Good morning and welcome to our meeting. We're going to be talking about sustainability today. First one in our history, certainly not the last, but definitely an important day for us. We look forward to providing you with some insights into our activities with regards to sustainability. I'd like to start with our quarterly results. After that, I'll provide you with an overview as to what we're going to cover today. After that, I'll introduce you to our employees. Today's highlights will be a number of presentations. Of course, at lunchtime, you'll have the time to talk to employees focusing on sustainability. After my introduction, after explaining why we are presenting this green frame or this Green Bond Framework today, Reto Grunder, our CIO, is going to explain more about our daily business, what we are doing on the asset side. Patrick Taylor, our Head of Capital Markets and Treasury, will tell us more about the framework, the Green Bond Frameworks. In the Q&A, I was asked if this was a simple process. It wasn't. It was rather complicated. Because we had a clear goal, we could be successful. I'd like to thank everyone that supported us in this. Patrik Schmid, Moritz Menges, and Robert Radmilovic are also here today. They are going to be presenting the ESG rating on behalf of the Wüest Partner, which is a core element of our framework. With Federico Pezzolato, we have an Italian just like me today in the building. He comes from ISS Corporate Solutions and is going to be presenting the second-party opinion. As you can see, we have two, one from ISS and one from Moody's. Federico is going to be presenting the ISS approach today. Agathe Bolli, who is responsible for sustainability and communications, is going to bring us back to the scenes, is going to tell more about transparency and materiality. After lunch, we're going to have a case study presented by Thomas Kraft, one of the more senior asset managers. He's going to be telling us more about the Hürlimann Areal site. We'll explain the history and what we do today. We're going to be doing a property tour on a tram. During this tram ride, we'll see more about the properties. We intend to finish at 3:30 P.M. Let's start off with the figures. When I compiled this slide, during Q1, we were critical as to Basel. In summer, we had the feeling, well, it's getting difficult in Basel. In Peter Merian, we have vacancies. Until a few weeks ago, we realized that the traction is simply not there. All of a sudden, demands for Peter Merian. Now demand is back compared to Zurich and Geneva. Basel still remains a slightly weaker market. We have a backlog of offers. We can see that it doesn't have the traction of the center of Geneva or Zurich. We are having discussions for all of our properties with vacancies. Well, the buildings are quite modern. The second thing, which is also very interesting, is the transaction market. Here we have no evidence. The demand for prime assets remains intact. How this pans out in the midterm remains to be seen. As for the key figures. Top line, growth of 2.3%. If we take out the COVID effect of last year, which was negative this year, and positive this year. If we look at this for like for like, we have a growth of 0.5%. Last year, we basically had no inflation indexation. Half of the 0.5% like for like is indexation. The other half is rental. Here too, I think that the quality of the income has substantially improved over the last years. Also looking at next year, I am optimistic that we'll have a solid top line, and despite vacancies in some buildings, we'll be able to show positive top line. As for assessment profits, they have gone down, but it's ever less solid. We are focusing primarily on the operative results. It is also important to have a contribution from rental, but most of the ratings comes from the transaction business. On the cost side, we have high discipline. We see a lot of stability in the course of the years. Our goal is to have an EBITDA margin of over 80%. We are at about 82% or 83%. We saw this in the Green Bond framework too. One figure that has developed positively is the financial cost. Of course, financial costs are going to increase if interests continue this way. With regards to the top line, we have catch up, so it's nothing worth worrying about. Of course, this directly affects the bottom line. As for the EPS, I think we're confident that we'll be able to carry on with this trend despite increasing interest. We do not believe that we won't be able to continue with these CHF 0.05 increase. We also must stick with this trend. What's pleasing for us is the 3.1% vacancy in Q3. I think this also mirrors the quality of the portfolio and the activities that have been successful in the course of the last quarters. Here too, of course, we are focusing on this vacancy figure, which can be 4% or 4.5% too. It's always hard to know exactly how this pans out. Like I said, this year, we're at 3.1%. Next, it will have maturity with Prime Retail Zurich. There's already a follow-up contract. The interpreters would kindly ask if we could see the image of the speakers. It's very hard for us to interpret without seeing the image. Would that be possible? Thank you very much. Once again, the interpreters are requesting to see image to be able to see the speaker and the slides. The biggest vacancies. Well, when you look at the whole thing, small vacancies are not very relevant. We're very active when it comes to bigger vacancies. The most difficult is a Wallisellen set of assets. Of course, the assets are fairly good. The quality of the assets is good. Nevertheless, in this area, there's a lot of offer, so it's difficult. Because the tenants do not need a lot of space. Go further on the maturities. Here we are also confident. We have no major material maturities where we say this is really a big chunk, it will come next year. There are many maturities in the range of CHF 200,000, 300,000, 400,000 rent per year. CHF 1,000 of rent per year. Nevertheless, we are 14 to 15 months in advance. This requires time, the organization, and that's the advantage. We saw this over the last year. We have a very compact team with in-house staff. We have a unit that deals with rental support, so we are very close to these maturities. Of course, we already know that tenants are going to be moving out, and that we'll need to find new tenants. What we observe on the rental side, if we have an object in the center which we can renovate, then of course, we have the potential to increase rents. The potential without investments tends to be difficult, which is why like for like next year is going to be mainly driven by indexation, by inflation, as well as by renovations and new builds. There, we can really substantially increase the rents. As for valuations, nothing in the third quarter, we had discussed this internally. We are currently discussing quarterly results according to the market. We'd have to have the portfolio fully assessed every quarter. More than 10 years ago, we had a waiver that in Q1 and Q3, we do not have to have a full assessment. Basically makes no sense. What we do do is that we look property for property with regards to rental activities, whether this property could lead to a valuation difference of plus or minus 5 million. We did this this year too. We had 2 rental contracts that were prolonged, which in this context too, it wasn't clear whether this was a valuation difference of more than 5 million, which is why in the quarter there was no valuation difference. These individual properties are then going to be observed in the full year review. Should there be any bigger changes on the CapEx side, we'd have to let the evaluators know, and they will then undertake the assessment. No evaluation differences in Q3. Effectively, we're concentrating on the operative income and take this as a basis also for the disbursement of dividends. Moving on quickly. Let's have a look at the balance sheet. Then we'll move on with the framework. Having a look at the balance sheet for us. The key figures are not only the shareholder equities, but also to include loan-to-value, which is at 33%, being very shock resistant. Secondly, the ICR is at a low interest rate, which was at two, which is extremely shock resilient. Having a look at the duration, which is slowly decreasing. It used to have a duration of rather two and a half, three years. We look at the duration from an affordability perspective. We have had strong investments, a strong balance sheet. Let's have a look how the interest rates are going to evolve. The next maturity will be next September, the duration might go down for the next months. We have a look at 2007, 2008, and 2009 with low interest rates, we had similar duration. Just to give you an overview on what the balance sheet, or how it's evolving at the moment. Let's move on to the framework. Before I hand over to Peter, I'd like to ask one question Why are we going to talk about the green bond today? An issue that we were facing, that I was also facing personally, was that we used to work in a very structured way with our own bonds. We focused on commercial bonds because we didn't have any normal or green bonds, we always perceived ourselves as a sustainable company. When we work with asset managers, with construction companies, we all share the same sustainable mindset. We always try to shape our