Pershing Square Activist Presentation Deck

Global Growth Opportunity in At-Home Coffee Starbucks is the leading packaged coffee brand in the U.S., with significant white space overseas unlocked by the recent Nestle deal Packaged Coffee Market Share in Top 20 Markets, 2017 % of global market Country USA Brazil Germany Japan France Russia Indonesia Italy United Kingdom South Korea Canada Mexico Spain Philippines Thailand Poland Algeria Netherlands China Australia Others Total World 16.7% 7.5% - 6.3% 5.3% 4.3% 4.0% 3.6% 2.6% 2.5% 2.0% 1.7% 1.7% 1.7% 1.5% 1.3% 1.3% 1.3% 1.3% 1.2% 1.2% 31.2% -100.0% Source: Euromonitor data and Bernstein analysis. Nestlé 4.7% 12:9%- 10.3% 33.4% 34.6% 22.8% 7.2% 24.5% 47.8% 8.6% 5.8% 55.8% 39.4% 37.3% 62.0% 16.7% 0.0% 19.6% 69.8% 51.2% 22.6% Starbucks 13.7% --0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.9% 1.3% 9.0% 0.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.5% Combined 18.4% 12.9% 10.3% 33.4% 34.6% 22.8% 7.2% 24.5% 48.7% 9.9% 14.8% 56.4% 39.4% 37.3% 62.0% 16.7% 0.0% 19.6% 69.8% 51.2% 25.1% 16 Consideration to SBUX from Nestle Upfront cash payment of $7.15bn ■ $5bn net of taxes Ongoing royalties Markup on products sold to Nestle # 1 = Top 3 =

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