Pershing Square Activist Presentation Deck

Incremental Penetration Opportunity in the U.S. While Starbucks currently has more than 14,000 stores in the U.S., it is still relatively underpenetrated in the Midwest and South Population per Starbucks Company-Operated Stores Baja California lontana Sonora Baja Califómia Sur Source: SBUX investor presentation, June 19, 2018. Chihuahua Worth Pota South Dakota Unters State Kansas Coahuita Texas Nuovo Mitt 22 Missour AP Louis sippi inia Maryland District of Columbia New Jersey Delaware Population per Starbucks CO location <20k 20k-30k 30k-40k Mail 40k-50k 50k-75k 75k-100k 100k+ N Bruf New Hamp Massachus Rhode Island *Core Based Statistical Area

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