company in the most sustainable way. We try to bring different things together. We thought it's time to deliver a strong message on the corporate and sustainability side. On the asset side, we were pioneers in many areas. Let's just think about the Grosspeter Tower that already uses renewable energy, solar power, and so on. It's been a challenge to include in the corporate framework because the green bond framework is very much aligned with a certificate. We deliberately opted not for certificates, rather to focus on reducing emissions. We did appear. I give you a comparison on the slide about elaborating a framework, where Jasan was rather the pioneer, it was a vision that we wanted to adopt in Switzerland, too. We opted to adopt the green bond framework to reflect our mindset, a sustainable approach. In our sustainability report, we already commit to sustainability. Our employees, they don't change their approach. They carry on what they always used to do, just in a more committed way. We want to be firstly a corporate green company. Basically, it's a mindset that we always approached in our work. Our portfolio is rather focused in city centers. That was our main idea. Anyone investing in PSP knows that they invest in a sustainable association. We want to be perceived as a sustainable company. That's the whole idea behind it. What we'll do today, we'll leave room for questions. If you'd like to address your questions or if you'd like to ask any questions to the speakers, feel free to ask them. There you go. There's a question. Unfortunately, the speaker is off mic, so the interpreter cannot hear what the person is saying. [Foreign language] Wenn du mir erlaubst, übergebe ich diesen schwarzen Peter an Reto nachher in seinem Speech. Ich denke, es ist auch wichtig nachher, und darum machen wir diese Property Tour, wo du auch sehr viele denkmalgeschützte Gebäude siehst, mit den Asset Managern zusammen, wie grün so ein Gebäude sein kann. Auch zum Teil 0 Emission. Ich denke, das ist sehr gebäudespezifisch, investitionsspezifisch, aber ich denke, Reto wird Ausführungen machen. Wir haben hier nachher mit Thomas Kraft, mit Christoph Sättler, mit Lars Raida, Peter Cloet Asset Manager, die sich tagtäglich mit diesen Themen auseinandersetzen und dann sehr gerne auf spezifische Investitionsaktivitäten eingehen werden. Wir werden heute auch Globus und Jelmoli sehen. Wir sehen den Limmatquai 4 und da werdet ihr, ich denke, aus erster Hand mithören: Was machen wir in diesen Gebäuden? Was ist machbar und wo sind die Themen? [Foreign language] Wenn du erlaubst, das ist eigentlich one of the corner elements von heute und ich denke, auch Wüest wird mit seinen Ausführungen auf diese Themen eingehen. Ja, Andreas. [Foreign language] Noch zu den Zahlen: Das Other Income hatte irgendwie einen Effekt drin im 3. Quartal. Können Sie da angeben, was da die Basis ist? CHF 2 Millionen mehr als in den Quartalen vorher und auch mehr als im 3. Quartal im Vorjahr. [Foreign language] Das sind Mehrwertsteueroptierungen hauptsächlich aus dem Projekt am Bahnhofplatz, wo wir jetzt Mehrwertsteuer zurückbekommen. Das ist eigentlich immer der Hauptteil des Other Income. [Foreign language] Gesellschaft in Deutschland, Vonovia. Hat schon Ausblick gegeben. I am a representative of the property company Vonovia. We already gave insights in the cash flow and operations management and the interest rates that went up. Is this something that we should count with PSP, that not much contribution will be delivered by you? [Foreign language] Wenn ich jetzt so ein bisschen aus dem Gefühl spreche, werden wir nächstes Jahr leicht höhere Topline haben aufgrund von Inflationsindexierung. Ich denke, wir können die Topline zwischen 2.5% und 2.7% erhöhen durch die Indexierung. Wir werden Mietzinshausfälle haben aus Globus und Jelmoli. Indexation. [Foreign language] Aus der Hochstrasse, welche ja jetzt auch. A lower interest rate. We will face a different situation next year. Possibly we will have less yields coming from sales. Costs will remain on a stable level. I count with a larger funding between CHF 6 million and CHF 8 million. [Foreign language] Wenn ich jetzt nicht erst in Bloomberg ist, dann würde ich sagen, zwischen 60% und 70%. Da würde ich sagen, Topline kompensiert. We will count with a spread of between 60% and 70%. Wir werden sehen, wie wir das Lugano abbilden. See how we will deal with the properties in Lugano. Ein größerer Verkaufsgepässe, der sich nicht wiederholt, aber aus dem reinen operativen Bereich. One major sale that is not going to be repeated. Dürfte ich noch fragen zu den Bankschulden? May I ask you something in relation to the debts? Could you give an indication on how quickly costs are going to go up now with the increased interest rates? Wir haben ja in dem Negativzinsumfeld uns da auch nicht abgelehnt. It's a negative interest rate. Wir haben mal einen geflochtenen Top-Down. We were secured on the bank side. Wir haben jetzt einen kurzfristigen Teil, den wir rollen über die Privatplatzierung. Da sind wir sicher ein bisschen exponiert. Darum habe ich gesagt, dass die Rendite kommt. Now we are possibly more exposed. Das ist auch zu groß für uns. The next balance will come out next year September with round about CHF 300 million. In the bank side, I'll just have a look at the situation. Kapitalmarkt favorisiert haben aufgrund des Negativzinsumfelds. Now we stay focused on the capital market because of the negative interest rates that we used to have. We'll compensate. Wenn wir jetzt die Fünfjahreskurve abbilden, dann okay, die Fünfjahreskurve von heute. When we have a look at the five years prospect. Within the next five years. You can say between CHF 30 million, CHF 40 million, CHF 50 million. Sind wir heute bei 360. Now we are at probably CHF 360. [Foreign language] Wenn wir diese fünf Jahre Top-Down schauen, dann wird es auch Inflation haben, diese fünf Jahre. Between 30 and 40. [Foreign language] wird der Topline-Wachstum, welcher größer ist als der Budget. We have a top-line growth, which is still bigger than expected. Regarding the transaction market, are there any larger portfolios that will be offered? In Germany, for example, many companies are trying to sell portfolios, it's not possible. What about larger portfolios? What's the situation like? We haven't seen any larger portfolios. We heard about a private seller who might be selling a private portfolio. Might be one more remark on PSP, but at the moment, not offering any larger portfolios. Maybe later on, my colleague can go more into detail regarding the current market situation. All right. Thank you very much. We'll be available if you have more questions later on, also on a one-to-one level. I'll hand over to my colleague. Thank you. Thank you very much. Giacomo, you're very much welcome from my side, too. It's a pleasure to be able to present our sustainability asset portfolio strategy today. In general, as already mentioned, we are not doing anything differently, but we rather carry on with what we used to do in the last year. My colleague will go more into detail regarding the modern framework. To start with, I'd like to stress that we have a high-quality portfolio with a great infrastructure, very well connected, and with many commercial properties in the city centers. The portfolio profile is a profile that we worked on in the last 10 years. All of our properties are located in urban areas and are based on sustainability criteria. Usually, we use district heating and try to avoid fossil fuel-based heating procedures. What else can we mention regarding our sustainability strategy? We focus on measures that work, where our portfolio benefits from in the long run. One example has already been mentioned: the Hürlimann Areal building complex, where the entire energy supply will be transformed to make sure that this building complex will reduce the CO2 emissions significantly. After the lunch break, my colleague will give you some insights regarding this example. We work with building certificates, as Giacomo already mentioned. We were convinced that we should not only focus on the certificates, but they're now part of the regulations. When we have a look at the Grosspeter Tower, we deliberately did not opt for a certification. Even without certification, it's a very sustainable building, thanks to the renewable energy systems and photovoltaic system used that was installed five years ago. One important remark: the tower is currently fully rented, and that is also a very important point for us. Only a well-used property can also be a sustainable property. Now, with the new ESG rating of the Wüest Partner, which Patrik Schmid is going to be presenting to us later on, we now have a tool, a path, in order to ensure that our portfolio is subject to regular and all-encompassing sustainability audits, where the weaknesses and the strengths of the properties thereby become visible, and with targeted measures, we can then work on improving anything that requires improvement. You can currently see the disclaimer. That doesn't apply to me. I simply thought I'd present without slides because I think we'll be seeing sufficient slides today anyway. Perhaps you could change the image away from this disclaimer. I would like to now speak about one of the most important elements in our sustainability strategy, and that's, of course, CO2 reduction. If we take