Pershing Square Activist Presentation Deck

Value of Starbucks China Increasingly Important China will become increasingly important to the value of Starbucks over time as it represents Starbucks' single-largest unit growth opportunity with the best store-level unit economics Starbucks Earnings Mix by Geography: 13% 20% Source: Pershing Square estimates 67% 2018E Americas 15% CAGR 8% CAGR 6% CAGR Rest of World 17% 9 20% 63% 2022E We expect that China will grow nearly twice as fast as Starbucks' overall earnings and represent an increasingly larger percentage of the company's earnings China

View entire presentation