ValueAct Capital Activist Presentation Deck

Seven & i Holdings Today: Slow Pace of Change, Many Structural Issues Identified for Years Have Not Been Fixed 100 Day Plan Announced in 2016 (Medium-Term Management Plan) Investment Efficiency M&A Special Losses Ito-Yokado Low return on capital expenditures Sogo & Seibu Low return on acquisition price "Our response to underperforming businesses presents issues" Sources: Public company documents, VAC analysis Status 6 Years Later ROIC still below WACC ROIC still below WACC (Sale could address this) Special losses continue 15

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