INVESTOR PRESENTATION

H1 2019

August 2019

2

Majid Al Futtaim H1 2019 Performance Update

Appendix

▪ Majid Al Futtaim Group Overview

CONTENTS

TABLE OF CONTENTS

2

3

3

IN H1 2019 WE HAVE SUSTAINED OUR FINANCIAL POSITION, WHILST CELEBRATING SOME MILESTONE ACHIEVEMENTS

Revenue increased

1% to USD 4.9BEBITDA increased

1% to USD 0.6BCashflow from Operations to

EBITDA at 115%Issued USD 600M

inaugural green sukuk

Obtained “low risk” ESG

rating from Sustainalytics,

and “A” rating from MSCI

Increased shopping mall

portfolio to 25Opened 19 new Carrefour stores

Total store count 283Added 65 new cinema screens

Total screens 418

▪ Geopolitical tensions have escalated around US-Iran relations

THERE ARE LONG TERM OPPORTUNITIES IN THE REGION DESPITE CURRENT HEADWINDS

4

2040 outlookCurrent headwinds

SOURCE: McKinsey Consumer Trends Database, Oxford Economics, United Nations, Global insight, Team analysis, Expert interviews, HSBC ,

IMF, PWC report, UNCTAD, Focus Economics, WEF MENA Risks Landscape

▪ Trade flows expected to be growing at above global averages

▪ MENA economies adapting to slower growth in the short termuntil reform programs shape the longer term

▪ MENA region continues to exhibit youth unemployment rates higher than global average

▪ UAE’s private sector remains in a competitive environment

▪ Dubai tourism mix changing due to USD strength

▪ MENAP region’s contribution to world GDP will increase by 1-2%, driven by population growth

▪ Diversification of GCC economies away from hydrocarbons

▪ High population growth for MENAP

▪ Saudi Arabia and Egypt will constitute a sixth of regional real GDP

▪ Pakistan will become a new growth pocket

▪ Mid single digit growth expected for the rest of Africa, with an emerging middle class

▪ Oil prices adjusted to a “new normal” range as a result of structural changes in the global economy

FROM A CUSTOMER BEHAVIOR PERSPECTIVE, THERE HAS BEEN A STRONG SHIFT TOWARDS LIFESTYLE, CONVENIENCE AND DIGITAL

5

Internet Penetration Rate is at

in the Middle-East in 2019

71%

use Facebook or Twitter when finding inspiration

for purchases

64% Of MENA respondents

emphasized price and convenience as a driver for

online

36% Of global respondents

use online and offlinewhile shopping

88%

Retail CEO’s continue to see

loyalty towards “trends” rather than “brands”

expect to see more personalized content in the

future

77% Of global consumers

Are willing to pay more for sustainable brands

66% Of global consumers

Look for distinctive and renewed experiences

Consumers and especially millennials

Connectivity Social connection Trends over brands Sustainability

Convenience Omni-channel Personalization Experiences

Of consumers

SOURCE: PWC survey 2017, Total Retail 2017 , World Bank, ADEC: Saudi National Statistics,

UN, Hootsuite, Nielsen, Reuters, Mckinsey study

Maintain leadership in our core countries

Expand to be leadersin adjacent/core

geographies

Build a foundation position in Africa

Grow at scale at least one adjacent

business

Protect our leadership position in the UAE

Expand our presence inEgypt and Saudi Arabia, driven by our shopping

malls business

Expand in additionalAfrican countries,

primarily with Carrefour

Evaluate business opportunities in adjacent

businesses

WE REMAIN COMMITTED TO OUR STRATEGIC PRIORITIES

6

Cost & Balance Sheet Optimization

Procurement and Supply Chain

Capability BuildingFinancial Discipline in Investments

Sustainability

WHILE ADOPTING A LEAN AND AGILE APPROACH

OUR SUSTAINABILITY STRATEGY IS INTEGRATED IN THE WAY WE DO BUSINESS

Our strategy will manage thesocio-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

• Net Positive carbon• Net Positive water• Circular economy• Climate change adaptation• Ecosystem services

• Healthy workplaces• Human rights & employment

conditions• Health & safety• Changing role of women in the

workplace

NON-EXHAUSTIVE

7

Majid Al Futtaim has been recognized by external agencies:

SUMMARY OF MAJID AL FUTTAIM’S H1 2019 PERFORMANCE

STABLE FINANCIAL PERFORMANCE DELIVERED IN H1 2019

Revenue

+1% vs PY to:

