INVESTOR
PRESENTATION
August 2020
CONTENTS
TABLE OF CONTENTS
Majid Al Futtaim H1 2020 Performance Update
Appendix
• Majid Al Futtaim Group Overview
2
H1 2020 Overview
2020 HAS BROUGHT UNPRECEDENTED DISRUPTION ON A GLOBAL SCALE
WE HAVE REMAINED VIGILANT AND ADAPTED TO THE NEW REALITY ACROSS OUR PORTFOLIO
MAJID AL FUTTAIM SITES TEMPORARY CLOSURE DATES 1
Business
UAE
KSA
Oman
Qatar
Kuwait
Lebanon
Bahrain
25 Ma r - 9 Apr
Egypt
Jordan
Kenya
Iraq
29 Ma r - 25 Apr
-
-
-
Shopping Malls
25 Ma r-24 Apr
-
18 Ma r-24 June
-
-
12 Ma r - 1
June
ULOs
15 Ma r-27 Ma y
-
-
-
-
-
18 Ma r -
25 Ma r-27 June
-
-
-
22 Ma r -
-
-
-
-
-
16 Ma r -
-
-
-
-
Never Cl os ed
Never Cl os ed
Never
Cl os ed
Never Cl os ed
12 & 19
Apri l
Never Cl os ed
cl os ed on
weekends duri ng
Apri l
Cl os ed duri ng
Ma y
15 Ma r- 27 Ma y 11 Ma r- 21 June
18 Ma r -
13 Ma r -
9 Ma r -
9 Ma r- 2 Jul y
18 Ma r -
18 Ma r- 27 June
-
-
-
Leisure & Entertainment 15 Ma r- 4 Jul y 15 Ma r- 21 June
18 Ma r -
-
15 Ma r -
9 Ma r- 2 Jul y
18 Ma r -
25 Ma r- 27 June
-
28 Ma r -
-
-
-
-
-
Hotels 2
Retail
3
Cinemas
Fashion
Never Cl os ed
3
25 Ma r-24 Apr
16 Ma r - 28
Apri l
18 Ma r- 24 June 18 Ma r- 1 Jul y 15 Ma r-30 June
24 Apr - 7 Ma y
25 Ma r - 9 Apr
24 Apr - 7 Ma y
Georgia
Never cl os ed on
Cl os ed Apri l 4 & 5
17 Apr - 21
Apr
-
Armenia
Never
Cl os ed
Pakistan
25 Apr - 1
Ma y
-
WHILE ADOPTING A ROBUST COVID-19 RISK MANAGEMENT PROCESS
✓ Weekly monitoring of operational metrics (footfall, customer growth, basket size) and financial metrics (revenues, costs,
working capital and net debt position).
✓ Bi- weekly meeting of the Crisis Management Team with focus on employee health and safety, operations and business
performance.
✓ Regular reporting to the Board of Directors on financial & business positions, and liquidity.
1 Green shading indicates
sites which have re-opened
out of 13 remain closed
3 3 Metro stores closed temporarily in UAE during April
2 7 hotels
4
-
Uganda
Never
Cl os ed
-
AGILITY AND DIVERSIFICATION HAS BOLSTERED OUR RESILIENCE
A LEAN AND AGILE APPROACH
Cost & Balance
Sheet Optimization
Procurement and
Supply Chain
Financial Discipline
& Risk
Management
Capability Building
ACROSS A DIVERSIFIED
PORTFOLIO
5
Sustainability
Sustainability
OUR SUSTAINABILITY STRATEGY IS INTEGRATED IN THE WAY WE DO
BUSINESS
Our strategy will manage the
socio-economic and environmental
issues that matter most to us and
our stakeholders
• Local economic development
• Promoting sustainable lifestyles
• Product quality & safety
• Crime and security
• Community well being & public realm
• Responsible procurement
TRANSFORMING
LIVES
• Net Positive carbon
• Net Positive water
• Circular economy
• Climate change adaptation
• Ecosystem services
RETHINKNG
NON-EXHAUSTIVE
RESOURCES
• Healthy workplaces
• Human rights & employment conditions
• Health & safety
• Changing role of women in the workplace
EMPOWERING
OUR PEOPLE
Majid Al Futtaim has been recognized by external agencies:
18.1/100 Low
Negl
Low
Med
High
Severe
