Pershing Square Activist Presentation Deck

Starbucks: Summary Investment Thesis Dominant brand in the secularly growing and attractive coffee category Strong unit economics and customer value proposition proven over decades Long-term HSD revenue growth is underpinned by international unit growth Recent slowdown in U.S. SSS is fixable with remedial actions underway Early days for a new leadership team, but encouraging actions taken to date Rare opportunity to own one of the world's best businesses at a discount Potential for SBUX shares to more than double in value over the next three years 42

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