investor presentation - majid al futtaim
TRANSCRIPT
INVESTOR PRESENTATION
February 2021
TABLE OF CONTENTS
CONTENTS
Majid Al Futtaim FY 2020 Performance Update
Appendix
• Majid Al Futtaim Group Overview
2
FY 2020 Overview
IN 2020 WE HAVE SUSTAINED OUR BUSINESS DESPITE UNPRECEDENTED DISRUPTION
Revenue declined 7%
to USD 8.9BEBITDA declined 19%
to USD 1BNet debt reduced
by USD 0.1B
Stringent Health & Safety
measures maintained across
portfolio
Opened 48 new Carrefour stores
Total store count 354Added 47 cinema screens
Total screens 546
Environmental Social Governance
Maintained “low risk” ESG
rating from Sustainalytics,
and “A” rating from MSCI
4
BBB credit rating reaffirmed with stable outlook
Cost & Balance Sheet Optimization
Procurement and Supply Chain
Financial Discipline& Risk
Management
Capability Building Sustainability
A LEAN AND AGILE APPROACH
AGILITY AND DIVERSIFICATION HAS BOLSTERED OUR RESILIENCE
5
ACROSS A DIVERSIFIED PORTFOLIO
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
Majid Al Futtaim has been recognized by external agencies:
Negl Low Med High Severe
0-10 10-20 20-30 30-40 40-100
18.1/100 LowESG RATING A
TRANSFORMING
LIVES
EMPOWERING
OUR PEOPLE
RETHINKNG
RESOURCES
• Net Positive carbon• Net Positive water• Circular economy• Climate change adaptation• Ecosystem services
• Local economic development• Promoting sustainable lifestyles• Product quality & safety• Crime and security• Community well being & public realm• Responsible procurement
• Healthy workplaces• Human rights & employment conditions• Health & safety• Changing role of women in the workplace
NON-EXHAUSTIVE
7
AND OUR COMMITMENT TO ESG REMAINS UNWAVERING
8
WE CONTRIBUTE TOWARDS THE FOLLOWING UNITED NATIONS SUSTAINABLE DEVELOPMENT GOALS
AND WE HAVE LAUNCHED A NUMBER OF INITIATIVES IN 2020
TRANSFORMING
LIVESRETHINKNG
RESOURCESEMPOWERING
OUR PEOPLE
✓ STRINGENT SAFTY AND SANITISATION MEASURES IMPLEMENTED ACROSS ALL OF OUR ASSETS
✓ LOCALISING SUPPLY CHAIN THROUGH COLLABORATION WITH MINISTRY OF CLIMATE CHANGE AND ENVIRONMENT
✓ OPENED CARREFOUR’S THIRD HYDROPONIC FARM
✓ LAUNCH OF OUR CIRCULAR ECONOMY STRATEGY, ‘UNLOCKING VALUE’
✓ COVID-19 INDUCTION FRONTLINER TRAINING
✓ SEEMLESS REMOTE WORKING IMPLEMENTED
FY 2020 Performance
SUMMARY OF MAJID AL FUTTAIM’S FY 2020 PERFORMANCE
GEOGRAPHICAL SPLIT – 31 December 2020
STABILITY AND STRENGTH THROUGH DIVERSIFICATION
By Revenue By EBITDA
SEGMENTAL SPLIT – 31 December 2020
By Revenue By EBITDA
¹ Others includes Kuwait, Jordan, Pakistan, Lebanon, Iraq, Georgia, Armenia, Kenya, Uganda, Uzbekistan
Revenue-7% vs PY to:USD 8.9bn
EBITDA-19% vs PY to:USD 1bn
Assets-6% vs PY at:USD 16.1bn
RESILIENT FINANCIAL PERFORMANCE DELIVERED FOR FY 2020
UAE48%
Egypt10%
Bahrain3%
Qatar8%
KSA10%
Oman5%
Others¹16%
UAE 57%
Egypt12%
Bahrain6%
Qatar8%
KSA5%
Oman4% Others¹
8%
Properties10%
Retail86%
Ventures4%
Properties62%
Retail43%
Ventures-2%
10
Majid Al Futtaim Properties
1,150 865
FY2019 FY2020
810 639
FY 2019 FY 2020
Revenue(USDmn)
EBITDA(USDmn)
FY 2020 PERFORMANCE: MAJID AL FUTTAIM PROPERTIES
• 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 and launched new dining
