Pershing Square Activist Presentation Deck

Strong International Unit Growth Led by China Robust international unit growth should continue, led by China and other significantly underpenetrated regions overseas China & Rest of World (Ex-China) Units ('000s): FY 2010 to 2018E FY 2010 to 2018E CAGR: China Rest of World (Ex-China) Total 0.4 5.3 2010 0.5 5.7 2011 0.7 6.2 2012 31% 10% 12% 1.0 ■China 6.9 1.4 7.6 Source: 2010-2017 as per SBUX public filings, 2018E as per Pershing Square estimates. 1.8 24 8.3 2013 2014 2015 ■ Rest of World (Excl. China and U.S.) 2.4 9.1 2016 2.9 10.1 2017 3.5 11.1 2018E

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