Pershing Square Activist Presentation Deck
Investment Highlights (Cont.)
Long runway for unit growth in the high-single-digits
Robust international unit growth led by China as well as other underpenetrated countries
▪ Incremental penetration opportunity in the U.S.
Track record of consistent growth in same-store sales and transactions
Long-term average same-store sales ("SSS") growth of 5% both in the U.S. and globally
SSS historically driven ~50% by transactions, ~30% by pricing, and ~20% by mix
Recent acquisitions and divestitures suggest strong focus on core business
Acquisition of East China JV and licensing of lower-performing or lower potential markets
▪ Sale of CPG business to Nestle for $7.2bn and ongoing royalties
■ Closing of Teavana stores and divestiture of Tazo tea brand to Unilever
Share buybacks of ~$14bn over the next two years (~18% of market cap)
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