Pershing Square Activist Presentation Deck

Projected EPS Growth We believe that SBUX's robust unit growth pipeline combined with management's sizeable capital return plan will drive EPS growth including dividends in the mid-teens or higher over the next four years Projected EPS Growth Bridge: 2018E to 2022E CAGR 3% 5% SSS Growth Net Unit Impact to Revenue Source: Pershing Square estimates. 8% Revenue Growth = EBIT Growth 3% 6% 11% Higher Share Base Case Interest Buybacks EPS Growth Expense 39 3% Dividend Yield I 14% 1 I I I I I I I Base Case EPS Growth incl. Dividends I 2% Additional SSS Growth 1% 2% I 19% Additional Operating Upside Case Unit Growth Leverage, EPS Growth I I incl. I Dividends I

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