0-10
10-20
20-30
30-40
40-100
ESG RATING
7
A
AND OUR COMMITMENT TO ESG REMAINS STEADFAST IN UNCERTAIN
TIMES
WE HAVE LAUNCHED A NUMBER OF INITIATIVES IN H1 2020
TRANSFORMING
LIVES
✓ STRINGENT SAFTY AND
SANITISATION MEASURES
IMPLEMENTED ACROSS ALL OF OUR
ASSETS
RETHINKNG
RESOURCES
EMPOWERING
OUR PEOPLE
✓ LAUNCH OF CARREFOUR’S THIRD
HYDROPONIC FARM
✓ COVID-19 INDUCTION FRONTLINER
TRAINING
✓ CARBON NEUTRAL INITIATIVE IN VOX
✓ SUSTAINABILITY E-LEARNING SESSIONS
✓ EMPLOYEE COVID-19 CARE PACKS
✓ LOCALISING SUPPLY CHAIN
THROUGH COLLABORATION WITH
MINISTRY OF CLIMATE CHANGE
AND ENVIRONMENT
✓ MAFers SUPPORT MAFers PROGRAMME
✓ ANNUAL EMPLOYEE WELLNESS WEEK
CONDUCTED VIRTUALLY
✓ SEEMLESS REMOTE WORKING
IMPLEMENTED
8
H1 2020 Performance
SUMMARY OF MAJID AL FUTTAIM’S H1 2020 PERFORMANCE
RESILIENT FINANCIAL PERFORMANCE DELIVERED IN H1 2020
Revenue
-3% vs PY to:
USD 4.7bn
Assets
-4% vs PY at:
USD 16.8bn
EBITDA
-27% vs PY to:
USD 0.4bn
STABILITY AND STRENGTH THROUGH DIVERSIFICATION
GEOGRAPHICAL SPLIT – 30 June 2020
SEGMENTAL SPLIT – 30 June 2020
By Revenue
By EBITDA
Others¹
15%
KSA
4%
Oman
5%
UAE
47%
Qatar
10%
Oman
4% Others¹
6%
Ventures
3%
By EBITDA
Properties
10%
Ventures
-9%
UAE
53%
KSA
11%
Retail
45%
Qatar
8%
Bahrain
4%
By Revenue
Properties
68%
Bahrain
8%
Egypt
11%
Retail
87%
Egypt
15%
¹ Others includes Kuwait, Jordan, Pakistan, Lebanon, Iraq, Georgia, Armenia, Kenya, Uganda
10
Majid Al Futtaim Properties
H1 2020 PERFORMANCE: MAJID AL FUTTAIM PROPERTIES
Operational Highlights
• Increased our shopping mall portfolio to 27 with the opening of
Matajer Al Musalla in Sharjah, UAE.
• Completed redevelopment of the group’s earliest shopping
mall, City Centre Deira, UAE.
• Launched digital platforms such as Marketplace and Trends
at Your Doorstep
12
Revenue
EBITDA
(USDmn)
(USDmn)
563
416
397
290
H1 2019
H1 2020
H1 2019
H1 2020
Malls avg occupancy
93%
Footfall y-o-y
-35%
Rent to sales
15%
Hotels avg occupancy
37%
REVPAR change y-o-y
-51%
Majid Al Futtaim Retail
H1 2020 PERFORMANCE: MAJID AL FUTTAIM RETAIL
Operational Highlights
• Accelerated our digital offering, enabling 263% growth in online
orders
Revenue
EBITDA
(USDmn)
(USDmn)
3,966
4,108
H1 2019
H1 2020
• Fulfilment and delivery capabilities bolstered with 3 new
fulfilment centres and darkstores established across the region
Sales (LFL)
• Trained and redeployed more than 1,000 employees from other
areas of the business
193
H1 2019
H1 2020
-2%
Hypermarket openings
3
Supermarket openings
2
Total stores
Online orders y-o-y
14
163
311
+263%
Majid Al Futtaim Ventures
H1 2020 PERFORMANCE: MAJID AL FUTTAIM VENTURES
Operational Highlights
Revenue
EBITDA
(USDmn)
(USDmn)
37
• Launched new movie-going experience with VOX Cinemas
Drive-in at Mall of the Emirates
350
H1 2019
• 27 new screens added across 3 sites
H1 2020
H1 2019
H1 2020
Cinema screens added
27
Total cinema screens
526
Total L&E venues
16
(37)
188
40
Financing Overview
GROUP DEBT PROFILE (1/2)
All Senior Unsecured financing obligations
