Pershing Square Activist Presentation Deck

Strong Historical Unit Growth: Total (Cont.) Since 2010, Starbucks unit growth has been primarily driven by growth outside the U.S., which has averaged 12%, while the U.S. has averaged 4% U.S. & Rest of World Units (¹000s): FY 2010 to 2018E FY 2010 to 2018E CAGR: U.S. Rest of World Total 10.6 5.7 2010 10.7 6.2 2011 4% 12% 8% 11.0 6.9 2012 11.5 7.9 2013 12.0 9.0 Source: 2010-2017 as per SBUX public filings, 2018E as per Pershing Square estimates. 2014 U.S. Rest of World 12.5 21 10.1 2015 13.2 11.5 2016 13.9 13.1 2017 14.6 14.7 2018E

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