ValueAct Capital Activist Presentation Deck

... And >85% Higher Per-Share Value Than The MTMP ¥5,786 Seven & i (Current) 967 Global Champion 7-Eleven Value Per Share Potential Multiple expansion on current earnings 1,896 US operational improvement 640 International expansion 2,211 1,209 Organic growth Exit non-core and capital allocation businesses ¥12,708 Seven & i potential (Feb 2025) ← >85% higher ¥6,848 Seven & i MTMP (Feb 2025) Sources: Public company documents, VAC analysis Memo: Seven & i current share price as of 2/4/2021 close. Exit P/E is 17x forward EPS. FX assumed to be 105 JPY/USD to align with MTMP. All EPS figures are adjusted for goodwill amortization and one-time expenses. 39

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