ValueAct Capital Activist Presentation Deck

Seven & i Holdings Today: MTMP Allocates >30% of CAPEX (~¥770 billion / $7 billion) to Support Non-Core Businesses, Even Though the MTMP Does Not Expect ROIC > WACC Outside the Core Medium-Term Management Plan Capital Allocation FY22 - FY26 MTMP Cumulative Capex (% Total) Non-Core Businesses 31% 69% 7-Eleven Sources: Public company documents, VAC analysis Memo: Non-Core businesses include Superstores, Department stores, Financial services, Group investments, and other businesses 19

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