Pershing Square Activist Presentation Deck

Long-Term Share Price Outperformance SBUX has generated an annualized TSR of 26% over the last ten years, twice the return of the S&P 500 over the same period Share Price From 10/5/2008 to 10/5/2018 $70 $60 $50 $40 $30 $20 $10 SBUX S&P 500 Source: Bloomberg Annualized TSR 10-Year 15-Year 26% 13% 15% 9% $0 10/5/08 10/5/09 10/5/10 10/5/11 20-Year 18% 8% wwwm 2 $56 10/5/12 10/5/13 10/5/14 10/5/15 10/5/16 10/5/17 10/5/18

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