destination “Food Central”
• Launched digital platforms such as Marketplace and Trends at Your Doorstep
Operational Highlights
Malls avg occupancy 92%
Footfall y-o-y -30%
Rent to sales 13%
Hotels avg occupancy 32%
REVPAR change y-o-y -61%
12
• Rent relief programme deployed for all tenants during mall
closure period
Majid Al Futtaim Retail
7,662 7,619
FY 2019 FY 2020
391 444
FY 2019 FY 2020
• Accelerated our digital offering, enabling 188% growth in online sales
• Expanded our geographical footprint with entry into Uzbekistan
• Fulfilment and delivery capabilities bolstered with 4 new fulfilment centres and darkstores established across the region
• Trained and temporarily redeployed more than 1,000 employees from other areas of the business
Operational Highlights
FY 2020 PERFORMANCE: MAJID AL FUTTAIM RETAIL
Sales (LFL) -6%
Hypermarket openings 6
Supermarket openings 42
Total stores 354
Online sales y-o-y +188%
Revenue(USDmn)
EBITDA(USDmn)
14
Majid Al Futtaim Ventures
761389
FY 2019 FY 2020
113
(25)
FY 2019 FY 2020
FY 2020 PERFORMANCE: MAJID AL FUTTAIM VENTURES
• Severely impacted by mandated temporary closures
• 47 new screens added across 5 sites
Operational Highlights
Revenue(USDmn)
EBITDA(USDmn)
Cinema screens added 47
Total cinema screens 546
Total L&E venues 40
16
• Resilient performance from lifestyle brands Lululemon, Abercrombie & Fitch, Crate & Barrel
• Launched new movie-going experience with VOX Cinemas Drive-in at Mall of the Emirates
Financing Overview
GROUP DEBT PROFILE (1/2)
Debt Maturity Profile (USD mn) All Senior Unsecured financing obligations rank pari passu among themselves
Majid Al Futtaim Holding Majid Al Futtaim PropertiesCross guarantees
1USD 0.9BN EQUITY HYBRIDS NOT TAKEN INTO ACCOUNT IN DEBT AND AVERAGE DEBT LIFE CALCULATIONS
$2.2bnUndrawn Available Committed Lines
3+ yrsLiquidity cover
5.2 yrs1
Weighted Average Debt Life
800 500
1,300
2114
960
216
328
108
0
400
800
1200
1600
2000
2021 2022 2023 2024 2025 2026+
Capital Markets Bank Debt Majid Al Futtaim Group’s Balanced Funding Profile (USD bn)
31 Dec 2020 Notes
Majid Al Futtaim Holding 2.3Primarily Senior Unsecured obligations at Holding level
Majid Al Futtaim Properties 1.8Primarily Senior Unsecured obligations at Properties level
Others 0.2Primarily project finance with limited recourse to parent
Total 4.3
18
GROUP DEBT PROFILE (2/2)
Funding Risk Management Framework Policy/Covenant 2019 2020
Liquidity Coverage - Months 18 52 40
Interest Rate Risk - Duration in Years 0.5-3.5 2.8 3.5
EBITDA Interest Cover (x)1 >2.0 9 10
Total Net Debt to Total Equity (x) <0.7 0.4 0.5
EBITDA from encumbered assets as % of total EBITDA 1% 0%
Secured debt as a percentage of Gross Debt 1% 0%
31 Dec 31 Dec
Strong Leverage Metrics
Debt Capital Markets Issuances % $bn
Bonds 12% 0.8
Sukuk 28% 1.8
Total Debt Capital Markets Issuances 40% 2.6
Bank Facilities % $bn
Drawn 25% 1.7
Undrawn 35% 2.2
Total 61% 3.9
Total Bank Commitments & Debt Capital Markets 100% 6.5
Less Drawn (4.3)
Plus Cash 1.0
Total Liquidity 3.2
Investment grade credit ratings
31 Dec
2020
31 Dec
2020
Fitch BBB BBB
Standard & Poor’s BBB BBB