a look at the buildings in Switzerland, they are, generally speaking, responsible for 40% of the energy consumption. Whatever source you want to believe, they're responsible for about a third or a quarter of CO2 emissions. If we want to achieve the overarching climate goals, then it is clear that the real estate sector will also have to contribute towards achieving these targets. At PSP, we have known this for a while now, since launching a sustainability program in 2010. We have consistently worked on making our buildings more environmentally friendly as much as possible, of course. At a portfolio level, there are two elements we focus on. On the one hand, the reduction of CO2 emissions, and on the other hand, of course, being careful when using our resources. If we look back, PSP between 2010 and 2021 halved CO2 emissions from 21 kilograms per square meter to 10.5 kilograms per square meter rental space. That in itself is a remarkable reduction, and we will continue reducing until 2035. We want to go down to 6 kilograms per square meter rental space by 2035. How do we achieve this goal? Generally speaking, we're replacing fossil oil and gas heatings with alternative heating systems. This could be wood or also heat pumps, for example, that come into use. We're also buying or producing ourselves renewable electricity. We undertook great efforts in this area, and over the next years, we want to increase the capacity of our PV parks from 2 MW peak to over 4 MW peak. For this, we created a new pipeline. Thirdly, we're increasing energy efficiency through building measures, for example, by improving technology or by improving the insulation of the buildings. Of course, in the city center, this is not always easy to do with properties, especially when it comes to listed properties. We have a lot of experience, and we know what measures create what effects. This afternoon during the tram tour, we will see that there are listed buildings in the city center that are sustainable. Lastly, we're also becoming more efficient in our business itself. We started a campaign this summer. Of course, the best way to reduce CO2 emissions is simply to consume less of it, or to optimize consumption, at least. CO2 reduction is a central element in our sustainability strategy. For this, we also have modernization measures oriented on the life cycle of buildings. It's, of course, also dependent on the maturity of rental contracts. We do not simply want to implement measures without considering the rental situation. It is important to do this in a way that is beneficial for all of our stakeholders, and we found a good path for this. In summary, it can be said that with regards to our operations, we now have a clear view as to what is the state of affairs with regards to our reduction journey and what path we'll be going down over the next years. Of course, we also have the green bond framework, which will be extremely important in this context. Allow me to say something about another topic, the built-in CO2 emissions. They too are important, of course, because in a building cycle, it is clear that this is where the most emissions are being produced, where most of the CO2 emission ensues, of course, when building an actual building. Here too, I think we have an advantage of our existing portfolio. Our buildings have often been erect for over 100 years. It can be said that a large part of the CO2 emissions has been amortized, therefore. Of course, in our modernization efforts, we try our utmost to build environmentally friendly, to pick the right building materials. As with wood in Basel, for example, where we try to recycle building elements. The key word here is the circular economy. When it comes to our new builds, this year we analyzed the built-in, the Scope 3 emissions. We will do an evaluation here, and I am sure that we are going to communicate about this in due time. There are not all that many new builds, so the impact will be somewhat limited. That would be it with regards to our sustainability strategy on an asset level. I would like to add one further point. In order to achieve all these goals, one thing is important, and that is that we need internal and external intelligence. It is important to come together, to work together on our assets and rental. I think our staff is an enormous advantage for ours. We have a diverse team of real estate experts that are in touch with each other on a daily basis, and that of course offers a certain degree of certainty that we will be able to find the best mid and long-term solutions for every property, be it for the tenants, be it for the investor, but of course also for the environment. Do use today's opportunity to talk to each other. Ask any questions you may have. Feel free to get in touch with me too. I am available to answer any of your questions. Without further ado, I would like to now move on to the actual topic of today's meeting, and that is the Green Bond Framework. I would like to wish all of you much fun at today's event. I too would like to welcome you to today's Sustainability Capital Markets Day here in Zurich. I am Patrick Taylor, and at PSP I am responsible for treasury and capital markets. In this context, over the last months, I had the pleasure to accompany the Green Bond Framework here at PSP, and the center of this project is, of course, as the name suggests, the Green Bond Framework. In the course of the next minutes, I will briefly summarize the framework. I will summarize quite a few months of work in 10 minutes, but I am sure you will all be able to handle it. I am not going to be talking about the overall PSP sustainability strategy. I will really be focusing on the few important points out of the Green Bond Framework. Right. We are not the first ones in Switzerland or the first ones in the real estate industry to enter the market with a Green Bond Framework, which is why I assume that most of you know the basic idea of such a framework. We created this framework together with the Green Bond Principles, which is why I will not be insisting on every individual point. As Giacomo already mentioned, in the past, of course, we observed developments in the capital market, and we realized that investor interest is becoming greater and greater to invest into green instruments and products. As has already been mentioned, we do not want to have different bonds, ones which are green, others which are brown or purple or whatever. For us, the product or the instrument, green bond, offered the possibility together with the already mentioned green investments from the past to actually pursue this entire transition. The three main points are to be seen on the slide, which I would like to delve into. That is the use of proceeds, the green asset portfolio approach, and lastly, the green bond report. Use of proceeds. For me, of course, this is a central element of this framework because that is what the funds are being used for, and that is how the funds are being mapped. In our framework, we decided to go for the category green buildings according to the Green Bond Principles. I'd like to mention that this doesn't mean that we aren't undertaking any efforts in area of biodiversity or energy efficiency or renewables. We, of course, do so. We decided to put assets at the center of this framework in our portfolio, and that is why we decided to go for this. We have three subsections within it, which can be seen on the slide. These are the return properties, renovation properties, and new builds. These categories relate to the categories of the EU taxonomy. We didn't set up our framework exactly as a taxonomy, but there are similarities in some of the points. Right. For our properties, so that they are classified as green buildings, we defined two criteria. On the one hand, the ESG rating. As we've already heard today, our Wüest Partner is providing this for us. Here we've determined for 3.5. I'm not going to speak about this rating methodology in detail because later Patrik Schmid is going to be providing us details directly. The second criterion is the CO2 emission within our operations. That's extremely important to achieve our goals and the goals set in Paris. As you can see, we measure these limits in CO2 emission per square meter per year until 2035. As you can see, we are becoming more and more ambitious. This ensures that the portfolio of green assets becomes more and more sustainable during the duration and that we manage to achieve our goals. In practice, this may lead to one property which is below 12 still remains in the portfolio, but then will be leaving the portfolio in 2025 or 2030. When we invest in sustainability, they might come back. There can be dynamic changes here. A small side comment for new builds. We, of course, already have a more ambitious goal today, five kilogram CO2 per square meter. This is the limit we set ourselves. Of course, if a property is finished and if there's a reclassification, these ambitious criteria continue to exist. These two criteria aren't criteria. We decided that every property must fulfill the ESG rating goal as well as a CO2 emission criterion. Both have to be fulfilled. That would be it with regards to green building, first of all. When it comes to the green asset portfolio approach, it works as follows. The individual green buildings are added together. Here I want to mention that