The notes on pages 2 to 5 form part of these financial statements.

The directors of the company have elected not to include a copy of the income statement within the financial statements.

Conifer Ventures Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dixcart House, Addlestone Road, Bourne Business Park, Addlestone, Surrey, KT15 2LE.

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements are prepared in USD, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

• IFRS 7 disclosures regarding financial instruments;

• IAS 1 requirement to disclose the company’s objectives, policies and processes for managing capital;

• IAS 7 requirement to produce a statement of cash flows and related notes;

• IAS 8 requirement to disclose information about the impact of standards not yet effective;

• IAS 24 requirements in respect of disclosing remuneration of key management personnel and intragroup transactions.

Where required, equivalent disclosures are given in the group accounts of Starbucks Corporation. The group accounts of Starbucks Corporation are available to the public and can be obtained as set out in note 10.

The company recorded a negative EBITDA in the year ended 30 September 2025. The directors understand that with the changes that took place during year ended 30 September 2024, the company will not maintain levels of profitability as in previous years. The Company remains well placed to manage business risks successfully and has sufficient cash flow to continue operating for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.true

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales-related taxes.

The turnover shown in the financial statements relates to royalty fees receivable during the year in respect of the Princi intellectual property. Royalty revenue is recognised on an accrual basis in accordance with the substance of the relevant agreement. Royalty fees are based on a percentage of the relevant company's takings for the period, in accordance with the respective agreements in place with each individual company using the intellectual property.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The Organisation for Economic Cooperation and Development has released guidance establishing a 15% global minimum tax applied on a country-by-country basis for multinational entities under Pillar Two of its Base Erosion and Profit Shifting initiative. As of 29 September 2024, the United Kingdom have enacted legislation to adopt Pillar Two effective for fiscal years beginning on or after 31 December 2023. This global minimum tax will not be effective for the Company until fiscal 2025. In accordance with the amendments to IAS 12, the Company has applied the temporary exemption from accounting for deferred taxes related to Pillar Two income taxes. Consequently, no deferred tax liabilities or assets have been recognised in respect of these rules. The Company does not expect a material impact as a result of the Pillar Two legislation as it is expected to qualify for the transitional safe harbour provisions. The Company continues to monitor regulatory developments with respect to this initiative for potential impacts.

Transactions in currencies other than USD are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

The company employed no persons during the current and preceding year.

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

The three classes of share rank pari passu and have full voting, dividend and capital distribution rights.

This reserve records retained earnings and accumulated losses.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

The parent company is Starbucks EMEA Holdings Ltd, incorporated in UK. The ultimate parent company and controlling party is Starbucks Corporation, incorporated in USA and listed on NASDAQ.

The parent of the largest and smallest group for which consolidated accounts including Conifer Ventures Limited are drawn up is Starbucks Corporation, copies of which can be obtained from its registered office at 2401 Utah Avenue South, Seattle, WA 98134, USA.