Starbucks : Expected Remarks from Laxman Narasimhan and Mellody Hobson

Starbucks Corpora�on Annual Mee�ng

EXPECTED REMARKS FOR STARBUCKS 2024 ANNUAL MEETING OF SHAREHOLDERS

The following remarks contain forward-looking statements. Forward-looking statements are subject to various risk factors and uncertainties that could cause our actual results to differ materially from these statements and should be considered in conjunction with cautionary statements and risk factor disclosures in our filings with the Securities and Exchange Commission, including our most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. Starbucks assumes no obligation to update any of these forward-looking statements or information, which are made as of their respective dates.

Mellody Hobson Opening Remarks

Good morning. I am Mellody Hobson - independent chair of the Board of Directors of Starbucks.

On behalf of the entire leadership team and board, I am pleased to welcome you to the 2024 Starbucks Annual Meeting of Shareholders.

Thank you all for joining us today.

Starbucks is, and always will be, a different kind of company.

Over our 53-year history, we have continually transformed and innovated our business to meet and exceed the expectations of our partners and customers around the world.

Today, as we move through yet another transformation, we are staying true to our values and that which makes Starbucks special.

As we navigate shifting consumer behaviors and evolving customer preferences, we are also reinvigorating our partner experience to ensure that Starbucks remains a great place to work. In so doing, we seek to provide a bridge to a better future for our people.

1

3.13.2024

Starbucks Corpora�on Annual Mee�ng

As board chair, I am proud of our ability to deliver strong financial performance and progress on our commitments to all stakeholders while navigating an ever-changing world. And still, Starbucks and our Board have so much to more to accomplish.

Over the past two years we have navigated a significant leadership transition. Our founder, Howard Schultz, returned to the company in May 2022 at the board's request, and launched a Reinvention Plan to reset the business for even greater long-term success.

The plan was designed to re-accelerate growth by elevating our partner experience to drive an even higher level of customer satisfaction.

Although Laxman was announced as our new CEO in September of 2022, he began his unique six-month immersion into the business before officially stepping into the CEO role last year. He worked at stores. He studied the issues. He gained deep knowledge of operations, and he even earned the coveted black apron.

Laxman has been leading with energy and purpose. In this past year, he launched a new mission, promises, and values. These support the next phase of our board-endorsed Reinvention plan, called The Triple Shot with Two Pumps.

As Laxman approaches his one-year anniversary, Starbucks has tremendous momentum with a laser focus on the key priorities that will drive the company's long-term success.

The Board has also worked hard on its own process of continuous improvement and transformation.

Since we began our board refresh in 2022, we have added five new independent directors, reflecting our commitment to ensuring we have the deep expertise needed to thrive in a changing environment.

We are excited to have Beth Ford, Wei Zhang, Neal Mohan, Daniel Servitje, and Mike Sievert in the board room with us.

The Starbucks Board is truly noteworthy. Stocked with world-class business leaders who help operate some of the most successful and iconic companies in the world. They bring remarkable expertise to Starbucks across so many

2

3.13.2024

Starbucks Corpora�on Annual Mee�ng

fields. These areas include consumer technology, media, restaurant operations, food production, digital marketing, human capital management, expansion of global brands-the list goes on and on.

We appreciate the strong support every Board member received from investors in the run up to today's meeting.

I also want to acknowledge that we also received a proposal for three new director nominees. While these director nominees were later withdrawn, we respect and value the input and support of all shareholders.

Lastly, as a continued evolution of our overall governance, we recently established a new Environmental, Partner and Community Impact (EPCI) Board Committee.

The Impact Committee will assist the Board in overseeing the evolving regulations and standards as they apply to Starbucks partners and stakeholders.

Finally…About the future.... There are headwinds, but we're very optimistic. We have a beloved brand. Loyal,

repeat customers. A pipeline of innovation. And we're always striving to be better. Starbucks has the right leadership, the right strategy, and the right governance to ensure our best days lie ahead.

3

3.13.2024

Starbucks Corpora�on Annual Mee�ng

Laxman Narasimhan Opening Remarks

Welcome and thank you for joining us today. On behalf of the company, thank you for your investment. 

We are proud of our 53-year history, our focus on the long term, and our proven track record of delivering for all stakeholders. 

Starbucks has always believed that our partners are at the heart of the experience we create in our stores. We stay true to this belief because we know that when we exceed the expecta�ons of our partners, we will exceed the expecta�ons of our customers.

I want to express my thanks to the more than 450,000 green apron partners around the world who bring to life the Starbucks experience for our customers-in our stores, digitally, at home, or delivered wherever they may be. Our partners are remarkable symbols of our company. And we know that when we operate with our partners at the heart of what we do, we are at our best.