renovations or market adjustments aren't considered, only every added CHF that is invested into a property. It plays no role whether this CHF was invested this year or five years ago. What matters that it was spent for reducing emissions in the green bond framework. We also didn't mention any omitted look-back period. On this table, you can see an overview where it says that today we know pretty much exactly what property is going to be entering this portfolio and which one not preliminarily because our list is only going to be published next year. Ernst & Young is also going to be auditing this, which is why it says provisionally here. This afternoon, we'll have an opportunity to look at one or the other property, which will most likely be entering this portfolio. Nevertheless, an overview. CHF 3 billion green assets is what we have at the moment. We have a green bond portfolio of CHF 1.8 billion. Over the next few years, the goal is for this green asset portfolio to be bigger than the green bond portfolio. This is going to be tested on a yearly basis by an internal committee or with each new emission. We know that this approach isn't new at a European comparison level, it definitely is in Switzerland, which is why we asked McKinsey to provide us with a legal opinion. They told us that this reclassification can be done. The ZKB, the bank with whom we partnered, did this this morning with the official communication. We're going to hear more about this later on with the ZKB. Third model, which we submit, is to not only contact one supervisor, but two. Both Moody's and ISS on the Swiss market. Another representative is still on site and will be reached. I already mentioned the green bond report. It's a fundamental component of our framework. It consists of the allocation report and the Impact Report. What we expect here is an overview, which you have seen on the last table, on green assets and outstanding green bonds. Furthermore, we will publish any property that is included in the green bond strategy portfolio. We will also give information on the water supply and renewable energies. With renewable properties, more information will be published. As we only have limited time, I like to mention that this is only an overview. If you'd like to have more detailed information, you can have a look at our website, looking for the green bond framework, and you can also approach us and the audience watching us over the webcast. You can also ask your questions online. If I have the time, I'll be glad to answer your questions. Otherwise, we can do this later on. One information is what you can expect at our next publication in 2023, which is new green bond report. I'm very much looking forward to your questions and to the exchange. I'd like to say thank you to our internal and external partners for your support throughout the last months. There was one question here. We'll just hand over the microphone. Best thank you. I have two questions. The other one is regarding the price tag with 3 and the expense with accounting firms. Did I understand it correctly that all green assets will be allocated to the bonds, which would mean that all private placements would be allocated to the less sustainable assets? I just want to make sure that I understood this correctly. I cannot give any information on the cost structure. Regarding the second question, correct. The green assets are mapped based on the outstanding bonds. We still have some time left, and within the next months, we will also see how all the other points can be shaped in a more sustainable way. Unfortunately, the speaker is off mic and the interpreter cannot hear the voice. Unfortunately, the speaker is still off mic. Thank you for your understanding. Unfortunately, the speaker is still off mic. Thank you for your understanding. That the market value is mapped per property, or that an overall total amount is mentioned there. You will see a total amount as we used to proceed in the last years, too. Our audit department will confirm that. No single properties will be listed and are not relevant in this case either. One question to regard the Green Bond report. We will have detailed figures regarding the emissions and the remaining portfolio will not be unveiled. Are there any accessible information regarding the rest of the portfolio? Unfortunately, the speaker is off mic and the interpreter does not have any sound. Unfortunately, the speaker is still off mic, and the sound is insufficient for interpretation. Thank you for your understanding. I will try to wrap up again as soon as the speaker is using the microphone again. Thank you for your understanding. The interpreters are connected remotely and do not have sufficient sound for interpretation. Thank you for your understanding. When we talk about use of proceeds, that means that any future Green Bond yields will not be linked to the Green Bonds or those yields that were already distributed. From a technical perspective, they are adapted thanks to the use of proceeds, and from a practical stand, they are mapped. In the Green Bond framework, we have a funding and also a refunding. Which means that if we refund Green Bonds in the future, we don't have that many funds for future investments, but they are rather mapped with the bonds within the portfolio. We try to make sure our portfolio is becoming more and more sustainable. As an investment association, how can you make sure that you're being efficient for your investments in sustainable energy and with those investments in the 6 square meters, how do you make sure you're efficient? I'll be glad to hand over the floor. Internally, we have a team of experts to monitor efficiencies within the asset management. Also, we cooperate with external partners. One more question. Some of the owners include in their letting contracts to make sure that the use of energy becomes more sustainable. Our intention was to have a green lease with one of our partners. We'd like to make sure that this strategy is also implemented with other tenants, too. All right. If there are no more questions. I now have the pleasure to hand over to Ralph Caluori from ZKB. Thank you. Good morning. My name is Ralph Caluori. I work in the capital markets with ZKB, and it's a pleasure to present our work in our role as a green bond strategy advisor. Within the next minutes, I'd like to talk about the following points. I'd like to give insight on the green bond market, its history, its current situation. I'd like to talk about the reclassification of green bond portfolios in the capital market. What the impacts are for the Swiss capital markets. You can see it on the slide on the left-hand side. There's been a new wave of sustainability capital markets in Europe and in Switzerland, which took a little bit longer to be launched. In the last two or three years, we tried to shape our bonds in a more sustainable way. Our sustainable bonds gained momentum. There was much more demand. We asked ourselves what a sustainable strategy could look like and how we could include it in our work. We are now in 2022, where already every 10th bond offers a sustainability level. There's been a shift and the sustainability topic has gained momentum within the Swiss capital market. We try to communicate our efforts in our sustainability strategy. PSP, together with us, decided to meet the demands of the investors for more sustainable bonds and not only offer green bonds, but to include the whole entire portfolio within the green bond strategy. What's important here is the reclassification, if you call it like this. It's nothing new. As already mentioned in an example, also with some three other European adopters who opted for this approach. It's quite a new and innovative tool, but it's already been assessed successfully. As Patrick Taylor mentioned, this approach was then introduced in Switzerland with a reclassification that took place for the first time. How do we approach? It's all about a shift of the yield and a reclassification of use. Not meant to threaten any sort of investors' rights. We can approach that any investor friendly. As published this morning on the stock markets, a reclassification of use was communicated, which means that legally, reclassification has already taken place, has been completed. SIX has decided that it will require inclusion in the CBI database in order to really reflect the green bond and sustainability flag for individual bonds on the SIX exchange. We expect this data to be included within the next few days. This brings me to the last point already. What does this mean for the capital market in Switzerland? It's exciting to see that we have a new bigger green bond debtor in Switzerland with CHF 3 billion. With the best top debtor in PSP, that's what the list looks like right beside. Obviously, the importance of properties market has been further embedded. We have more than two-thirds, 8%. All of the sudden, all the available green bonds can be invested with more than 20%, which are good news for the Swiss capital market. So much from my side. I'd now like to hand over to Patrik Schmid from Wüest Partner. If you have any questions, feel free to let me know, and I'll be glad to answer them. Thank you. A very good morning, ladies and gentlemen. It is my pleasure to present the ESG portfolio reporting and to go a bit deeper on what we've heard hitherto, how