USD 4.9bn

EBITDA

+1% vs PY to:

USD 0.6bn

Assets

+7% vs PY at:

USD 17.5bn

Geographical Split – 30 June 2019 Segmental Split – 30 June 2019

UAE48%

Egypt9%

Bahrain4%

Qatar7%

KSA9%

Oman6%

Others¹17%

UAE 64%

Egypt8%

Bahrain8%

Qatar6%

KSA2%

Oman5% Others¹

7%

By Revenue By EBITDA

Properties12%

Retail81%

Ventures7%

Properties68%

Retail28%

Ventures6%

By Revenue By EBITDA

STABILITY AND STRENGTH THROUGH DIVERSIFICATION

¹ OTHERS INCLUDES KUWAIT, JORDAN, PAKISTAN, LEBANON, IRAQ, GEORGIA, ARMENIA, KENYA

8

CFFO:EBITDA

at:

115%

H1 2019 PERFORMANCE: MAJID AL FUTTAIM PROPERTIES

Operational Highlights

Malls avg occupancy1 93%

Footfall y-o-y +3%

Rent to sales 13%

Hotels avgoccupancy

REVPAR change y-o-y

78%

-12%

Increased our shopping mall portfolio to 25 with the opening of City Centre Suhar in Oman, and City Centre Masdar, our first mall in Abu Dhabi

1 EXCLUDING MALL OF EGYPT OCCUPANCY STANDS AT 94%

GRESB: GLOBAL REAL ESTATE SUSTAINABILITY BENCHMARKS

9

City Centre Almaza is set to open in Cairo, Egypt in September 2019

Revenue(USDmn)

EBITDA(USDmn)

Recognized by the GRESB with a ‘Green Star’ Rating for the 5th year in a row

582 563

H1 2018 H1 2019

399 397

H1 2018 H1 2019

H1 2019 PERFORMANCE: MAJID AL FUTTAIM RETAIL

Operational Highlights Revenue(USDmn)

EBITDA(USDmn)

Sales (LFL) -5%

Hypermarket openings

Supermarket openings

7

12

Total stores 283

Expanded our network with new store openings across 9 countries

Launched ‘Carrefour Business’, our business-to-business offering to hotels, restaurants and the catering industry

10

Inaugurated our Retail Business School in the UAE, providing functional and commercial training for our employees

3,964 3,966

H1 2018 H1 2019

167 164

H1 2018 H1 2019

H1 2019 PERFORMANCE: MAJID AL FUTTAIM VENTURES

Revenue(USDmn)

EBITDA(USDmn)

Cinema screens added

Total L&E venues

65

45

Operational Highlights

Continued expansion of VOX Cinemas in Saudi Arabia, with the opening of 49 new screens

Total cinema screens 418

11

Further expanded our cinema network across the region with additional openings in Egypt and Kuwait

Entered into a film production partnership with Image Nation Abu Dhabi and MBC Studios

301 350

H1 2018 H12019

32 37

H1 2018 H1 2019

GROUP DEBT PROFILE (1/2)

12

Majid Al Futtaim Group’s

Balanced Funding Profile

(USD bn)

30 June 2019 Notes

Majid Al Futtaim Holding 2.4Primarily Senior Unsecured

obligations at Holding level

Majid Al Futtaim Properties 1.1Primarily Senior Unsecured

obligations at Properties level

Others 0.4Primarily project finance with

limited recourse to parent

Total 3.9

Debt Maturity Profile (USD mn)

5 yrs1

Weighted Average

Debt Life

$3bnUndrawn Available

Committed Lines

1USD 0.9BN EQUITY HYBRIDS NOT TAKEN INTO ACCOUNT IN DEBT AND AVERAGE DEBT LIFE CALCULATIONS

All Senior Unsecured financing obligations

rank pari passu among themselves

Majid Al Futtaim Holding Cross guarantees Majid Al Futtaim Properties

Refinanced EGP Al Maza project finance

with new senior unsecured term loan

$200mn$600mnIssued inaugural

10 year Green Sukuk

500

800

500 600

245

33 52 77 386

388

311

-

400

800

1,200

1,600

2,000

2019 2020 2021 2022 2023 2024 2025 2026+

Capital Markets Bank Debt

GROUP DEBT PROFILE (2/2)