I also want to acknowledge our Board of Directors who have helped the Company stay true to that vision.

I believe we have a me�culously cra�ed Board of Directors that is a compe��ve advantage for this company. They're remarkably engaged, deeply connected, and terrific thought partners as we navigate an environment that can be best described as complex.

Over the past year, I've seen the truly global nature of Starbucks-and there is much to be proud of. I've visited stores in the U.S., China, Mexico, the UK, Con�nental Europe, Japan, Saudi Arabia, Kuwait, Dubai-and near and dear to me-India.

What I found remarkable is how deeply this brand has become part of the everyday for customers around the world. Why is that? What's become apparent through the windows of our stores is that in our society, the need for human connec�on has never been more apparent.

4

3.13.2024

Starbucks Corpora�on Annual Mee�ng

Despite such profound change, the everyday ritual of coffee remains a powerful way to connect. Starbucks is uniquely posi�oned to help foster those moments. It's in the everyday acts of our partners that we see the power of a smile, the value of a simple connec�on, the joy of a familiar face, or the delight in a beverage made just for a customer.

Those moments represent the warmth that Starbucks is about, and why the brand remains so powerful despite issues we've faced. When you �e that innate desire for connec�on with our central purpose as a company, it tells me that Starbucks poten�al is, in fact, limitless.

A�er taking the helm as ceo, and through conversa�ons with partners around the world, it became clear it was an opportune �me to refound the company and to evolve our mission. Our founding set our dedica�on to human connec�on and pu�ng partners at the center.

By refounding our company, we defined a new sense of agency for our partners. Every one of their ac�ons furthers what we do. That with every cup, with every conversa�on, with every community we-through our partners- could nurture the limitless possibili�es of human connec�on.

Similarly, we realized that there were an important and expanded set of promises worthy of ar�cula�ng. Promises that defined who we are at our best. They include a promise to our partners, our customers, our farmers, our communi�es, the environment and our shareholders.

I'm proud to say we are making progress on each of these promises. A few examples…

Since joining the company, I've spent �me listening to, and learning from, partners. I've been clear that I lead this company on behalf of all partners. We are commited to delivering on our partner promise, reinvigora�ng our culture and to res�tching the fabric of the green apron for all partners. To advance our partner promise, we invested 20% of our profits in fiscal year 2023 back into our partners. Take-home compensa�on in the U.S. has increased 50% since fiscal year 2020, with further increases to come. As a result, we now have the highest reten�on rate in our industry. Further, turnover has decreased and is now well below pre-pandemic levels. 

5

3.13.2024

Starbucks Corpora�on Annual Mee�ng

In support of our promise to more than 450,000 farmers and our efforts to ensure the future of coffee for all, we are inves�ng in regenera�ve agriculture, reforesta�on, forest conserva�on and water replenishment.

We are also making strong progress on our customer, environmental and community promises, overseen by our new Environmental, Partner and Community Impact Board Commitee. These successes have been outlined in our annual Global Impact report.

Working in stores, and listening to our partners, it is clear to me that we're living in a very complicated �me. Our morning customers con�nue to visit regularly but as we said during Q1 earnings, we've seen headwinds impact our occasional and very occasional customers, especially in the a�ernoon. We are responding with both product innova�on and targeted marke�ng. We are making progress, but as we said, full recovery will take some �me.

Similarly, in China, consumers are going through a transi�on coming out of the pandemic. As I men�oned during Q1 earnings, our businesses recovery in China has con�nued to be choppy and slower than expected. S�ll, China is a market with lots of headroom, and we remain commited to our long-term growth ambi�ons in the market.

Consumers con�nue to grapple with difficult macroeconomic pressures-par�cularly in the U.S. and in European markets like the U.K. We see the impact of the choices they con�nue to make as a result: there's no ques�on that value is of increasing importance.

Finally, I want to address the situa�on in the Middle East. Mispercep�ons about what we stand for as a company have created ongoing unexpected challenges.

This was clear in my visits to our stores, in talking with our partners in Saudi Arabia, Kuwait and Dubai, and in conversa�ons with Alshaya Group - our business partner with whom we have opera�ons in 13 markets in the Middle East and Africa.

To be clear: We abhor violence, reject atacks on the innocent and pray for immediate peace. Despite these complexi�es, we're commited to inves�ng in the region where the brand has always had a strong following.

For 53 years the Starbucks brand has always had an amazing way of finding a path forward reinven�ng itself and con�nuing to find relevance with customers. Every �me we have faced outside challenges, we have stood firm on

6

3.13.2024

Starbucks Corpora�on Annual Mee�ng

what we stand for-grounding our ac�ons in our Mission, Promises, and Values. Throughout our history, we have con�nued to reinvent not who we are, but what we do - and how we connect with our customers.

