Pershing Square Activist Presentation Deck

Projected SSS Growth We conservatively estimate that SBUX should be able to generate SSS growth of at least 3% in the U.S., with 5% achievable even if Frappuccino continues to decline U.S. Same-Store Sales Growth Framework Core Beverage Food Teavana & Refreshment Frappuccino SSS from Transactions & Mix Pricing Same-Store Sales % of Revenue 56% 22% 12% 11% Source: Pershing Square estimates. Est. YoY Growth Base Upside 2% 0.5% 7% 1.0% 13% 1.0% (5%) (1.0%) 4% 1.5% 2% 1.5% 5% 3.0% 1% 5% 8% (9%) 2% 2% 3% 37 Contribution to SSS Upside Base The U.S. will remain the company's largest business for the foreseeable future and will drive over 70% of consolidated SSS growth over the next several years 1.0% 1.5% 1.5% (0.5%) 3.5% 1.5% 5.0%

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