Pershing Square Activist Presentation Deck

Strong Historical Unit Growth: Total Since 2010, Starbucks has grown units at an 8% annual rate, with balanced growth between owned and licensed units Total Units (‘000s): FY 2010 to 2018E 16.3 2010 16.9 2011 18.0 2012 19.3 2013 8% CAGR 21.0 2014 Owned Source: 2010-2017 as per SBUX public filings, 2018E as per Pershing Square estimates. 20 22.6 2015 Licensed 24.7 2016 27.0 2017 29.3 2018E

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