Facilities & liquidity
1,145 1,152 1,231 1,458
1,229
2,612 2,804
3,418
4,7754,503
2.3x2.4x
2.8x
3.3x
3.7x
0
1
2
3
4
5
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2016 2017 2018 2019 2020
EBITDA Net Debt (USD mn) Net Debt / EBITDA (times)
2019 onwards includes impact of IFRS16
¹ EBITDA INTEREST COVER MEANS EBITDA OVER NET FINANCE CHARGES (EXCL IFRS 16 IMPACT)
19
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
MEASURED GROWTH & STEADY DEVELOPMENT PIPELINE
CITY CENTRE AL ZAHIASUPER REGIONAL MALL (SHARJAH) GLA: 136,000 M2
UAE
KSA
MALL OF OMANSUPER REGIONAL MALL (MUSCAT, OMAN) GLA: 142,000 M2
MALL OF SAUDISUPER REGIONAL MALL (NORTH RIYADH) GLA: 321,000 M2
OMAN
MALL DEVELOPMENT PIPELINE
2021 STORESCINEMA SCREENS
UAE 10 16
KSA 5 30
EGYPT 27 -
OTHERS 1 50+ 14
¹ OTHERS INCLUDES OMAN, JORDAN, QATAR, GEORGIA,PAKISTAN, KENYA, UGANDA, UZBEKISTAN
20
RETAIL AND CINEMA PIPELINE
IN SUMMARY
Appropriately managing the risks
Focused on sustainable growth
A strong foundation
• Strong balance sheet
• Stable cash flow generation
• Best in class corporate governance
• Established track record, reputation & brand
• Diversified sources of funding
• Focus on diversification
• Cost optimization and operating efficiencies
• Business performance management
• Top down capital allocation
• Stress testing
• Country risk management
• Defined policies & procedures
21
CONTENTS
TABLE OF CONTENTS
Majid Al Futtaim FY 2020 Performance Update
Appendix
• Majid Al Futtaim Group Overview
22
MAJID AL FUTTAIM GROUP OVERVIEW (1/2)
BEST IN CLASS GOVERNANCE PRINCIPLES
• Voluntarily adopted the principles of the Combined Code on Corporate Governance for listedcompanies in the UK
• Strong operating company board structures reporting to a group board
SOLID TRACK RECORD
Majid Al Futtaim HoldingLLC Consolidated Financials (USDmn)
REGIONAL FOOTPRINT
1
17countriessince 1992
GROUP CORPORATE STRUCTURE
MR. MAJID AL FUTTAIM
(FOUNDER)MR. TARIQ AL FUTTAIM
MAJID AL FUTTAIM CAPITAL LLC
MAJID AL FUTTAIM HOLDING(RATED BBB/BBB)
MAJID AL FUTTAIM
RETAILMAJID AL FUTTAIM
PROPERTIES
ShoppingMalls
Hotels
Communities
Project Management
Carrefour
MAJID AL FUTTAIM
VENTURES
Cinemas Finance
Fashion
L&E Enova (JV)
99.6% 0.4%
HIGHEST RATED PRIVATELY OWNED CORPORATE IN THE GCC
Rating Agency Rating Outlook Latest Affirmation Date
Standard & Poor’s BBB Stable July 2020
Fitch Ratings BBB Stable Nov 2020
1Majid Al Futtaim Retail closed their hypermarketin Kazakhstan on 30 June 2017
but continue to retain the country head office
23
Uzbekistan
8,1288,788
9,436 9,5738,872
1,145 1,1521,253 1,261
1,026
2016 2017 2018 2019 2020
Revenue EBITDA
MAJID AL FUTTAIM GROUP OVERVIEW (2/2)
SOLID FINANCIAL PERFORMANCE ON THE BACK OF A MANAGED GROWTH STRATEGY
FINANCIAL HIGHLIGHTS
Majid Al Futtaim has a proven track record of delivering strong
financial results on the back of an effective growth strategy
MAJID AL FUTTAIM HOLDING LLC CONSOLIDATED FINANCIALS(USDMN)
Item 2016 2017 2018 2019 2020
Assets 14,375 16,081 16,436 17,178 16,091
Revenue 8,128 8,788 9,436 9,573 8,872
EBITDA 1,145 1,152 1,253 1,261 1,026
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.
