Pershing Square Activist Presentation Deck

Strong Historical SSS Growth: Total Over the last 13 years, Starbucks' same-store sales ("SSS") growth has averaged 5%, split evenly between transactions and ticket Total SSS Growth: FY 2005 to 2018 YTD 8% 7% 2005 2006 5% (3%) 2007 2008 Source: SBUX public filings. Note: SBUX fiscal year end is September 30. (6%) 2009 7% 8% 7% 18 7% 2010 2011 2012 2013 ■ Transaction ■Ticket 6% 7% 2014 2015 6% 2016 3% 2017 '05-'17 Avg.: 5% 2% 9M'18

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