13

Investment grade credit ratings

31 Dec 2018

30 June 2019

Fitch BBB BBB

Standard & Poor’s BBB BBB

Debt Capital Markets Issuances % $bn

Bonds2 19% 1.3

Sukuk 16% 1.1

Total Debt Capital Markets Issuances 35% 2.4

Bank Facilities % $bn

Drawn 22% 1.5

Undrawn 43% 3.0

Total 65% 4.5

Total Bank Commitments & Debt Capital Markets 100% 6.9

Less Drawn (3.9)

Plus Cash 0.4

Total Liquidity 3.4

Facilities & liquidity

1,044 1,145 1,152 1,231 1,361

2,517 2,612 2,804

3,418

4,763

2.4x 2.3x 2.4x2.8x

3.5x

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

2015 2016 2017 2018 H12019EBITDA Net Debt (USD mn) Net Debt / EBITDA (times)

Strong Leverage Metrics

Funding Risk Management Framework Policy/Covenant31 Dec 2018

30 June 2019

Liquidity Coverage - Months 18 49 42

Interest Rate Risk - Duration in Years 0.5-3.5 2.3 3.0

EBITDA Interest Cover (x) 1 >2.0 8x >10x

Total Net Debt to Total Equity (x) <0.7 0.4 0.4

EBITDA from encumbered assets as % of total EBITDA 4% 3%

Secured debt as a percentage of Gross Debt 8% 6%

H1 2019 includes impact of IFRS16

1EBITDA INTEREST COVER MEANS EBITDA OVER NET FINANCE CHARGES

2INCLUDES $500M BOND WHICH MATURED JULY 2019

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

Egypt

2019 2020 2021 2023 onwards

PLANNED OPENING

2022

14

City Centre AlmazaRegional Mall (Cairo)

GLA: 103,000 M2

City Centre Al ZahiaSuper Regional Mall (Sharjah)

GLA: 136,000 M2

Mall of OmanSuper Regional Mall (Muscat, Oman)

GLA: 145,000 M2

City Centre IshbiliyahSuper Regional Mall (East Riyadh)

GLA: 114,000 M2

Mall of SaudiSuper Regional Mall (North Riyadh)

GLA: 321,000 M2

UAE

Oman

KSA

KSA

City Centre Al JaziraRegional Mall (Abu Dhabi)

GLA: 80,500 M2

UAE

Active Developments

Future Developments

15

A strong foundation

Focused on sustainable growth

Appropriately managing the risks

------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------

➢ 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 polices & procedures

IN SUMMARY

15

16

Majid Al Futtaim H1 2019 Performance Update

Appendix

▪ Majid Al Futtaim Group Overview

CONTENTS

TABLE OF CONTENTS

16

17

MAJID AL FUTTAIM GROUP OVERVIEW (1/2)

Best in Class Governance Principles

✓ 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

Rating Agency Rating Outlook Latest Report

Date

Standard & Poor’s BBB Stable July 2019

Fitch Ratings BBB Stable January 2019

Highest Rated Privately Owned Corporate in the GCC

Group Corporate Structure Solid Track Record

Regional Footprint – 15¹ countries since 1992

Kazakhstan

Pakistan

Kenya

Egypt

Georgia

Armenia

Bahrain

UAE

IraqLebanon

Saudi Arabia

Kuwait

Qatar

7,4458,128

8,7889,436 9,469

10441,145 1,152

1,253 1,257

2015 2016 2017 2018 H1 2019

Revenue EBITDA

Majid Al Futtaim Holding LLC Consolidated Financials (USDmn)

MAJID AL FUTTAIM HOLDING

(Rated BBB/BBB)

MAJID AL FUTTAIM

PROPERTIES

MAJID AL FUTTAIM

RETAIL

MAJID AL FUTTAIM

VENTURES

Shopping Malls

Hotels

Communities

Project Management

Mr. Majid Al Futtaim(Founder)

Mr. Tariq Al Futtaim

MAJID AL FUTTAIM CAPITAL LLC

Carrefour Cinemas

L&E

Finance

Fashion

Gourmet Gulf (JV)

Enova (JV)

99.6% 0.4%

99.9%

*¹ MAJID AL FUTTAIM RETAIL CLOSED THEIR HYPERMARKET IN KAZAKHSTAN ON 30 JUNE 2017 BUT RETAIN THE COUNTRY HEAD OFFICE

H1 2019 FIGURES STATED ON ROLLING 12 MONTH BASIS

17

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

Majid Al Futtaim Holding LLC Consolidated Financials (USDmn)

Item 2015 2016 2017 2018 H12019

Assets 13,853 14,375 16,081 16,436 17,513

Revenue 7,445 8,128 8,788 9,436 9,469

EBITDA 1,044 1,145 1,152 1,253 1,257

Majid Al Futtaim Retail (USDmn)

