Investor Presentaiton

Step 1. Bold Strategy of True Focus on 7-Eleven Major valuation uplift opportunity if Seven & i Holdings chooses focus over diversification Conglomerate Average: 11x P/E Forward P/E (Calendar Year 2022) Focused Retail & Quick Service Restaurant Company Average: 22x P/E 26.1x 25.1x 21.7x 20.5x 17.7x 15.4x 12.9x 13.4x 11.5× 11.8x 10.7x 9.4x 34.6x Mitsubishi Heavy NTT Hitachi Itochu Seven & i Holdings Kroger Pan Pacific Couche- Tard Casey's Walmart President McDonalds Chain FAST Retailing 28 Sources: Public company documents, Capital IQ (as of 2/3/2022), VAC analysis Memo: Multiples adjusted for one-time expenses and goodwill amortization

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