Pershing Square Activist Presentation Deck

Recent Same Store Sales Growth: Americas (Cont.) The deceleration in SSS growth since FY 2016 has been primarily driven by weakness in Frappuccino and some softness in core beverage platforms U.S. Company-Operated SSS Growth Contribution by Product: FY 2015 to 2018 YTD Core Beverage (Implied) Food Teavana & Refreshment Frappuccino Price (Estimated) Same-Store Sales % of Rev. 56% 22% 12% 11% 2015 1% 2% 1% 2% 2% 7% Source: Pershing Square estimates based on Starbucks public filings and management commentary. 29 2016 2% 1% 1% (0%) 2% 6% 2017 9M'18 (0%) (0%) 1% 1% 1% (0%) 2% 3% 1% (1%) 2% 2%

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