rank pari passu among themselves
Debt Maturity Profile (USD mn)
2000
Capital Markets
Bank Debt
Majid Al Futtaim Group’s
Balanced Funding Profile
(USD bn)
1600
74
1200
220
800
400
2.7
Primarily Senior Unsecured
obligations at Holding level
Majid Al Futtaim Properties
1.7
Primarily Senior Unsecured
obligations at Properties
level
Others
0.2
Primarily project finance with
limited recourse to parent
Total
4.6
800
19
2020
30
2021
500
53
2022
2023
2024
2025
Notes
Majid Al Futtaim Holding
463
1274
1,200
0
30 June 2020
2026+
Majid Al Futtaim Holding
Cross guarantees
Majid Al Futtaim Properties
$1.8bn
3+ yrs
5.4 yrs
Undrawn Available
Committed Lines
Liquidity cover
Weighted Average
Debt Life
1
USD 0.9BN EQUITY HYBRIDS NOT TAKEN INTO ACCOUNT IN DEBT AND AVERAGE DEBT LIFE CALCULATIONS
1
18
GROUP DEBT PROFILE (2/2)
Facilities & liquidity
Strong Leverage Metrics
2019 onwards includes impact of IFRS16
4,996
4,775
5
5,000
4,500
4,000
3,000
3.3x
2,804
2,612
3
2.8x
2,500
2,000
1,500
3.8x
3,418
3,500
4
2.4x
2.3x
1,145
1,231
1,152
1,458
2
1,305
1,000
1
%
$bn
Bonds
12%
0.8
Sukuk
26%
1.7
Total Debt Capital Markets Issuances
39%
2.5
%
$bn
Drawn
33%
2.1
Undrawn
28%
1.8
Total
61%
3.9
Total Bank Commitments & Debt Capital Markets
100%
6.4
Bank Facilities
Less Drawn
500
0
Debt Capital Markets Issuances
2016
2017
EBITDA
2018
Net Debt (USD mn)
Funding Risk Management Framework
Liquidity Coverage - Months
2019
H1 2020 rolling
12 months
Net Debt / EBITDA (times)
31 Dec 30 June
Policy/Covenant 2019 2020
0
(4.6)
Plus Cash
1.1
Total Liquidity
2.9
Investment grade credit ratings
31 Dec
2019
30 June
2020
18
52
46
Fitch
BBB
BBB
0.5-3.5
2.8
3.0
Standard & Poor’s
BBB
BBB
EBITDA Interest Cover (x) 1
>2.0
9
9
Total Net Debt to Total Equity (x)
<0.7
0.4
0.5
EBITDA from encumbered assets as % of total
EBITDA
1%
1%
Secured debt as a percentage of Gross Debt
1%
1%
Interest Rate Risk - Duration in Years
¹ EBITDA INTEREST COVER MEANS EBITDA OVER NET FINANCE CHARGES (EXCL IFRS 16 IMPACT)
19
MEASURED GROWTH & STEADY DEVELOPMENT PIPELINE
TRUE TO OUR COMMITMENT TO OUR CREDIT RATING, OUR TOP-DOWN CAPITAL
ALLOCATION APPROACH IS MANAGED WITHIN THE DEBT CAPACITY OF THE “BBB”
METRICS AND WITH AN EYE ON PRUDENT FINANCIAL MANAGEMENT
MALL DEVELOPMENT PIPELINE
UAE
RETAIL AND CINEMA PIPELINE
CITY CENTRE AL ZAHIA
SUPER REGIONAL MALL (SHARJAH)
GLA: 136,000 M2
2020
MALL OF OMAN
OMAN
KSA
SUPER REGIONAL MALL (MUSCAT, OMAN)
GLA: 142,000 M2
CINEMA
SCREENS
UAE
5
16
KSA
2
42
EGYPT
9
-
OTHERS 1
MALL OF SAUDI
STORES
20+
24
SUPER REGIONAL MALL (NORTH RIYADH)
GLA: 321,000 M2
¹ OTHERS INCLUDES OMAN, JORDAN, QATAR, GEORGIA,PAKISTAN, KENYA, UGANDA, UZBEKISTAN
20
IN SUMMARY
• Strong balance sheet
• Stable cash flow generation
• Best in class corporate governance
• Established track record, reputation & brand
• Diversified sources of funding
A strong
foundation
Focused on
sustainable growth
• Focus on diversification
• Cost optimization and operating efficiencies
• Business performance management
Appropriately
managing the risks