does this rating work, and what are the most important parameters. I'll need about 30 minutes. I'll present what sustainability means for us at Wüest Partner. I'll speak more about the method which we applied. I'll talk about reporting, which we've heard more about before. Of course, any extensions we plan in the area of sustainability. Let me commence by saying the following, which is pleasing, and we've heard it before, that things are happening in the area of sustainability, and we're very pleased that PSP and other real estate investors and that the whole industry knows that something has to happen. We, as Wüest Partner, believe that we must contribute towards this, too. With our combination, we have consulting, we have evaluations, and we have our data. With that, we believe that we can contribute towards making the real estate industry more sustainable, and therewith generate sustainable added value. At Wüest Partner, we have 350 experts in our house, and 50 of them focusing on sustainability. For 14, 15 years, we've been dealing intensely with matters relating to sustainability. More about that later. Perhaps you know us from ratings. We are involved in PSP ratings, but we also do data and market analysis. You can, of course, ask me more later on when we discuss market developments. We just said it hitherto. When it comes to sustainability, well, about 10 years ago, sustainability also became measurable in real estate ratings. With regards to different aspects, we also decided to introduce sustainability more deeply. We are a member of PRI, the Principles of Sustainable Investing in German. We are a member of the ecobau initiative. I'm sure you have this in your companies, too, and it's also the case at PSP. Our service offering itself is also becoming more and more sustainable. That's our commitment. We are also obliged to also explain to our customers how to become more sustainable, but we can also make the real estate industry more sustainable. This also includes training our employees because we believe that in the future, every employee has to have the possibility to offer consulting in the area of sustainability. What this means, for ratings or for market analyses. If we take a look at our product and services, we have 4 pillars. Starting on the left-hand side, these are the performance measures that exist. We have GEAK in Switzerland, or GEAK Plus, which goes even a bit deeper, or Minergie is also known and all of the labels with it. Energy labels that exist with regards to buildings, that too is something we offer and of course do. Different funds are GEAK certified in Switzerland. Another step is gray energy. We heard it today. That's a further point that is added to this. That, too, is something we offer, and we do this with our daughter or our sister partner. We have certificates for individual properties. Here there are different certificates and ratings that are available. I'll say more about that later. These are going to have an extension all the way to larger areas, and here too, of course, we'll be able to offer certificates. The next topic is CO2 and climate protection. We have a CO2 calculator, which we also used for the ESG rating now, where portfolios can be observed in order to see how this is going to develop over the next years until, of course, the portfolio becomes CO2 neutral. Other topics are also natural dangers as well as climate risks, which have an increasing effect on the portfolios and properties. The last thing is that we also do reporting or analyses for our customers. 3 success stories, if I may present these, which are also the basis for the further development of ESG ratings. For BAFU, for the Federal Ministry for Environment, we conducted a study as to how to deal with an existing portfolio of properties. That's important because we have no ratings or any aspect with regards to how it is going to work with the circular economy. That is definitely going to be 1 of the next topics, and we were able to look at this together with the ministry as to what the effect is here. Another topic that is very important for our future are the urban heat maps. How is this going to develop over the next years if it becomes hotter in our cities? This is going to be important for PSP too, and of course, it's going to influence ratings. Cities, especially in the central areas, are going to develop. There's going to be heat spots. They're going to be hotter than can be seen here in the future. We also have PACTA. This is a model for CO2 emission calculation. Here, 1 million buildings, and this is being done every two years. This is a model to see how much is emitted in the building sector in order to then see how this is going to affect the future and what can be done in this area. I'd like to move on and speak about the method. I'm going to show you our approach now. If you take a look at traditional ESG ratings, you can see that there's two possibilities to tackle this. On the one hand, you have the building perspective. You could say that in Switzerland, this is the GEAK approach or the Minergie approach, where you go very deep. In BREEAM, for example, this is responsible for a lot of aspects, where a lot has to be fulfilled and assembled, but it's also an individual property. You have the portfolio view on the other side. This is more of a high-level approach, where perhaps you only measure a few aspects and have a model-based approach. That's always the first aspect you have to consider. The second topic is availability of data. In other words, do you have data to measure sustainability? Do you have data you can look at to see what the improvements are generated, and are the right data also measured? We heard it before, over the last months, we worked on this project. We worked on developing a rating, and this can take a lot of time. At the end of the day, it should also be reasonable, and that is why we're also ensuring that as much data as possible is measured automatically, or that already available data can also be used in this context. A very important point is standardization. In Europe, we have an EU framework in different countries, and there are different initiatives. Till date, there's no standardized ESG rating at a global scale or at a Swiss or European scale, which is why this framework must be set up in such a way that it's future-proof and can be adjusted to any changes that will ensue, and these will ensue. The last point relates to transparency. At the end of the day, it is important to understand how ratings work, what aspects are being considered. This is important for the investors on the one hand, but it's also important for the real estate owner, so in this case, PSP. It is important for you to understand at what factors you can work on to make your portfolio more sustainable and to improve your rating. We believe that our ESG fulfills these conditions. We're located between the overarching portfolio viewpoint as well as the individual property viewpoint, somewhere in the middle. If I look at the goals on our end, we try to be transparent when we examine the portfolio with regards to sustainability, and we also try to have a compact data-based catalog of criteria. The second thing are controlling instruments. On the one hand, at a strategic level, but also at an operative level, I said this beforehand, to ensure that the owners can know, okay, where can I do something? Where am I actually going to have an effect? For this, it is important to quantify the risks and the possibilities, and at the end of the day, we ensured that as much data that is available can be used not only now but also in the future to ensure that there's not a huge effort required every time to undertake this rating, but that instead, this is a seamless process because the data is already available. In order to do this, we took a look at different providers and offers in order to see, okay, how can this be collated into one rating to ensure that as many criteria are fulfilled as possible. How do we do this? Well, we optimized all of this. At first, indicators were set based on our in-house analysis. We try to have an objective, overarching view with a different weighting of indicators, and all of these are also in the public eye. You can read up on this, what indicators are used at what weight. Then we also try to automate the whole thing as much as possible to ensure that it also becomes usable in the future, but can also be adjusted if need be. Briefly speaking, this is the ESG rating. Of course, this can be looked at in more detail, but starting on the right-hand side, three-quarter of the data is collected quantitatively. We did a scaling of the results ranging from one to five. I think this is important, too. In all of the ratings we use, we have a scale of one to five. One is the lowest scale, and five is the best value that can be achieved. That allows us to be comparable to other ratings. If you take a look at the weighting, the three topics, ESG, well, the E, so the environment, has a 40% weighting. This is also linked to the fact that we can simply see that the impact on the property, on the value, is still highest when it comes to the environment, and that social and government areas are perhaps a little less heavy in weighting. Of course, we have CO2, we have renewable energies here, then we have the overall consumption. On the government