Pershing Square Activist Presentation Deck

Recent Same Store Sales Growth: Americas Americas SSS growth has steadily decelerated since the beginning of FY 2016 and transactions have been roughly flat since the end of FY 2016 Americas SSS Growth: FQ1 2016 to FQ3 2018 9% 5% 4% 7% 5% 3% 4% 4% Source: SBUX public filings. 5% 6% (1%) 3% 5% (2%) Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 3% 4% (1%) Q2 '17 Transaction 5% 28 5% 3% 2% 1% Q3 '17 Q4 '17 Ticket 2% 2% 2% 3% Q1 '18 Q2 '18 1% 4% (2%) Transaction declines and ticket growth from Q3'16 to Q2'17 are somewhat overstated due to change in loyalty program in Q3'16, which reduced incentive for transaction splitting Q3 '18

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