Investor Presentaiton

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 Global Standard Board LO 5 8 00 Majority Outside Directors? Outside Directors More Outside Directors with relevant skills and experience needed to support management through transformation Lead Independent Director or Chairperson? Inside Directors Inside Directors, many of whom are conflicted, cannot independently assess strategy and hinder transformation Relevant skills to oversee management Sources: Public company documents, VAC analysis 40 57

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