Pershing Square Activist Presentation Deck

Share Price Down Over the Last 3 Years Starbucks shares are down 6% over the last three years. Including dividends, shareholders have earned a 0% total return, despite EPS growth of ~50% Share Price From 10/5/2015 to 10/5/2018 $70 $65 $60 $55 $50 $45 10/5/15 4/5/16 10/5/16 4/5/17 Berit. 10/5/17 U.S. corporate tax reform boosts earnings by ~11% before reinvestment(1) 4/5/18 Source: Bloomberg (1) SBUX announced plans to reinvest approximately 45% of the savings from corporate tax reform into higher wages and benefits for U.S. partners and digital initiatives. 3 $56 10/5/18

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