Pershing Square Activist Presentation Deck

Reduced Long-Term Growth Targets The recent slowdown in same-store sales was the driving force for the reduction in Starbucks' long-term financial growth targets at the end of FY 2017 Long-Term Financial Targets Same-Store Sales Growth Revenue Growth EPS Growth ROIC Previous Mid-Single-Digits >10% 15% to 20% >= 25% Revised (Q4 '17) 3% to 5% High-Single-Digits >= 12% >= 25% Starbucks is unlikely to achieve even the low end of its long-term SSS target in 2018 (9M'18 SSS were 2%; guidance for Q4'18 is 3%), causing concern the company will reduce targets further 30

View entire presentation