EBITDA MARGIN BY ENTITY (%)
MAJID AL FUTTAIM RETAIL (USDmn)
MAJID AL FUTTAIM PROPERTIES (USDmn)
MAJID AL FUTTAIM VENTURES (USDmn)63% 64% 64% 65% 67%
5% 5% 5% 5.1% 5.8%
12% 12% 13% 15%
-6%
-20%
0%
20%
40%
60%
80%
2016 2017 2018 2019 2020
MAF Properties MAF Retail MAF Ventures
1,223 1,254 1,264 1,256
865 766 800 814 813 639
2016 2017 2018 2019 2020
Revenue EBITDA
6,503 7,049 7,622 7,662 7,619
335 330 380 391 444
2016 2017 2018 2019 2020
Revenue EBITDA
492 577 651 651389
72 70 87 113 -25
2016 2017 2018 2019 2020
Revenue EBITDA
24
2020 BROUGHT UNPRECEDENTED DISRUPTION ON A GLOBAL SCALE
25
1 Green shading indicates sites which have re-opened2 Hotels reopened from August onwards. 1 hotel in Bahrain remains closed
3 3 Metro stores closed temporarily in UAE during April
WE HAVE REMAINED VIGILANT AND ADAPTED TO THE NEW REALITY ACROSS OUR PORTFOLIO
WHILE ADOPTING A ROBUST COVID-19 RISK MANAGEMENT PROCESS
MAJID AL FUTTAIM SITES TEMPORARY CLOSURE DATES 1
✓ Weekly monitoring of operational metrics (footfall, customer growth, basket size) and financial metrics (revenues, costs, working capital and net debt position).
✓ Regular reporting to the Board of Directors on financial & business positions, and liquidity.
✓ Bi- weekly meeting of the Crisis Management Team with focus on employee health and safety, operations and business performance.
Business UAE KSA Oman Qatar Kuwait Lebanon Bahrain Egypt Jordan Kenya Iraq Georgia Armenia Pakistan Uganda
25 Mar - 9 Apr
24 Apr - 7 May
ULOs 15 Mar-27 May - - - - - 18 Mar - 3 July 25 Mar-27 June - - -
Hotels 2 Mar-Dec - - - - - Mar-Dec - - - -
Cinemas 15 Mar- 27 May 11 Mar- 21 June 18 Mar - 1 Dec 13 Mar - 1 Sep 9 Mar - 9 Mar- 2 July 18 Mar - 18 Mar- 27 June - - - - - - -
Leisure & Entertainment 15 Mar- 4 July 15 Mar- 21 June 18 Mar - 1 Dec - 15 Mar - 9 Mar- 2 July 18 Mar - 25 Mar- 27 June - - -
25 Mar - 9 Apr
24 Apr - 7 May
Shopping Malls - 18 Mar-24 June - -25 Mar-24 Apr
Never Closed3 Never Closed Never Closed Never Closed
Majid Al Futtaim Sites temporary closure dates - December 2020
12 Mar - 1 June 29 Mar - 25 Apr - -
Closed on
weekends during
Apri l
Closed
Apri l 4&5
-
Never
Closed
25 Apri l - 1
May
Never
Closed
Fashion 18 Mar- 24 June 18 Mar- 1 July 15 Mar-30 June -
Never Closed
12& 19 Apri l
Never Closed
Closed during
MayNever
Closed 17-21 Apri lRetail
- - -25 Mar-28 Apr 16 Mar - 29 Apri l
BUSINESS OVERVIEW: MAJID AL FUTTAIM PROPERTIES
GROUP’S CORE BUSINESS
OVERVIEW OF MAJID AL FUTTAIM PROPERTIES MAJID AL FUTTAIM PROPERTIES’ KEY STRENGTHS