side, we have the business process. For example, what do the processes look like? Perhaps the life cycle costs are also a part of this. Then where is the property located? What's the usage? What about health and security? At the end of the day, we have 10 criteria, and I'll say more about what this means. We have 23 indicators and 76 parameters we measure in order to get to this ESG rating. Let's move on to the catalog of criteria. For you to be able to understand this better, we have the SDG goals, the Sustainable Development Goals of the UN. You perhaps know these 17 goals that have been set, here grouped into the three ESG topics, so environment, social, and governance. On top of that, the further goals that have been added to this, and that is the consumption of resources, social integration, as well as transparency and participation. Here we can see what aspects should be measured in order to be able to do the ESG rating. You can see that on the environmental side, there are many topics with regards to energy, materials, matter, water consumption, but also mobility and transport topics are important here. The city climate plays a role here. Then we have social integration, so infrastructure, how easily it is to reach the building and the usage flexibility that is provided by a building, and then also the external area. Last but not least, whether the building fulfills all of the health and security requirements. For example, that you won't have to fall down the stairs. Then there's the governance issues too, which have to do with the provider themselves, but it also relates to what is being done in it. Trade possibilities to rent out the place. All of these topics relate to governance. That's what it looks like if we divide this up, you can see the three topics and the 10 criteria contained herein. Then we move down to the sub-criteria. If I take environment as an example, we take the greenhouse gases. Then we have the CO2 consumption. We have energy topics here, for example, the energy demand of a building. Then we have the share of renewable energies. Then we have the consumption. We have, on the one hand, the density, the usage density contained within it, but as well water consumption, i.e., how much water consumption applies to a specific property. Then, of course, the question is also, can this be proven? Is this even being measured? These are topics which, of course, need to be observed in the future too. Perhaps some of them aren't being measured yet today. Then we have the social aspect. Here, PSP with its central locations are certainly on the right end. We also have the social-economical structure, i.e., how diverse is all of this? How many different offers are there? Then we have the usage. That's accessibility of a property on the one hand, and the flexibility within it. Then we also have the internal and exterior areas, what possibilities exist to meet. Then wellbeing and safety, that too is an important area. These are the external emissions. So transport, for example. How loud is a certain location? Then we have internal security. Then, of course, all matters relating to the environment that play an important role here. With regards to governance, we look at the company processes. We take a look at what is happening within the buildings, whether surveys are being conducted. Do you ensure that sustainability is done together with the tenant? All of these too are topics that play a role here. Then regional economy also plays a role in this context. Lifecycle costs, for example, or the tradability of a property. We heard this beforehand, that an object that is tradable and isn't vacant will also have a positive aspect on sustainability. Then last but not least, the site location is also a topic here. We have environmental factors. Let's have a look at some of these criteria. It is saying that this is only going to appear on the left-hand side. We can see how CO2 emissions are going to evolve until 2050. Regarding the different energy supply, oil, gas, and heating, and how the portfolio is going to evolve in the future. Something which is going to gain importance, such as with the project that we worked on. We will also have the chance to compare your portfolio with comparable other portfolios to see how you are performing. We have a look at the heating, the heat map. This is something that the owner can have an impact on, for example, if you have green area on the roof or if you have a green facade. If such measures improve the situation, of course, this also influences the rating. Another criterion is the public transport. How long do I have to walk to get to the next bus stop? To create offers such as car sharing, e-mobility. Exterior surfaces with green roofs, for example, rooftops. This is a property in PSP with a roof which is not green, but with green areas that surround the building, which also has an impact on the rating, of course. Let me just figure out how the points look like. Location, a very important criterion. The micro and macro location. First of all, where is it located within Switzerland, in which municipality, and then the micro location within the municipality. Is it located centrally? On one hand, we see how the living quality performs, all related to PSP on the right-hand side, which stands for office use. The more red, the better the quality performs, which also has an impact on the rating. The topic of well-being and safety. Road and rail noise, day and night, for example, distance to hazards and power lines, or the garden with involvement hazards. Traffic noise. One example comes from our data, a hazard because of the things that may occur in a special area, something that may not have been observed very frequently, such as earthquake, flooding, and so on. In the Netherlands, for example, the situation looks differently when you know you are below sea level. The hazards are a lot different than when you compare to Switzerland. The corporate process, which is an extract here from a survey that was conducted by PSP. Some of the aspects that already existed. Our aim was not to have different ratings but to have an interface or pooling of the different criteria. This is what the reporting looks like. We have a scale from one, very bad, to five, which would be excellent. We have a property in Bahnhofplatz, for example, very centrally located, and where a fundamental renovation took place. We made a conclusion of the results, and we compared it with the overall portfolio, and also we compared it with selected KPIs to know what the performance looks like in comparison with other portfolios. Let's have a look at the report. This property that scored 3.8, and we have average portfolio grade of 3.6, which means that we perform above average here, which is also an important criterion of PSP properties. You may ask yourself, 3.6 or 3.8, is this a good result? Does it mean that the property is sustainable? Yes, indeed. A five would be the very best property in the very best location and the most sustainable property. Which means that everything should be very green, the building, the surroundings, and it should not have any noise pollution at all. Being at the main station in two minutes' walk. It's really a challenge to compare different properties here. This is why even a 3.8 or 3.6 scoring is an excellent result. You will see that this property here received a 5.0 for a very modern heating system, scoring very well. The other hand, in the city centers for those who are under preservation order, it's also a challenge when you renovate such properties. Not every property is allowed to use water from a lake or to use district heating, or to use a water pump, or to use solar energy. It's a challenge involved here. We also included the topic of water efficiency, but it's very difficult to be measured. It's difficult to have evidence-based results there. You can see that we have properties with excellent scoring. Some of the criteria that we involved could still be improved, and some criteria cannot really be met because of the location, because of preservation, monument preservation, historic preservation regulations. I'll wrap up now, and if you have any questions, I'll be glad to answer them later on. Of course, my colleague, Robert, will be able to give some much more detailed insight on this topic. The property landscape is still changing with regards to sustainability. More topics are being included, such as EU taxonomy, the harmonization within the EU taxonomy, or conformity with EU taxonomy. Scope 3, such as green, gray energy, carbon emissions. Such properties do not see any ratings anymore, like stranded asset analysis and biodiversity, extended reporting, and circular construction. We know that the market is ever-evolving, and we try to make sure that we are still to come in the future. Even if the rating has a future perspective, it's rather a sample-based rating, where some aspects included that can be still improved in the future. Let me conclude with a few references. It's not the first rating that we conducted that regarding this scope and also regarding standardization. We conducted such ratings with other portfolios, too, and particularly with important clients in Germany. The rating that we conduct will be used more frequently in the future. As we heard in Switzerland, you have very sustainable properties. In many places, we