Majid Al Futtaim Ventures (USDmn)

1,114 1,223 1,254 1,264 1,144

710 766 800 814 812

2015 2016 2017 2018 H1 2019

Revenue EBITDA

6,011 6,503 7,049 7,622 7,625

319 335 330 380 380

2015 2016 2017 2018 H1 2019

Revenue EBITDA

393 492

577 651 700

51 72 70 87 93

2015 2016 2017 2018 H1 2019

Revenue EBITDA

EBITDA Margin by Entity (%)

63% 63% 64% 64% 64%

5% 5% 5% 5% 4%

13% 12% 12% 13% 11%

0%

10%

20%

30%

40%

50%

60%

70%

2015 2016 2017 2018 H1 2019

MAF Properties MAF Retail MAF Ventures

▪ 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.

18H1 2019 FIGURES STATED ON ROLLING 12 MONTH BASIS

BUSINESS OVERVIEW: MAJID AL FUTTAIM PROPERTIES

GROUP’S CORE BUSINESS

EXCLUDING MALL OF EGYPT OCCUPANCY STANDS AT 94%

H1 2019 SHOPPING MALL FOOTFALL STATED ON ROLLING 12 MONTH BASIS

Overview of Majid Al Futtaim Properties Majid Al Futtaim Properties’ Key Strengths

MAJID AL FUTTAIM

PROPERTIES

Alliances and Partnerships with

Key Retailers

Established Track Record,

Reputation & Brand

Prime Locations Secured for

Business

In-House Expertise (Fully

Integrated Operations)

Unique Leisure Offers (Through Majid Al Futtaim Ventures)

171 175 186 192 194

97% 98% 94%95% 93%

72% 75% 76% 75% 78%

0%

50%

100%

150%

0

30

60

90

120

150

180

2015 2016 2017 2018 H1 2019Total Shopping Mall Footfall - Million Shopping Mall Occupancy Hotels Occupancy

19

13 Hotels11 in UAE

2 in Bahrain

3 NEW PROJECTS

IN DEVELOPMENT

ACROSS 3 COUNTRIES

AND MORE I N THE

PIPELINE ACROSS THE

REGION

194 MILLION

25OVER 1.4

MILLION SQM

OVER 1.4

MAJID AL FUTTAIM PROPERTIES (1/2) UAE

20

Mall of the Emirates

Opened: 2005 , 250k m2 GLA

Occupancy Rate : 96%

City Centre Mirdiff

Opened: 2010 , 203k m2 GLA

Occupancy Rate : 90%

City Centre Deira

Opened: 1995 , 121k m2 GLA

Occupancy Rate : 96%

City Centre Me’aisem

Opened: 2015 , 23k m2 GLA

Occupancy Rate : 96%

City Centre Al Shindagha

Opened: 2016 , 25k m2 GLA

Occupancy Rate : 93%

City Centre Sharjah

Opened: 2001 , 51k m2 GLA

Occupancy Rate : 99%

City Centre Ajman

Opened: 1998 , 55k m2 GLA

Occupancy Rate : 96%

City Centre Fujairah

Opened: 2012 , 35k m2 GLA

Occupancy Rate : 99%

My City Centre Nasseriya

Opened: 2014 , 5k m2 GLA

Occupancy Rate : 75%

My City Centre Al Barsha

Opened: 2016 , 4k m2 GLA

Occupancy Rate : 92%

My City Centre Al Dhait

Opened: 2018 , 5k m2 GLA

Occupancy Rate : 71%

My City Centre Masdar

Opened: 2019 , 18k m2 GLA

Occupancy Rate : 71%

21

MAJID AL FUTTAIM PROPERTIES (2/2)O

MA

N

LE

BA

NO

N

EG

YP

T

BA

HR

AIN

Mall of Egypt

Opened: 2017 , 162k m2GLA

Occupancy Rate : 89%

City Centre Alexandria

Opened: 2003 , 63k m2GLA

Occupancy Rate : 99%

City Centre Maadi

Opened: 2002 , 30k m2GLA

Occupancy Rate : 100%

My City Centre Sur

Opened: 2018 , 16k m2GLA

Occupancy Rate : 92%

City Centre Qurum

Opened: 2005 , 27k m2GLA

Occupancy Rate : 97%

City Centre Muscat

Opened: 2001 , 69k m2GLA

Occupancy Rate : 99%

City Centre Bahrain

Opened: 2008 , 157k m2GLA

Occupancy Rate : 94%

City Centre Beirut

Opened: 2013 , 63k m2GLA

Occupancy Rate : 90%

OM

AN

City Centre Suhar

Opened: 2019 , 35k m2GLA

Occupancy Rate : 73%

BUSINESS OVERVIEW: MAJID AL FUTTAIM RETAIL

GENERATING STEADY CASHFLOWS

Overview of Majid Al Futtaim Retail Operating Framework

▪ 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.