13 Hotels11 in UAE2 in Bahrain
ALLIANCES AND PARTNERSHIPS
WITH KEY RETAILERS
ESTABLISHED TRACK RECORD, REPUTATION
& BRAND
UNIQUE LEISURE OFFERS
(Through Majid Al Futtaim Ventures)
MAJID AL FUTTAIM PROPERTIES
IN-HOUSE EXPERTISE (FULLY INTEGRATED
OPERATIONS)
PRIME LOCATIONS SECURED
FOR BUSINESS
MILLION140 VISITORS IN 2020
ACROSS ALL OF OUR MALLS
SHOPPING MALLS SUCCESSFULLY OPERATINGIN 5 COUNTRIES ACROSS THE MIDDLEEAST AND NORTH AFRICA27
OVER 1.5MILLION SQM
MILLION SQM OF GLA OF PRIME RETAIL SPACE AND EXPANDING
OVER 1.5 3 NEW PROJECTS IN THE DEVELOPMENTPIPELINE IN 3 COUNTRIES ACROSS THE REGION
175 186 192 200 140
98% 94% 95%93%
92%
75% 76%75% 80%
32%
0%
50%
100%
150%
0
30
60
90
120
150
180
2016 2017 2018 2019 2020
Total Shopping Mall Footfall - Million Shopping Mall Occupancy
Hotels Avg Occupancy
26
MAJID AL FUTTAIM PROPERTIES (1/2)
Mall of the Emirates Opened: 2005 , 255k m2 GLA Occupancy Rate : 94%
City Centre Al Shindagha Opened: 2016 , 25k 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 Masdar Opened: 2019 , 18k m2 GLA Occupancy Rate : 77%
My City Centre Al Dhait Opened: 2018 , 5k m2 GLA Occupancy Rate : 71%
My City Centre Al BarshaOpened: 2016 , 4k m2 GLAOccupancy Rate : 86%
My City Centre NasseriyaOpened: 2014 , 5k m2 GLAOccupancy Rate : 77%
City Centre MirdiffOpened: 2010 , 203k m2 GLA Occupancy Rate : 92%
City Centre DeiraOpened: 1995 , 117k m2 GLA Occupancy Rate : 96%
City Centre Me’aisem Opened: 2015 , 23k m2 GLA Occupancy Rate : 92%
UA
E
27
MAJID AL FUTTAIM PROPERTIES (2/2)
Mall of EgyptOpened: 2017 , 162k m2GLA Occupancy Rate : 93%
City Centre Alexandria Opened: 2003 , 64k m2 GLA Occupancy Rate : 95%
City Centre Maadi Opened: 2002 , 30k m2GLA Occupancy Rate : 99%
City Centre Muscat Opened: 2001 , 69k m2 GLA Occupancy Rate : 100%
City Centre Qurum Opened: 2005 , 27k m2GLA Occupancy Rate : 99%
City Centre Beirut Opened: 2013 , 63k m2GLA Occupancy Rate : 92%
City Centre SuharOpened: 2019 , 35k m2GLA Occupancy Rate : 87%
My City Centre Sur Opened: 2018 , 16k m2GLA Occupancy Rate : 93%
City Centre Bahrain Opened: 2008 , 160k m2GLA Occupancy Rate : 96%
OM
AN
EGY
PT
BA
HR
AIN
LEB
AN
ON
City Centre Al MazaOpened: 2019 , 102k m2GLA Occupancy Rate : 83%
28
BUSINESS OVERVIEW: MAJID AL FUTTAIM RETAIL
GENERATING STEADY CASHFLOWS
OVERVIEW OF MAJID AL FUTTAIM RETAIL
354North Africa and CIS Regions
In 16 countries Across the Middle East,
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.
