Mr. Michel Rey de Carvalho is an Independent Non-Executive Director at Koç Holding A.S., a Chairman at Capital Generation Partners LLP, a Vice Chairman-Investment Banking at Citigroup, Inc. (United Kingdom) and at Citigroup Investment Bank (Singapore) Ltd.

He is on the Board of Directors at Koç Holding A.S., Heineken Holding NV, Heineken NV and L’Arche Green NV.

Mr. de Carvalhoa has 20 year career at Citigroup where he served as Vice Chairman of Citi Investment Bank and Global Chairman of Citi Private Bank. Previously he was MD at Credit Suisse First Boston (CSFB).

He went on to join the Board of Nikko Securities in 1995 – the first non-Japanese person to do so. In 1998, he headed the negotiations leading to the creation of Nikko Salomon Smith Barney, today the Japanese arm of Citigroup.

A graduate of Harvard Business School, he obtained a Masters of Business Administration in 1970.

He also holds a BA from Harvard College.