A. Discuss the relation between net income and cash flow from operations for each of the three years.

Exhibit 3.34 Starbucks Corporation Comparative Statements o Cash Flows amounts in millions) (Case 3.1) Fiscal Year Ended OPERATING ACTIVITIES: Net earnings including noncontrolling interests Adjustments to reconcile net earnings to net cash Sep 30, 2012 Oct 2, 2011 Oct 3, 2010 1,384.7 $1,248.0 948.3 provided by operating activities: Depreciation and amortization Gain on sale of properties Deferred income taxes, net Income earned from equity method investees, 580.6 61.1 (49.3) 540.8 550.0 (30.2) 106.2 (42.0) (17.2) net of distributions Gain resulting from acquisition of joint ventures Stock-based compensation Other Cash provided/(used) by changes in operating assets (32.9) (55.2) 145.2 33.3 153.6 23.6 113.6 75.5 and liabilities: Accounts receivable Inventories Accounts payable Accrued liabilities and insurance reserves Deferred revenue Prepaid expenses, other current assets and (90.3) (273.3) (105.2) 23.7 60.8 (33.4) 123.2 (3.6) (18.7) 24.2 (88.7) (422.3) 227.5 (81.8) 35.8 (19.7) 1,750.3 (22.5) 1,612.4 other assets 17.3 Net cash provided by operating activities INVESTING ACTIVITIES: Purchase of investments Maturities and calls of investments Acquisitions, net of cash acquired Additions to property, plant and equipment Cash proceeds from sale of property, plant, 1,704.9 (1,748.6) 1,796.4 (129.1) (856.2) (966.0) 430.0 (55.8) (531.9) (549.0) 209.9 (12.0) (445.8) and equipment Other Net cash used by investing activities 5.3 (13.2) (1,019.5) 2.3 (974.0) (789.5)