ValueAct Capital Activist Presentation Deck

Inside Directors: Interests Conflict with a Strategy to Transform Seven of eight Inside Directors inherently have interests in the subsidiaries in which they have overlapping executive or board roles. The subsidiary interests conflict with the interests Seven & i's shareholders and stakeholders to whom Directors should owe fiduciary duty. Allegiance solely to Holdings? Subsidiary Affiliation Subsidiary Title Inside Director 1 (President) Inside Director 2 (Vice President) X Sources: Public company documents, VAC analysis BANK Director Inside Director 3 X Y Director Inside Director 4 X SE BU SOGO Director Inside Director 5 X Seven & i Asset Management Seven & i Financial Center President & Rep. Director Inside Director 6 X ELEVEN Japan Inside Director 7 x ELEVEN USA Senior Managing President & Executive CEO Officer Inside Director 8 X ELEVEN Japan President & Rep. Director 54

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