Pershing Square Activist Presentation Deck

Accelerated Capital Return Plan Management has announced a share repurchase plan of ~$14bn over the next two years, nearly 20% of the current market cap Starbucks Annual Share Repurchases (FYE Sept. 30, $bn) $0.6 2013 $0.8 2014 $1.4 $5bn in after-tax proceeds from Nestle CPG sale (received 8/28/18) $2.0 2015 Share Buybacks ($bn) 2016 $2.0 2017 $5.1 10 $10.0 13% 18% $4.3 Source: 2013-2017 as per SBUX public filings; 2018E-2022E as per Pershing Square estimates based on SBUX management commentary. 20% $0.9 2018E 2019E 2020E 2021 E Cumulative % of Current Market Cap 21% $1.1 2022E

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