Pershing Square Activist Presentation Deck

Long Runway for Growth in China Starbucks plans to nearly double its units in China over the next four years, and estimates that China will ultimately surpass the size of the U.S. business Starbucks Store Count in China (¹000s) 3.5 2018E (Pershing Square Est.) 6.0 2022E (Management Target) 14.4 + Long-Term Potential (Current U.S. Size) (¹) Source: Pershing Square estimates for 2018E; Starbucks management commentary for 2022E and long-term potential. (1) Based on management commentary that the company expects the size of its China business to be bigger than its U.S. business over the long-term. 25

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