ValueAct Capital Activist Presentation Deck

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

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