ValueAct Capital Activist Presentation Deck

Seven & i Holdings or Global Champion 7-Eleven? Strategy of true focus on 7-Eleven creates significantly more corporate value ● SEVEN&I HOLDINGS Current strategy promises By FY Feb 2026 EPS: 533 yen per share + ● SEVEN&I HLDGS. 7-Eleven EBITDA: 850 billion yen + Valuation: Low multiple conglomerate OR Global 7-Eleven potential By FY Feb 2026 ● ELEVEN EPS: 748 yen per share 7-Eleven EBITDA: 1 trillion yen + Valuation: High multiple global champion company Sources: Public company documents, VAC analysis Memo: Adjusted EPS calculated as (pre-tax profit + amortization of goodwill + one-time items) x (1 - tax rate) / shares outstanding. 26

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