On January 22, 2024, SOC Investment Group, announced that it believes Starbucks Corporation? recent approach to labor issues has demonstrated a severe mismanagement of its human capital and has, and may continue to, materially damage the way customers and employees perceive the Company, exposing its business to reputational and financial risk. SOC Investment expressed that in its view, the Board?s chronically poor oversight of human capital management and its apparent failure to address labor rights issues which are part of the Company?s stated commitment to international human rights jeopardizes long-term shareholder value.

While the Company recently unilaterally appointed new directors, it believes the Board could be better equipped to meet its human capital management and labor challenges. For these reasons, SOC Investment has nominated 3 directors to the Starbucks Board. SOC Investment stated that it has filed a preliminary proxy statement with the SEC and intended to file a definitive proxy statement shortly with the SEC and distribute its proxy cards to shareholders.