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Investor Presentaiton

Step 2. Complete the Sale of Sogo & Seibu Sogo & Seibu has property value estimated by a leading advisory firm at 480-550b yen, indicating upside to the possible ¥200b sale price reported in the press. However, the most important priority is completing a 100% sale as soon as possible, with due consideration for affected stakeholders, to allow management to focus on 7-Eleven due to the competitive urgency. Sogo & Seibu Valuation Under Two Strategic Alternatives 49 billion yen Value to Seven & i Holdings (Status Quo Business Value) Sources: Public company documents, VAC analysis > 200 billion yen Value to Third Party Buyer (Unlocking Property Value) Memo: Business value estimated as 5x FY Feb 2020 EBITDA, sale price based on media reports, real estate appraisal value based on leading global advisory firm analysis 29
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