Pershing Square Activist Presentation Deck

Strong Historical SSS Growth: Americas Since 2008, Starbucks' Americas segment (primarily U.S.) SSS growth has averaged 5%, split evenly between transactions and ticket Americas SSS Growth: FY 2009 to 2018 YTD (4%) (2%) (6%) 2009 7% 3% 3% 2010 Source: SBUX public filings. 8% 2% 5% 2011 8% 2% 6% 2012 8% 2% 5% 2013 6% 19 3% 2% 2014 Transaction Ticket 7% 4% 3% 2015 6% 5% 2% 2016 4% 4% (1%) 2017 '09-'17 Avg.: 5% 2% 3% (1%) 9M'18

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