• Top down capital allocation
• Stress testing
• Country risk management
• Defined policies & procedures
21
CONTENTS
TABLE OF CONTENTS
Majid Al Futtaim H1 2020 Performance Update
Appendix
• Majid Al Futtaim Group Overview
22
MAJID AL FUTTAIM GROUP OVERVIEW (1/2)
GROUP CORPORATE STRUCTURE
SOLID TRACK RECORD
MR. MAJID AL FUTTAIM
(FOUNDER)
99.6%
Majid Al Futtaim HoldingLLC Consolidated Financials (USDmn)
MR. TARIQ AL FUTTAIM
Revenue
0.4%
MAJID AL FUTTAIM CAPITAL LLC
MAJID AL FUTTAIM HOLDING
7,445
(RATED BBB/BBB)
MAJID AL FUTTAIM
MAJID AL FUTTAIM
MAJID AL FUTTAIM
PROPERTIES
RETAIL
VENTURES
ShoppingMalls
Carrefour
Cinemas
Hotels
1044
Finance
EBITDA
8,788
8,128
1,145
1,152
2016
2017
9,436
9,573
1,253
1,261
2018
2019
Fashion
Communities
L&E
Enova (JV)
Project Management
2015
REGIONAL FOOTPRINT
BEST IN CLASS GOVERNANCE PRINCIPLES
16countries
1
• Voluntarily adopted the principles of the Combined Code on Corporate Governance for listed
companies in the UK
• Strong operating company board structures reporting to a group board
since 1992
HIGHEST RATED PRIVATELY OWNED CORPORATE IN THE GCC
Rating Agency
1
Majid Al Futtaim Retail closed their hypermarket
in Kazakhstan on 30 June 2017
but continue to retain the country head office
23
Rating
Outlook
Latest Affirmation Date
Standard & Poor’s
BBB
Stable
July 2020
Fitch Ratings
BBB
Stable
Nov 2019
MAJID AL FUTTAIM GROUP OVERVIEW (2/2)
SOLID FINANCIAL PERFORMANCE ON THE BACK OF A MANAGED GROWTH STRATEGY
FINANCIAL HIGHLIGHTS
MAJID AL FUTTAIM PROPERTIES (USDmn)
Majid Al Futtaim has a proven track record of delivering strong
financial results on the back of an effective growth strategy
Revenue
1,254
1,223
1,114
EBITDA
1,264
813
814
800
766
710
1,256
MAJID AL FUTTAIM HOLDING LLC CONSOLIDATED FINANCIALS (USDMN)
Item
2015
2016
2017
2018
2019
Assets
13,853
14,375
16,081
16,436
17,178
Revenue
7,445
8,128
8,788
9,436
9,573
EBITDA
1,044
1,145
1,152
1,253
1,261
2015
63%
64%
64%
2018
319
2015
65%
Revenue
7,049
6,503
6,011
EBITDA MARGIN BY ENTITY (%)
63%
2017
2019
MAJID AL FUTTAIM RETAIL (USDmn)
The Group’s ability to combine capital intensive high margin business
(shopping malls) with capital light, high volume business (hypermarkets)
allows it to effectively manage its growth.
70%
2016
7,662
391
380
330
335
2016
EBITDA
7,622
2017
2018
2019
MAJID AL FUTTAIM VENTURES (USDmn)
60%
50%
Revenue
40%
30%
20%
13%
12%
12%
13%
15%
10%
5%
5%
5%
5%
5.1%
2017
MAF Retail
2018
577
492
393
72
51
EBITDA
651
761
87
70
113
0%
2015
2016
MAF Properties
2019
MAF Ventures
2015
24
2016
2017
2018
2019
BUSINESS OVERVIEW: MAJID AL FUTTAIM PROPERTIES
GROUP’S CORE BUSINESS
MAJID AL FUTTAIM PROPERTIES’ KEY STRENGTHS
OVERVIEW OF MAJID AL FUTTAIM PROPERTIES
27
OVER 1.5
MILLION SQM
ALLIANCES AND
PARTNERSHIPS
WITH KEY RETAILERS
SHOPPING MALLS
SUCCESSFULLY
OPERATING
ESTABLISHED TRACK
RECORD, REPUTATION
& BRAND
UNIQUE LEISURE
OFFERS
(Through Majid Al Futtaim Ventures)
IN 5 COUNTRIES ACROSS THE MIDDLE
EAST AND NORTH AFRICA
IN THE
DEVELOPMENT
PIPELINE IN 3
