ValueAct Capital Activist Presentation Deck

Step 4. Operational Review of 7-Eleven Outside of Japan Top-down benchmarking suggests significant operating expense inefficiency in the US 7-Eleven operations. As a result, strong gross profit at the store level is not converting into operating profit for Seven & i Corporate EBITDAR % Store-Level Gross Profit 32% US 7-Eleven (CY 2019) Sources: Public company documents, 7-Eleven, Inc franchise disclosure document, VAC analysis Memo: EBITDAR = Earnings before interest, taxes, depreciation, amortization, and rent 46% Couche-Tard (FY April 2020) US Expense Efficiency MTMP Target? N/A FY26 Profit Potential? ~$625m 34

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