<SEC-DOCUMENT>0000950142-23-002828.txt : 20231122
<SEC-HEADER>0000950142-23-002828.hdr.sgml : 20231122
<ACCEPTANCE-DATETIME>20231122060012
ACCESSION NUMBER:		0000950142-23-002828
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20231122
DATE AS OF CHANGE:		20231122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STARBUCKS CORP
		CENTRAL INDEX KEY:			0000829224
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING & DRINKING PLACES [5810]
		IRS NUMBER:				911325671
		STATE OF INCORPORATION:			WA
		FISCAL YEAR END:			0927

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-20322
		FILM NUMBER:		231429886

	BUSINESS ADDRESS:	
		STREET 1:		P O BOX 34067
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98124-1067
		BUSINESS PHONE:		2064471575

	MAIL ADDRESS:	
		STREET 1:		2401 UTAH AVENUE SOUTH
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98134
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>eh230423496_defa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Proxy Statement Pursuant to Section 14(a)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>of the Securities Exchange Act of 1934</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Amendment No.&nbsp; )</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by the Registrant&nbsp; <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by a Party other than the Registrant&nbsp; <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box:</P>

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    <TD STYLE="width: 5%"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Soliciting Material Pursuant to &sect;240.14a-12</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 100%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 12pt"><B>Starbucks Corporation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Name of Registrant as Specified In Its Charter)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check all boxes that apply):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></TD>
    <TD STYLE="width: 95%">No fee required</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></TD>
    <TD>Fee paid previously with preliminary materials</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></TD>
    <TD>Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center; background-color: white"><B>Starbucks Corporation
Issues Statement in Response to SOC Nomination</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center; background-color: white"><I>No Shareholder
Action Required at this Time</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; background-color: white">SEATTLE &ndash; Starbucks Corporation
(Nasdaq: SBUX) confirmed that it has received a notice of nomination by Strategic Organizing Center (SOC) Investment Group of three director
candidates for election to the Starbucks Board of Directors at its 2024 Annual Meeting of Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin: 0pt 0pt 12pt; background-color: white">The Company issued the following statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 0.5in; text-indent: 0pt; background-color: white">The Starbucks Board and executive leadership
team regularly engage with all stakeholders, and we are committed to constructive dialogue that furthers our collective goal of creating
long-term value for all stakeholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 0.5in; text-indent: 0pt; background-color: white">Since its founding, Starbucks has been
committed to a process of continuous improvement and transformation at all levels and has consistently sought to create opportunities
for its partners.&nbsp; That continues today through our ongoing dialogue with our partners, as well as all of our stakeholders. As the
world has emerged from the COVID-19 pandemic, the Board and leadership team have evolved to meet the needs of a new era. A year ago, the
Board brought in Laxman Narasimhan as the ceo of Starbucks through a unique six-month immersion leading up to a refounding of the company.
Earlier this month, Narasimhan launched a new mission that puts our partners at the center of our purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 0.5in; text-indent: 0pt; background-color: white">Today, Starbucks has a diverse, engaged,
and independent Board with a balanced mix of experience, skills, and perspectives. Starbucks Board is made up of eight highly qualified
directors, four of whom are new in the past year and seven of whom are independent. These individuals bring extensive experience across
areas critical to Starbucks business including human capital management, international operations and distribution, corporate social responsibility,
and capital allocation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 0.5in; text-indent: 0pt; background-color: white">In our Board meeting last week, the
Board decided to create a new&nbsp;<FONT STYLE="color: blue"><U>Environment, Partner and Community Impact committee</U></FONT>, formally
announced yesterday to be led by Beth Ford, CEO of Land O&rsquo;Lakes.&nbsp; This committee is a continued evolution of the overall governance
approach to the company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 0.5in; text-indent: 0pt; background-color: white">Over&nbsp;the past&nbsp;three years,
we have deepened our commitment to this approach and invested&nbsp;nearly $9&nbsp;billion to uplift the overall partner and store experience,
with more than one third of that investment going directly to the partners through wage increases, training, new innovative equipment
and technology. This represents the reinvestment of an average of&nbsp;nearly&nbsp;20% of Starbucks fiscal year profits back into the
partner experience with&nbsp;that level of investment expected to continue in fiscal year 2024. These investments have led to a more consistent
partner experience in company-operated stores across the U.S. Coupled with higher wages and the expansion of hours, these investments
have not only resulted in lower turnover &ndash; which is now below pre-pandemic levels &ndash; but we have also increased hourly total
cash compensation by nearly 50% since fiscal year 2020.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 0.5in; text-indent: 0pt; background-color: white">The Board&rsquo;s Nominating and Corporate
Governance Committee will review SOC Investment Group&rsquo;s proposed director nominee[s] in accordance with its normal process, and
the Board will present its formal recommendation regarding director nominees in the Company&rsquo;s proxy statement and other materials
to be filed with the Securities and Exchange Commission. Starbucks shareholders are not required to take any action at this time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; background-color: white"><B><U>About Starbucks</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; background-color: white">Since 1971, Starbucks Coffee Company