are pioneers. Where Switzerland's still lagging is regarding the ESG report. The step that we took and that PSP took was a very important one to shape the future. Thank you very much from my side. If you have any questions, feel free to ask them now. Speaker off mic. How is this green bond framework? What about the green bond framework? Don't you think it's a bit strange that the environmental topics only reflect a 40% of the whole framework? Shouldn't it be a higher percentage? Unfortunately, the other speaker is off mic again. Please apologize. veel meer transparantie en veel meer commitment tot dit thema dan een retrospectief certificaat. Wrapping up, we need much more commitment and transparency in the future. Unfortunately, the sound is too poor to be interpreted. The interpreter apologizes. Thank you for your understanding. The typical problem of many ESG systems is the average usually goes up, because properties improve. Let's say that the average is at three at the moment, it will probably go up in the next years. Are there any measures to make sure that the average will remain at three? In de bovenste rechterhoek. Daar is geen meer die gemiddelde onroerend goed in het midden heeft. Nowadays in Switzerland, none of the companies offer any average properties anymore. How can we deal with this? The two aspects. There are properties that do not meet those criteria, even though it may not be communicated very openly. It's true that competitors evolve, and something that's a standard today will not remain a standard in a few years from now. You can see this with the example number with the CO2. A few years ago, the properties wouldn't have met today's standards. [Foreign language] Wat PSP zelf heeft verlaagd, wat u hebt opgeslagen. Dat was ook een aspect waarom we zeiden: 'Dat mag niet precies hetzelfde zijn, want anders zou het een verdubbeling van hetzelfde zijn, in plaats van dat het onafhankelijk van elkaar is.' We wanted to make sure that both scorings were independent. We assessed the CO2 performance, PSP on their side also thought about how to improve that criteria. When you talk about sustainability, we should use the state-of-the-art heating as long as they still function. If I have a heating that may still work for another 30 years, but that's not classified as sustainable, this is a question of gray energy, and aspects that have to be taken into account. From a sustainable approach, you might see you'd like to take off the heating, but when you have a holistic approach, you'd rather want to make the heating run as long as it's still functioning. Not use more resources than needed. The average values of all properties included in the ESG portfolio, how do they perform? Do you have any data here? We're currently working on the benchmark systems, also in relation to the property prices, it's something that cannot be answered yet. [Foreign language] Als je kijkt naar welke factoren relevant zijn, dan is het waarschijnlijk om We hebben veel datasets die ook zijn afgestemd op Zwitserland. We have a lot of data that score around three on average, and property portfolios are very dynamic. When we go up with mobility from 50% to 100%, many of the properties will score much better than they actually do at the moment. When we compare PSP portfolio with the rest of the properties in Switzerland, we usually have very good locations, which is an important criterion in relation to sustainability. We made important investments in the last years. I think that our portfolio scores much better in terms of sustainability compared to other portfolios. With the location being a very important factor here. Dan zeg ik: "Beste dank en tot later." In that case, I'd like to say thank you very much, and see you soon. Good morning, everyone. Well, almost good afternoon for the British standards. Thank you very much for having me here today. Just looking to go to the right slide. Okay, here we are. Thank you very much for having me here. My name is Federico Pezzolato. I'm responsible for the business development of ISS Sustainable Finance Services in the EMEA and APAC region. We had the pleasure to work with the PSP team for the provision of the second-party opinion on their green bond framework. Indeed, just a few overview of our organization. I represent here ISS Corporate Solutions. We have a very strict separation between the sales activity of advisory services and our second-party opinion services from the execution of the mandates. Indeed, the team in charge of delivering second-party opinions is beyond the internal firewall, working for ISS ESG, where we have all the ESG expertise. We were born as an ESG rating agency almost 30 years ago as oekom research that we acquired. That was an independent ESG rating agency that we acquired in 2018, and now it's part of ISS. From the ESG rating expertise, with the development of the green bond market in 2014 after the publication of the ICMA Green Bond Principles, we started to develop also the SPO practice. At the moment, we have a team of about 30 people around the world in different locations with different expertise. So far, indeed, we delivered more than 500 second-party opinions. There is, for clear historical reasons, a very strong legacy and presence in the DACH region and in the continental Europe in general. We diversified also thanks to the growth of the market. As we have seen in the previous presentations, especially in the last couple of years, we enlarged our activity to a number of other countries and in many other sectors. Indeed, this diversification is mainly due to the appearance on the market of the sustainability-linked structure. Our expertise, if you want, the track record reflects still very well the distribution of green social bonds in the market, with financial institutions, utility and real estate companies being the most important issuers on the market until so far. In terms of credentials, you have still here some names of the companies and institutions with which we worked, including also the Swiss Confederation. We recently provided an SPO during the summer also to the Swiss Confederation for their green bond framework. In many cases, we implemented also the EU taxonomy, depending on the requirements, the EU Green Bond Standard, depending on the request of the issuer. Indeed, we are in a market, as you know very well, where there is not yet a recognized international standard. There are very good practices that are described, at least at governance level, by the ICMA principles. Then there are different criteria, different approaches. Our role indeed is to provide independent views and assessment on the sustainability credentials of the issuer's framework and specifically on the selection criteria of the different use of proceeds categories considered by the issuer green bond or social bond framework. Therefore, our analysis are mandated by issuers, but the main beneficiaries are probably investors that read our second-party opinions in order to gather information and in order to build their informed view on the eligibility of the bond according to their own selection investment criteria. The final objective clearly is to mitigate as much as possible the greenwashing risk, we try to serve the market, delivering reports that are structured around three different sections. The first one is about the assessment of the framework itself, so the alignment with the international principles, and we are referencing here clearly the ICMA Green Bond Principles. It's possible also there are some issuers that are already touching the European Green Bond Standard, even if it's still a draft. We see something more like next year probably on this. This is a very, if you want, governance assessment on the respect of the market standards and the market expectations. The second section of the SPO is about the use of proceeds, in this case, clearly regarding the quality of the eligible use of proceeds categories, the selection process, the selection criteria, and effectively the due diligence that is carried out by the issuer in order to identify the eligible assets in their portfolio or to finance future assets to be included in their portfolio. The final element, again, this is a matter of consistency and a sort of reality check on the robustness of the framework. We provide also an analysis of the ESG approach of the issuer itself. We analyze the link between the rationale of the framework and the overall strategy of the issuer. Regarding the first part, clearly, we have already seen in the presentation of Patrik some references to the structure of the document. Clearly, this is about the first part, where we analyze the description of the use of proceeds, especially the criteria for the selection of the eligible assets, and then also the other commitments that are required by the ICMA principles, namely the management of proceeds, and more and more important, the reporting commitments. Indeed, we see that there is an increasing interest from investors not just about the selection criteria, the construction of the portfolio, but also the ability, the capacity of the issuer to report regularly regarding the composition of its portfolio, not only in terms of allocation of the proceeds, but also, I would say, first of all, in terms of impact generated by the investments. We have seen this increasing interest coming from