ValueAct Capital Activist Presentation Deck

... And Enables Seven & i to Earn Returns In-Line With Convenience Peers and Outperform the MTMP ROIC Forecast Global Champion 7-Eleven Return on Invested Capital Potential 6.3% Seven & i PF Speedway (FY2022) JPY/USD = 115 1.6% US operational improvement 0.6% International expansion 1.3% Organic growth and capital allocation 2.0% Exit non-core businesses 11.8% Seven & i potential (FY2026) JPY/USD = 105 8.1% ~45% higher Seven & i MTMP (FY2026) JPY/USD = 105 Sources: Public company documents, VAC analysis Memo: Both Seven & i potential and Seven & i MTMP ROIC figures are adjusted for goodwill amortization. ROIC calculated as NOPAT/ (equity + debt) and assumes capital invested in 7- Eleven stays constant from Nov. 2021 levels 40

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