▪ Majid Al Futtaim Retail aims to capitalize on its strong supply chain

and procurement procedures to deliver value to its customers.

Sales Volume

Purchasing Power

Supplier Rebates

Reinvest Rebates

Low Prices Good Quality Wide Choices

22

283In 14 countries Across the Middle East,

Ca

rrefo

ur

Ou

tle

ts

North Africa and CIS Regions

37Exclusive

Franchise

Rights for

CountriesNorth Africa and CIS Regions

Across the Middle East,

Over 20New stores

planned in

H2 2019

MAJID AL FUTTAIM RETAIL

23

Kuwait

Kenya

Bahrain

Kazakhstan

Egypt

Pakistan

Saudi Arabia

Lebanon

Iraq

Jordan

Oman

Qatar

UAE

Georgia

Armenia

Country Hyper Super

UAE 31 71

Oman 10 2

Pakistan 7 1

Bahrain 8 4

Armenia 0 2

Egypt 14 32

Jordan 5 29

Kuwait 3 5

Lebanon 3 1

Kenya 5 2

KSA 17 1

Qatar 5 5

Iraq 4 2

Georgia 2 12

TOTAL 114 169

* *MAJID AL FUTTAIM RETAIL CLOSED THEIR HYPERMARKET IN KAZAKHSTAN ON 30 JUNE 2017

BUT CONTINUE TO RETAIN THE COUNTRY HEAD OFFICE

Majid Al Futtaim Cinemas LLCMajid Al Futtaim Leisure & Entertainment LLC

BUSINESS OVERVIEW: MAJID AL FUTTAIM VENTURES

COMPLEMENTARY BUSINESSES

24

Majid Al Futtaim Fashion LLCMajid Al Futtaim Finance LLC

➢ Provides unique leisure offerings to Majid Al Futtaim malls

418 Cin

em

a

Scre

en

s

Across the MENA Region

Over 140kCards in Force

➢ Credit Card Issuer Business

Introduced Visa

Cards in 2010

1017CountriesStores in

Wholly-Owned Companies

Joint Venture Companies

Majid Al Futtaim Food & Beverages LLC

JV providing Energy Services and Facilities

Management

Formed in 2002 ( as Dalkia)

Acquired in 2013, JV operates portfolio of

international brands like California Pizza

Kitchen, Yo Sushi, etc.

• 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.

ENOVA by VEOLIA

ROBUST GOVERNANCE STRUCTURE

EFFECTIVE OVERSIGHT OF SYNERGISTIC BUSINESSES

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

25

Sir Michael Rake

Chairman

Chairman of Phoenix Global Services and Wireless Logic Group

Former Chairman of BT Group and KPMG International

Sir Ian Davis

Non-Executive Director

Chairman of Rolls Royce and former Worldwide Managing Director at McKinsey & Company

Tariq Al Futtaim

Non-Executive Director

Former chairman of the Majid Al Futtaim Charity

Foundation

Alan Keir

Non-Executive Director

Non Executive Director at HSBC UK Bank Plc

Non Executive Director at Sumitomo Mitsui Banking Corporation

Alain Bejjani

Chief Executive Officer of Majid Al Futtaim Holding

Former Executive Vice-Chairman of the Investment Development Authority of

Lebanon

Victor Chu

Non-Executive Director

Chairman of First EasternInvestment Group

Co-founder and director of Peach Aviation

MAJID AL FUTTAIM HOLDING BOARD OF DIRECTORS

26

Lord Rose

Non-Executive Director

Chairman of Ocado and Non Executive Director of

Woolworths Holding LimitedFormer CEO of Marks and

Spencer plc

Luc Vandevelde

Non-Executive Director

Founder and Chairman of Change Capital Partners LLP

Former Chairman of the Carrefour Group and Mark

and Spencer

Philip Bowman

Non-Executive Director

Independent Director of Ferrovial S.A

Former Chief Executive of Smiths Group plc and

Director of Burberry Group