITIES