ValueAct Capital Activist Presentation Deck

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 Outside Directors Inside Directors 13 5 8 Board Independence Scorecard X X Sources: Public company documents, VAC analysis (1) No publicly disclosed Lead Independent Director with specific responsibilities, including being the point of contact for shareholders Majority Outside Directors? Lead Independent Director or Chairperson¹? 53

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