has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 38,000 stores worldwide, the
company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our
guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience,
please visit us in our stores or online at&nbsp;<FONT STYLE="color: blue"><U>https://stories.starbucks.com</U></FONT>&nbsp;or&nbsp;<FONT STYLE="color: blue"><U>www.starbucks.com</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; background-color: white"><B><U>Forward-Looking Statements</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; background-color: white">Certain statements contained herein are&nbsp;&ldquo;forward-looking&rdquo;
statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future events and the future results of
Starbucks Corporation (together with its subsidiaries) that are based on our current expectations, estimates, forecasts and projections
about our business, our results of operations, the industry in which we operate, our economic and market outlook, and the beliefs and
assumptions of our management. Forward-looking statements can be identified by the fact that they do not relate strictly to historical
or current facts.&nbsp;They often include words such as &ldquo;believes,&rdquo; &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;estimates,&rdquo;
&ldquo;intends,&rdquo; &ldquo;plans,&rdquo; &ldquo;seeks&rdquo; or words of similar meaning, or future or conditional verbs, such as &ldquo;will,&rdquo;
&ldquo;should,&rdquo; &ldquo;could,&rdquo; &ldquo;may,&rdquo; &ldquo;aims,&rdquo; &ldquo;intends,&rdquo; or &ldquo;projects.&rdquo; By
their nature, forward-looking statements involve risks, uncertainties, and other factors (many beyond our control) that could cause our
actual results to differ materially from our historical experience or from our current expectations or projections. Our forward-looking
statements, and the risks and uncertainties related thereto, include, but are not limited to, those described under the &ldquo;Risk Factors&rdquo;
and &ldquo;Management's Discussion and Analysis of Financial Condition and Results of Operations&rdquo; sections of the company&rsquo;s
most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent&nbsp;filings with the SEC, as well as:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>our ability to preserve, grow and leverage&nbsp;our brands;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the acceptance of the company&rsquo;s products and changes in consumer preferences, consumption, or spending behavior and our ability
to anticipate&nbsp;or react to them; shifts in demographic or health and wellness trends; or unfavorable consumer reaction to new products,
platforms, reformulations, or other innovations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>our anticipated&nbsp;operating expenses, including our anticipated&nbsp;total capital expenditures;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the costs associated with, and the successful execution and effects of, our existing and any future business opportunities, expansions,
initiatives, strategies, investments&nbsp;and plans, including our Reinvention Plan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the impacts of partner investments and changes in the availability and cost of labor including any union organizing efforts and our
responses to such efforts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the ability of our business partners, suppliers&nbsp;and third-party providers to fulfill their responsibilities and commitments;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>higher costs, lower quality, or unavailability of coffee, dairy, energy, water, raw materials, or product ingredients;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the impact of significant increases in logistics&nbsp;costs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>a worsening in the terms and conditions upon which we engage with our manufacturers and source suppliers, whether resulting from broader
local or global conditions, or dynamics specific to our relationships with such parties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>unfavorable global or regional economic conditions and related economic slowdowns or recessions, low consumer confidence, high unemployment,
weak credit or capital markets, budget deficits, burdensome government debt, austerity measures, higher interest rates, higher taxes,
political instability, higher inflation, or deflation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>inherent risks of operating&nbsp;a global business including geopolitical instability;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>failure to attract or retain&nbsp;key executive or partner talent or successfully transition executives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the potential negative effects of incidents involving food or beverage-borne illnesses, tampering, adulteration, contamination or
mislabeling;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>negative publicity related to our company, products, brands, marketing, executive leadership, partners, board of directors, founder,
operations, business performance, or prospects;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>potential negative effects of a material breach, failure, or corruption of our information technology systems or those of our direct
and indirect business partners, suppliers or third-party providers, or failure to comply with&nbsp;personal data protection laws;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>our environmental, social and governance (&ldquo;ESG&rdquo;) efforts and any reaction related thereto such as the rise in opposition
to ESG and inclusion and diversity efforts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>risks associated with acquisitions, dispositions, business partnerships, or investments &ndash; such as acquisition integration, termination
difficulties or costs or impairment in recorded value;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the impact of foreign currency translation, particularly a stronger U.S. dollar;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the impact of substantial competition from new entrants, consolidations by competitors, and other competitive activities, such as
pricing actions (including price reductions, promotions, discounting, couponing, or free goods), marketing, category expansion, product
introductions, or entry or expansion in our geographic markets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the impact of changes in U.S. tax law and related guidance and regulations that may be implemented, including on tax rates and the
Inflation Reduction Act of 2022;</TD></TR></TABLE>



