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Investor Presentaiton

Board: Not Independent, Not Positioned to Drive Change Seven & i Board has majority of Inside Directors; the Board cannot independently assess strategy. Amajority independent board is critical for corporations where crucial transformation is long overdue Seven & i Holdings Board of Directors Board Independence Scorecard 13 Outside Directors 5 Inside Directors 8 × ✓ Majority Outside Directors? Sources: Public company documents, VAC analysis (1) No publicly disclosed Lead Independent Director with specific responsibilities, including being the point of contact for shareholders Lead Independent Director or Chairperson¹? 53

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