Investor Presentaiton

Inside Directors: Interests Conflict with a Strategy to Transform Seven of eight Inside Directors inherently have interests in the subsidiaries in which they have overlapping executive or board roles. The subsidiary interests conflict with the interests Seven & i's shareholders and stakeholders to whom Directors should owe fiduciary duty. Allegiance solely to Holdings? Subsidiary Affiliation Subsidiary Title Inside Director 1 (President) Inside Director 2 (Vice President) Inside Director 3 Inside Director 4 Inside Director 5 Inside Director 6 Inside Director 7 Inside Director 8 × ✓ Sources: Public company documents, VAC analysis BANK Seven & i SE BU SOGO Asset Management × × ELEVEN Seven & i Financial Center Japan ELEVEN USA ELEVEN Japan Director Director Director President & Rep. Director Senior Managing Executive Officer President & CEO President & Rep. Director 52 54

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