Pershing Square Activist Presentation Deck

Valuation Range: Downside Sensitivity We estimate that SBUX will generate a three-year IRR of at least 12% if annual EPS growth is ≥ 9% and its P/E multiple is ≥ 21x Net Unit CAGR '18E-'22E EPS CAGR Sensitivity '18E-'22E EPS CAGR Same-Store Sales CAGR: '18E-'22E 1% 2% 6% 7% 7% 8% 8% 9% 10% 4% 5% 6% 7% 8% 10% 11% 12% Source: Pershing Square estimates. 3% 9% 10% 11% 12% 13% 4% 10% 11% 12% 13% 14% 6% EPS 8% CAGR 10% '18-22E 12% 14% 3-Year IRR Sensitivity 3-Year IRR P/E Multiple 22.0x 23.0x 9% 10% 11% 13% 15% 18% 21% 41 21.0x 7% 10% 12% 15% 17% 14% 16% 19% 24.0x 12% 14% 17% 20% 22% 25.0x 13% 16% Over the last five years, EPS growth has averaged 17% and SBUX's P/E multiple has averaged 26x 19% 21% 24%

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