COUNTRIES
ACROSS THE
REGION
MILLION SQM OF
GLA OF PRIME
RETAIL SPACE
AND EXPANDING
200
MILLION
PRIME LOCATIONS
SECURED
FOR BUSINESS
IN-HOUSE EXPERTISE
(FULLY INTEGRATED
OPERATIONS)
3 NEW PROJECTS
OVER 1.5
13 Hotels
11 in UAE
2 in Bahrain
MAJID AL FUTTAIM
PROPERTIES
180
150
120
90
60
30
0
VISITORS AND
GROWING
ANNUALLY ACROSS
ALL OF OUR MALLS
150%
97%
98%
94%
93%
100%
72%
75%
171
2015
76%
75%
80%
175
186
192
200
2016
2017
2018
2019
50%
0%
Total Shopping Mall Footfall - Million
Hotels Occupancy
25
95%
Shopping Mall Occupancy
MAJID AL FUTTAIM PROPERTIES (1/2)
City Centre Deira
Opened: 1995 , 117k m2 GLA
Occupancy Rate : 96%
City Centre Me’aisem
Opened: 2015 , 23k m2 GLA
Occupancy Rate : 92%
City Centre Sharjah
Opened: 2001 , 51k m2 GLA
Occupancy Rate : 99%
City Centre Ajman
Opened: 1998 , 55k m2 GLA
Occupancy Rate : 97%
City Centre Fujairah
Opened: 2012 , 35k m2 GLA
Occupancy Rate : 96%
My City Centre Al Barsha
Opened: 2016 , 4k m2 GLA
Occupancy Rate : 86%
My City Centre Al Dhait
Opened: 2018 , 5k m2 GLA
Occupancy Rate : 71%
My City Centre Masdar
Opened: 2019 , 18k m2 GLA
Occupancy Rate : 77%
City Centre Mirdiff
Opened: 2010 , 203k m2 GLA
Occupancy Rate : 92%
City Centre Al Shindagha
Opened: 2016 , 25k m2 GLA
Occupancy Rate : 92%
My City Centre Nasseriya
Opened: 2014 , 5k m2 GLA
Occupancy Rate : 77%
UAE
Mall of the Emirates
Opened: 2005 , 255k m2 GLA
Occupancy Rate : 94%
26
EGYPT
MAJID AL FUTTAIM PROPERTIES (2/2)
City Centre Alexandria
Opened: 2003 , 64k m2 GLA
Occupancy Rate : 95%
Mall of Egypt
Opened: 2017 , 162k m2 GLA
Occupancy Rate : 93%
City Centre Al Maza
Opened: 2019 , 102k m2 GLA
Occupancy Rate : 83%
My City Centre Sur
Opened: 2018 , 16k m2 GLA
Occupancy Rate : 93%
City Centre Suhar
Opened: 2019 , 35k m2 GLA
Occupancy Rate : 87%
OMAN
City Centre Maadi
Opened: 2002 , 30k m2 GLA
Occupancy Rate : 99%
LEBANON
City Centre Qurum
Opened: 2005 , 27k m2 GLA
Occupancy Rate : 99%
BAHRAIN
City Centre Muscat
Opened: 2001 , 69k m2 GLA
Occupancy Rate : 100%
City Centre Bahrain
Opened: 2008 , 160k m2 GLA
Occupancy Rate : 96%
27
City Centre Beirut
Opened: 2013 , 63k m2 GLA
Occupancy Rate : 92%
BUSINESS OVERVIEW: MAJID AL FUTTAIM RETAIL
GENERATING STEADY CASHFLOWS
311
Carrefour
Outlets
OVERVIEW OF MAJID AL FUTTAIM RETAIL
North Africa and CIS Regions
OPERATING FRAMEWORK
Majid Al Futtaim Retail aims to capitalize on its strong supply chain
and procurement procedures to deliver value to its customers.
Over40
New stores
planned in
2020
Sales
Volume
In 15 countries Across the Middle East,
Exclusive
Franchise
Rights for
37
Countries
Reinvest
Rebates
Across the Middle East,
North Africa and CIS Regions
Purchasing
Power
Supplier
Rebates
Majid Al Futtaim Hypermarkets is a wholly owned subsidiary
since 25 June 2013 when Majid Al Futtaim acquired the remaining
25% from Carrefour SA. As part of the transaction, Majid Al Futtaim
also renewed its exclusive franchise partnership with the Carrefour
group until 2025 and extended it to an additional 19 new countries.