Carrefour charges a sale-based franchise fee and provides approval on new store openings.
CountriesAcross the Middle East, North Africa and CIS Regions
Ca
rref
ou
r
Ou
tlet
s Over90New storesplanned in2021
ExclusiveFranchiseRights for 37
OPERATING FRAMEWORK
Low Prices Good Quality Wide Choices
Majid Al Futtaim Retail aims to capitalize on its strong supply chain and procurement procedures to deliver value to its customers.
Purchasing Power
Reinvest Rebates
Supplier Rebates
Sales Volume
29
MAJID AL FUTTAIM RETAIL
Kuwait
Bahrain
Kazakhstan 1
Egypt
Pakistan
Saudi Arabia
Lebanon
Iraq
Jordan
Oman
Qatar
UAE
Georgia
Armenia
KenyaUganda
Country Hyper Super
UAE 33 75
Oman 12 3
Pakistan 7 2
Bahrain 9 4
Armenia 0 3
Egypt 16 41
Jordan 6 43
Kuwait 3 5
Lebanon 3 3
Kenya 7 2
KSA 18 2
Qatar 5 5
Iraq 4 2
Georgia 2 37
Uganda 1 0
Uzbekistan 0 1
TOTAL 126 228
1Majid Al Futtaim Retail closed their hypermarketin Kazakhstan on 30 June 2017
but continue to retain the country head office
30
Uzbekistan
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
546 Cinema ScreensAcross the MENARegion
90+
Stores in7Countries
Provides unique leisure offerings to Majid Al Futtaim malls
Majid Al Futtaim Leisure & Entertainment LLC
Majid Al Futtaim Finance LLC
Majid Al Futtaim Cinemas LLC
Majid Al Futtaim Fashion LLC
Credit Card Issuer Business
Introduced Visa Cards in 2010
Over 59KCards in Force
JOINT VENTURE COMPANIES
JV providing Energy Services and Facilities Management Formed in 2002 (as Dalkia)
31
ROBUST GOVERNANCE STRUCTURE
BOARD RESPONSIBILITIES
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
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
32
MAJID AL FUTTAIM HOLDING BOARD OF DIRECTORS
Sir Michael RakeChairman
Chairman of Phoenix Global Services and Wireless Logic Group
Former Chairman of BT Group and KPMG International
Sir Ian DavisNon-Executive Director
Chairman of Rolls Royce andformer Worldwide Managing Director at
McKinsey & Company
Tariq Al FuttaimNon-Executive Director
Former chairman of the Majid Al Futtaim Charity Foundation
Alan KeirNon-Executive Director
Non Executive Director atHSBC UK Bank Plc
Non Executive Director atSumitomo Mitsui Banking Corporation
Victor ChuNon-Executive Director
Chairman of FirstEastern Investment Group
Co-founder and director of Peach Aviation
Lord RoseNon-Executive Director
Chairman of Ocado andNon Executive Director of Woolworths
Holding LimitedFormer CEO of Marks and Spencerplc
Luc VandeveldeNon-Executive Director
Founder and Chairman of Change Capital Partners LLP
Former Chairman of the Carrefour Group and Mark and Spencer
Philip BowmanNon-Executive Director
Independent Director of FerrovialS.A Former Chief Executive of Smiths
Group plc and Director of Burberry Group
Alain Bejjani Chief Executive Officer of Majid Al FuttaimHolding
Former Executive Vice-Chairmanof the Investment Development
Authority of Lebanon
33