ValueAct Capital Activist Presentation Deck

Board Structure: Global Standard Independence Needed? From a Board with majority of Inside Directors with conflicts of interest to majority of Outside Directors with relevant skills and experience to monitor strategy and management Seven & i Holdings Board of Directors 13 LO 5 8 Outside Directors More Outside Directors with relevant skills and experience needed to support management through transformation Inside Directors Inside Directors, many of whom are conflicted, cannot independently assess strategy and hinder transformation Sources: Public company documents, VAC analysis Global Standard Board ✓ ✓ ✓ Majority Outside Directors? Lead Independent Director or Chairperson? Relevant skills to oversee management 57

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