ValueAct Capital Activist Presentation Deck

Step 4. Operational Review of 7-Eleven Outside of Japan Expanding 7-Eleven's fresh food offer through Quick Service Restaurant ("QSR") and commissary is a high return way to replace declining foot traffic from fuel and make the business more sustainable Fresh Food Opportunity PRE-PAY INSIDE 6 7-ELEVEN ELEVEN LAREDO TACO COMPANY. RAISE THE CHICKEN & BISCUITS Warabeya TEXAS Sources: Public company documents, VAC analysis Memo: FY26 potential based on adding 400 QSR units per year to franchised 7-Elevens x VAC estimate of per-unit economics supported by third-party analysis. Fresh Food Offer (US) MTMP Target? N/A FY26 Profit Potential? ~$300m 36

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