And for the long term, we are doing it again with our Triple Shot with Two Pumps strategy. It's early in the work, but we all already seeing posi�ve impact. Let me take you through highlights of our Triple Shot strategy. 

We're finding new ways to elevate the brand-from the design of our stores to the innova�on of our products: both what we offer and how we bring it to market.

As we think more about product innova�on, our opportunity in coffee remains a real advantage-it is our core strength, and we are inves�ng to ensure our dis�nc�veness and ensure its future. We will launch our new Milano Dueto Espresso roast in Milan in a few weeks ahead of a global launch later in the year. In addi�on to further coffee-based drinks- both hold and cold, we are also exploring new ways to deliver caffeine-forward energy through our made-to-order and ready-to-drink products. Dayparts are a big axis of thinking about our future planning. Looking forward, you should also expect to see a significant pipeline of innova�ons targeted at the �mes of the day where we see more growth opportunity-across beverages and, increasingly, food. This includes focused efforts to build more meaningful engagement with customers, notably in the a�ernoon daypart. For example, ini�al feedback on our new Lavender beverages and their unique flavor notes, launched for the spring season, has been overwhelmingly posi�ve-par�cularly for the a�ernoon. Food atach is another strong opportunity for us across all day parts and we have exci�ng new product plans to maximize this opportunity too. In food for example, our potato chive bakes have been very successful-and we are ramping up even more capacity. And in China and Japan, we have an incredible number of new beverages and food offerings.

Tea is an under-appreciated, but growing, part of our business. Right from our founding, along with coffee and spices, we sold tea in our Pike Place store. Today, our tea business is growing nearly twice the rate of the global tea market. And we are one of the largest purchasers of the world's ceremonial grade matcha. In Japan, for instance, we've seen terrific success in tea with matcha-including through our nascent Starbucks Tea stores in that market. We also see strong momentum for tea in Korea, China and increasingly the U.S.

7

3.13.2024

Starbucks Corpora�on Annual Mee�ng

We are also innova�ng with our brand. For instance, we are working to leverage Starbucks Reserve as a pla�orm to collaborate with ar�sts, fashion designers, cultural icons, and musicians that bring our brand to life in new ways. Innova�ons like these are happening in every part of the world-and at great pace. It's what Starbucks does. 

In digital, we're building new partnerships and con�nuing to scale. For example, we launched new rewards partnerships with Delta and Bank of America. These are two of the new Starbucks Rewards partnerships we said would roll out this year and the next will follow soon. We expect to soon launch another partnership in the hospitality space.

We're also making strides to become truly global. For example, we've opened our 400th store in India-on way to 1,000-and recently celebrated our 7,000th store in China. In the year ahead, while we see significant headroom for store growth in the U.S, three out of four stores we open will be in interna�onal markets. And no mater what store you visit, we are working to deliver a consistent look and feel while being relevant in the local community.

As we open and build stores around the world, we're building scalable capabili�es that help us grow. Our capabili�es in real estate and design are o�en overlooked. It's core to us-as evident in the approximately 700 stores we will open in the U.S. this year. 

Our focus on produc�vity has helped us cra� a plan to further unlock our capacity at the peak hours. We are on- track with the rollout of the Siren System, as well as our produc�vity program.  As part of this effort, we are also expanding our Siren System to rethink store processes that unlock peak throughput and drive beter partner experience. To do so, we have been working with the Toyota Produc�on System Support Center over the last six months and are excited about the poten�al it creates for us to meet greater demand at peak. Some process improvements can be rolled out without equipment and are already in place in some of our highest volume stores. We are con�nuing to invest in capabili�es like technology, marke�ng, supply chain, and AI driven analy�cs - partnering with the world's leading companies-to drive the business to its fullest poten�al.  

In summary, the world is increasingly complex. Like other global companies, we face a complicated opera�ng environment, and some challenging headwinds that will take some �me to resolve. But our brand is strong. Throughout our history, Starbucks has grown stronger and has become more relevant and resilient. We have navigated many difficult moments-and it has led us to reinvent not who we are, but what we do and how we do it. We have the right team and the right plan.

8

3.13.2024

Starbucks Corpora�on Annual Mee�ng

As we look to the future, the opportunity we have is truly limitless. We are commited to our Triple Shot with Two Pumps Reinven�on strategy and con�nue to invest in the business to realize our full poten�al. We are making very strong progress.

This moment is like no other. This is a moment for the brand. This is a moment for Starbucks.

9

3.13.2024