EXHIBIT 4.9 Starbucks-Year 1 Balance Sheet Forecasts STARBUCKS CORPORATION Balance Sheet Forecasts (for the fiscal years ended October) ($ in thousands) Year -1 Year 0 Year 1 Calculation Formulas and Explanation Required cash . . . . . . .. . . . . . . . . $ 173,809 $ 312,606 $ 467,217 [21] = 0.05 X 9,344,330 = Rev X [cash/rev] Short-term investments . . . 133,227 141,038 Liquidated excess asset = Forecast not required Accounts receivable. 190,762 224,271 256,009 [22] = 9,344,330/365 X 10 = Rev/365 X [days AR] Inventories . . .. 546,299 636,222 766,235 [23] = 3,831,175/365 X 73 = CGS/365 X [days inventory] Other current assets. . 165,237 215,651 280,330 [24] = 0.03 X 9,344,330 = Rev X [other current assets/rev] Total current assets . . . . . . $1,209,334 $1,529,788 $1,769,791 [25] = [21] + [22] + [23] + [24] = Sum Land, buildings, and equipment, net . $1,842,019 $2,287,899 $2,920, 103 [14] = See Exhibit 4.8, [14] Goodwill and other intangible assets . . .. . .. . 127,883 199,433 199,433 Assumed constant (GW) = Forecast not required Long-term investments 261,564 224,904 Liquidated excess asset = Forecast not required Other non-current assets . . . . . 72,893 186,917 186,887 [26] = 0.02 X 9,344,330 = Rev X [other non-current assets/rev] Total assets. . . $3,513,693 $4,428,941 $5,076,213 [27] = [25] + [14] + [26] + GW = Sum Accounts payable. . . . . . . . . . . .. 220,975 $ 340,937 $ 434,103 [28] = (3,831,175 + (766,235 - 636,222)) = (CGS + change in inventory)/365 X [days AP] 1365 X 40 Accrued expenses and other . . . 552,907 661, 148 840,990 [29] = 0.09 X 9,344,330 = Rev X [accrued expenses and other/rev] Interest payable . . . . . 318 847 7,027 [34] = 0.01 X (700,762 + 1,958) = End bal debt X [interest payable/debt bal] Deferred revenue . . . . . 175,048 231,926 280,330 [30] = 0.03 X 9,344,330 = Rev X [deferred revenue/rev] Short-term and current long-term debt . . .. .. 277,748 700,762 700,762 [32] = 700,762 + 0 = Ending balance (last year) + change Total current liabilities. . . . $1,226,996 $1,935,620 $2,263,212 [35] = [28] + [29] + [34] + [30] + [32] = Sum Long-term debt . . . . . . . . . . . . . . $ 2,870 $ 1,958 $ 1,958 [33] = 1,958 + 0 = Ending balance (last year) + change Other non-current liabilities . . .. 193,565 262,857 373,773 [31] = 0.04 X 9,344,330 Rev X [other non-current liabilities/rev] Total liabilities .. . . . . . . . . . . .. $1,423,431 $2,200,435 $2,638,943 [36] = [35] + [33] + [31] = Sum Common stock and surplus . . ... . . . . . . . . . . 5 130,361 $ 40,149 $ 40,149 [71] = 40,149 + [61] = Beg bal + change, see Exhibit 4.10, [61] Cumulative comprehensive income (loss) . . . . 20,914 37,273 37,273 Assumed constant (CCI) = Forecast not required Retained earnings . . . 1,938,987 2, 151,084 2,359,849 [66] = See Exhibit 4.7, [66] Total shareholders' equity . . . . . ... $2,090,262 $2,228,506 $2,437,271 [67] = [71] + [66] + CCI = Sum pg. 171 Total liabilities and equities. . ... . $3,513,693 $4,428,941 $5,076,213 [68] = [36] + [67] Exhibit may contain small rounding errors2011 2012 2013 Required Cash 173,809 $ 312,606 Short term Invest 133,227 $ 141,038 AR 190,762 $ 224,271 Inventories 546,299 $ 636,222 Other current assets 165,237 EA 215,651 Total current assets 1,209,334 $ 1,529,788 Land, buildings and equip net 1,842,019 $ 2,287,899 Goodwill and other int 127,883 $ 199,433 Long term invest 261,564 $ 224,904 A EA Other non current assets 72,893 186,917 Total assets EA 3,513,693 4,428,941 AP 220,975 340,937 Accured expenses and other 552,907 EA 661, 148 Interest payable 318 $ 847 Deferred revenue 175,048 $ 231,926 Short term and current long term debt 277,748 $ 700,762 Total current liabilities 1,226,996 $ 1,935,620 Long term debt 2,870 1,958 Other non current liabilities 193,565 262,857 Total Liabilities 1,423,431 2,200,435 Common stock and surplus 130,361 $ 40, 149 Cum comp income 20,914 $ 37,273 Retained earnings 1,938,987 2, 151,084 Total equity 2,090,262 2,228,506 Total Liabilities and equity 3,513,693 4,428,941 Income statement Balance sheet FCF Cash Flow