One of Japan's two largest retailers Strong market position in its core convenience store business in Japan and North America Strong global recognition of the "7-Eleven" brand Stable and relatively strong consolidated profitability, supported by a core convenience store business run on a franchise system A likelihood profits of its general merchandising store (GMS) and department store businesses will take time to recover, due to severe competition and despite ongoing restructuring Strong cash flow generation A likelihood its debt to EBITDA will take time to recover, given its aggressive investments, lackluster business performance of its GMS and department store businesses, and the length of time needed to restructure these businesses Conservative financial management The stable outlook on major Japan-based retail