Low Prices
Carrefour charges a sale-based franchise fee and provides
approval on new store openings.
28
Good Quality
Wide Choices
MAJID AL FUTTAIM RETAIL
Country
TOTAL
Hyper
Super
UAE
33
72
Oman
10
3
Pakistan
7
1
Bahrain
9
4
Armenia
0
2
Egypt
15
37
Jordan
5
35
Kuwait
3
5
Lebanon
3
2
Kenya
7
1
KSA
18
1
Qatar
5
5
Iraq
4
2
Georgia
2
19
Uganda
1
0
122
189
Kazakhstan
1
Georgia
Armenia
Lebanon
Iraq
Jordan
Pakistan
Kuwait
Egypt
Saudi Arabia
Bahrain
Qatar
UAE
Oman
Uganda
Kenya
1
29
Majid Al Futtaim Retail closed their hypermarket
in Kazakhstan on 30 June 2017
but continue to retain the country head office
BUSINESS OVERVIEW: MAJID AL FUTTAIM VENTURES
COMPLEMENTARY BUSINESSES
Majid Al Futtaim Ventures builds and manages value enhancing businesses for the Majid Al Futtaim Group, focusing on selected
sectors that are relevant for the wider business in the region.
WHOLLY-OWNED COMPANIES
Majid Al Futtaim Leisure & Entertainment LLC
Majid Al Futtaim Cinemas LLC
Provides unique leisure offerings to Majid Al Futtaim malls
526
Majid Al Futtaim Finance LLC
Majid Al Futtaim Fashion LLC
Credit Card Issuer Business
Introduced Visa
Cards in 2010
Cinema Screens
Across the MENARegion
95
Over 133K
Cards in Force
JOINT VENTURE COMPANIES
JV providing Energy Services and Facilities
Management Formed in 2002 (as Dalkia)
30
Stores in
7Countries
ROBUST GOVERNANCE STRUCTURE
GOVERNANCE PRINCIPLES
• Majid Al Futtaim places considerable emphasis on governance and transparency within its operational framework.
The company has voluntarily adopted the principles of the Combined Code on Corporate Governance for listed companies in the UK
across all areas of its business
Strong operating company Board structures reporting to a group Board
Set out the principles of Corporate Governance across each of the group’s operating entities and geographies
• Majid Al Futtaim has obtained a Strong management & governance (M&G) score by S&P across its universe of rated entities in the
Gulf region – one of the two only entities that such score has been awarded
BOARD RESPONSIBILITIES
Majid Al Futtaim Holding Board
The Board of Majid Al Futtaim Holding provides independent oversight to protect shareholders’ interests:
1) Acting as shareholder of operating companies;
2) Controlling decisions related to strategic new businesses / markets or divestments; and
3) Via managing Funding and Capital allocation
Operating Companies Boards
Each operating company maintains its own Board of Directors responsible for setting strategic goals, measurement of the success of
the businesses in achieving objectives and maintaining corporate accountability. Chairmen of the Operating Company boards are
members of the Holding Board of Directors
31
MAJID AL FUTTAIM HOLDING BOARD OF DIRECTORS
Sir Michael Rake
Sir Ian Davis
Tariq Al Futtaim
Alan Keir
Chairman
Non-Executive Director
Non-Executive Director
Non-Executive Director
Chairman of Phoenix Global Services
and Wireless Logic Group
Former Chairman of BT Group and
KPMG International
Chairman of Rolls Royce andformer
Worldwide Managing Director at
McKinsey & Company
Former chairman of the Majid Al
Futtaim Charity Foundation
Non Executive Director at HSBC
UK Bank Plc
Non Executive Director at Sumitomo
Mitsui Banking Corporation
Victor Chu
Lord Rose
Luc Vandevelde
Philip Bowman
Alain Bejjani
Non-Executive Director
Non-Executive Director
Non-Executive Director
Non-Executive Director
Chairman of FirstEastern
Investment Group
Co-founder and director of Peach
Aviation
Chairman of Ocado and
Non Executive Director of Woolworths
Holding Limited
Former CEO of Marks and Spencer plc
Founder and Chairman of Change
Capital Partners LLP
Former Chairman of the Carrefour
Group and Mark and Spencer
Independent Director of FerrovialS.A
Former Chief Executive of Smiths
Group plc and Director of Burberry
Group
Chief Executive Officer of
Majid Al FuttaimHolding
32
Former Executive Vice-Chairmanof
the Investment Development
Authority of Lebanon