Pershing Square Activist Presentation Deck

Category Killer in Away-from-Home Coffee Starbucks' global market share in specialist coffee shops is 15x larger than the #2 player and over 3.5x larger than the other top 10 players combined Specialist Coffee Shop Global Market Share for Top 10 Players, 2017 46.2% U.S. share: ~67% China share: ~60% 3.1% McCafe 3.1% es COFFEE SINCE 1971 Source: Euromonitor data and Bernstein analysis. 1.6% 1.2% DOUTOR JAB 15 Memo: Systemwide Sales - Last FY, $bn $32 1.0% TULLY'S COFFEE= 1.0% & Tea Bean Leaf $9 DUNKIN' DONUTS 0.8% CAFFÈ NERO Tim Hortons. 0.7% EDIYA $7 ESPRESSO www COFFEE 0.5% BARNES &NOBLE

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