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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the impact of health epidemics, pandemics or other public health events on our business and financial results, and the risk of negative
economic impacts and related regulatory measures or voluntary actions that may be put in place, including restrictions on business operations
or social distancing requirements, and the duration and efficacy of such restrictions;</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>failure to comply with&nbsp;anti-corruption laws, trade sanctions and restrictions or similar laws or regulations; and</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the impact of significant legal disputes and proceedings, or government investigations.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, many
of the foregoing risks and uncertainties are, or could be, exacerbated&nbsp;by any worsening of the global business and economic environment.
A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances
may not occur. You should not place undue reliance on the forward-looking statements, which speak only as of the date of this report.
We are under no obligation to update or alter any forward-looking statements, whether as a result of new information, future events or
otherwise.</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Important
Stockholder Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; background-color: white">Starbucks Corporation (the &ldquo;Company&rdquo;)
intends to file a proxy statement and proxy card with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) in connection
with its solicitation of proxies for its 2024 Annual Meeting. THE COMPANY&rsquo;S SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE DEFINITIVE
PROXY STATEMENT, THE ACCOMPANYING WHITE PROXY CARD, AND ANY AMENDMENTS AND SUPPLEMENTS TO THESE DOCUMENTS WHEN THEY BECOME AVAILABLE
AS THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain the proxy statement, any amendments or supplements to the proxy statement,
and other documents as and when filed by the Company with the SEC without charge from the SEC&rsquo;s website at&nbsp;<FONT STYLE="color: blue"><U>www.sec.gov</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; background-color: white"><B>Participant Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; background-color: white">The Company, its directors, director
nominees, certain of its officers, and other employees (as set forth below) may be deemed to be &ldquo;participants&rdquo; in the solicitation
of proxies from the Company&rsquo;s shareholders in connection with the matters to be considered at the 2024 Annual Meeting. &ldquo;Participant&rdquo;
is defined to include: (i) any director and any director nominee for whose election proxies are solicited; (ii) any committee or group
which solicits proxies, any of their respective members, and any person whether or not named as a member who, acting alone or with one
or more other persons, directly or indirectly, takes the initiative, or engages, in organizing, directing, or arranging for the financing
of any such committee or group; (iii) any person who finances or joins with another to finance the solicitation of proxies, except persons
who contribute not more than $500 and who are not otherwise participants; (iv) any person who lends money or furnishes credit or enters
into any other arrangements, pursuant to any contract or understanding with a participant, for the purpose of financing or otherwise inducing
the purchase, sale, holding, or voting of our Company&rsquo;s securities by any participant or other persons, in support of or in opposition
to a participant; except that such terms do not include a bank, broker, or dealer who, in the ordinary course of business, lends money
or executes orders for the purchase or sale of securities and who is not otherwise a participant; and (v) any person who solicits proxies.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; background-color: white">As of November 21, 2023, each of the
&ldquo;participants&rdquo; set forth below beneficially owned less than 1% of Company common stock. Information regarding the ownership
of the Company&rsquo;s directors and executive officers in the shares of Company common stock is also included in their SEC filings on
Forms 3, 4, and 5, which can be found at the SEC&rsquo;s website at&nbsp;<FONT STYLE="color: blue"><U>www.sec.gov</U></FONT>. Information
about the compensation of our named executive officers and our non-employee directors is set forth in the sections entitled &ldquo;Compensation
Discussion and Analysis&rdquo; and &ldquo;Fiscal 2022 Compensation Program for Non-Employee Directors&rdquo;, respectively, of the Company&rsquo;s
proxy statement on Schedule 14A filed on January 27, 2023, available&nbsp;<FONT STYLE="color: blue"><U>here</U></FONT>&nbsp;and the Company&rsquo;s
Current Report on Form 8-K filed with the SEC on March 28, 2023, and available&nbsp;<FONT STYLE="color: blue"><U>here</U></FONT>. Updated
information regarding the identity of potential participants, and their direct or indirect interests (by security holdings or otherwise),
will be set forth in the section entitled &ldquo;Beneficial Ownership of Common Stock&rdquo; of the Company&rsquo;s proxy statement on
Schedule 14A and other materials to be filed with the SEC. These documents can be obtained free of charge from the SEC&rsquo;s website
at&nbsp;<FONT STYLE="color: blue"><U>www.sec.gov</U></FONT>.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Directors and Director Nominees*</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Certain Officers and Other Employees*</B></FONT></TD>
    <TD STYLE="width: 13%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Mellody Hobson (<I>Independent Starbucks Board of Directors chair</I>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Laxman Narasimhan (c<I>hief executive officer</I>)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Richard E. Allison Jr.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Michael Conway (g<I>roup president, International and Channel Development</I>)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Andrew Campion</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Sara Kelly (e<I>xecutive vice president, chief partner officer</I>)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Beth E. Ford</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Brad Lerman (e<I>xecutive vice president, general counsel</I>)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">J&oslash;rgen Vig Knudstorp</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Rachel Ruggeri (e<I>xecutive vice president, chief financial officer</I>)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Satya Nadella</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Laxman Narasimhan</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Wei Zhang</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; background-color: white">*The business address is 2401 Utah Avenue
South, Seattle, Washington 98134.</P>

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