Pershing Square Activist Presentation Deck

Current P/E at a Discount to Recent History Starbucks is trading at 22x consensus P/E today, a substantial discount to recent historical averages of ~26x NTM Forward P/E From 10/5/2008 to 10/5/2018 35x 30x 25x 20x 15x 10x 5x Ox 10/5/08 Source: Capital IQ 10/5/09 10/5/10 10/5/11 10/5/12 10/5/13 10/5/14 4 10/5/15 Average P/E: 3-Yr 5-Yr 10-Yr 25.9x 26.7x 24.4x 22.1x 10/5/16 10/5/17 10/5/18

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