investors reflected also in the increasing demands that we receive from issuers, to which now we provide also post-issuance verification. The SPO is typically an ex-ante, a preliminary analysis on the commitments of the issuer, but we see that there are more and more issuers coming to the market requesting also post-issuance services in order to demonstrate effectively that the portfolio is aligned with the initial commitments of their framework. Now, regarding the PSP SPO that we provided, as you see here, the evaluation is positive, definitely. Our evaluation is just qualitative because since we work basically on companies belonging to all sectors, and the market guidance at the moment is very high level because we know that the ICMA principles do not provide any clear indication at the moment regarding the criteria to be selected, to be adopted by the issuers in order to identify the eligible assets. There is still the flexibility in the market to develop issuer-specific approaches, as indeed PSP did. Our analysis in this sense is to check if the framework is aligned with the market standards and with the good market practices, as it is in this case. The quality, overall, of the eligibility criteria adopted by the issuer, and then also the consistency between the rationale of the framework and the overall strategy of the issuer as an organization. This is the overall assessment. You will find more details in the SPOs that is public now. Regarding the SDG assessment based on our own evaluation, on our own methodology, clearly, we have been able to analyze the different criteria in the context of the overall PSP approach to sustainability, identifying a positive link with the UN SDGs 7 and 13. We know that clearly the UN SDGs have been developed in order to provide a sort of overarching framework for sovereigns, but they are commonly used also in the corporate domain in order to describe the different impacts of the corporate activity. This has been incorporated also in our own assessment. You see here the evaluation according to our own methodology. Secondly, the specific topics that we consider in the assessment when it comes to green buildings. There are a list of specific KPIs that we analyze, subjects that according to our methodology, are significant for green buildings use of proceeds. There are site selection, health and safety, the environmental aspects of construction, water use, safety of users, and conservation and biodiversity management. We analyze these elements considering a variety of different sources. Clearly, first of all, the framework of the issuers, but then also the corporate policies. All the information that the company has in terms of environmental and ESG management systems, more in general, but also national legislation. This is also a useful reference when available to incorporate also this kind of information. We combine all these elements in order to analyze the framework of the issuer and to issue our SPO. Regarding the process, the process that is described here is, I would say, the standard one. Regarding PSP, it was a bit longer because we were in the middle of the summer, there were some delays in the process. Typically, yes, it takes about 4 weeks, starting from the initial evaluation of the framework. We provide our initial comments. In some cases, there are also some preliminary discussions before the official launch of the mandate. We receive the framework, we provide our comments. We request some additional information. In this case, clearly, we went through the methodology developed by PSP with various partners, we exchange continuously information. The objective is to deliver the draft SPO usually in 3 weeks time, then discuss about the content of the document to clarify further elements and finalize it in the following one or two weeks. This is, as I say, the standard process. In this case, it was a bit longer, typically, this is what is doable for a use-of-proceeds structure. I hope that I have provided you with an overview of the process and the content of the SPO. You will find more details in the SPO that is public, as I said, both on the PSP website and our website. In case of any questions, you can ask now, or you have also my contacts here. No problem for that. A warm welcome from my side, too. I can tell you already, I'll try to speak slowly. I'm speaking here on behalf of the investment management of any in terms of sustainability. I'd like to share with you some of the conflicts that arose within this topic. Many of these questions have already been discussed. We are wondering how we can manage to reduce our vertical footprint, to use less resources, to reduce energy consumption. How can we make sure that our outside employees have more awareness in this sector, also beyond language barriers? The COP27 is taking place with the 1.5 climate target, which is becoming much more difficult to reach. We have to become more resilient regarding future impacts of climate change. How can we improve biodiversity? These are topics that are work priority. This is what we derive our data from. This is just a small selection of the questions. Some rating agencies and governments have dealt with this topic. Topics was not part of the EU taxonomy. You can see that some of the topics overlap the best 15% regarding energy efficiencies of our properties and have generated data where we cooperate with other partners in order to generate data. We do not work with EPCs. We work with a tool called GEAK, based on Swiss criteria. We produce special waste. Which has not been part of our data yet because the question is whether we can influence the sector, which is why we opted to out for the moment. Rating agencies and the topic of human rights. Sustainability report. Gender parity. When I look into my, that there's still room for improvement. Data of minority. The question is, do we actually want to gather this data? We want to face these challenges, but with regard to transparency, I'm sometimes wondering whether we have been able to focus on what's important. Taking one step back, what's important regarding our impact on the environment and society? What could also have an impact on us financially? I sometimes wonder about the efficiency of this data, whether it really gives you the insights that you need. Despite of this, we do a lot of benchmark and rating. We are also part of new initiatives. We create a benchmark based on common criteria for property portfolios. This is an important KPI. We've reached all the golden standard years ago. We carried out different analysis. We are also part of those initiatives to know how we perform in comparison to others, and where we can still improve. In the discussions of the sustainability task force, we still need to get better. We also are aware of the limits of such benchmarks and ratings. Some investors also say there's threshold regarding the sustainability. I compare with our peers, we perform a lot better. At the waste management, there's still room for improvement. We accept this, but we also think that within the ESG rating, we have very useful tool at hand in order to analyze the portfolio in a detailed way. As this is being conducted by an external partner, this is also a strong message that we send. The next year, we will probably continue to deal with this rating. As my colleague already explained, we try to reduce our CO2 emissions, investing in more sustainable heating and our photovoltaic systems. We will probably focus on Scope 3. Biodiversity is a topic that's becoming increasingly important, involving our tenants in our efforts, be it thanks to more exchange with them. In May, we all received the Green Bond report that will probably create more transparency. I am starting to get pretty hungry. I'd like to conclude now. I don't know if we have any time for questions now or if you'd like to start. Thank you. By the way, we all seem to be starving. I think we managed to give the importance to the topic that it deserves, something that we've been striving for for many years. From the construction site with you regarding our partners. We have to embed this topic as a tool to make sure that we approach it in the right manner. We will further evolve this rating. We committed to reduce emissions. As I mentioned, this is something that we've always been working on. What we achieved today is important, involving our employees, and being transparent. You will be able to ask questions to our employees if you like. We are very transparent here. It's not only about our impact on materials left. I'd like to mention the employees, so that you can see faces. Please use the next hours to engage with them if you like. I'd also like to say thank you to my colleague, Mr. Koller, who's been a great support. It's great to have this operation of trust. Martin Heggli, Operating Officer, Management. I think you're very familiar with the topic and has been engaged for many years. Martina Schürmann is here. Martina Schürmann and Matthias Weilemann from Energy and Facilities Management. We had Zurich West, Marco West. The Head of Staff Management. We had the Great Place to Work survey. We had Energy and Facility Management with the driver of this company, Stefan Kaufmann, Business Development. In charge of letting and the communication with the tenants. Christoph Sättler, Asset Manager. Peter Clénet, Head of Asset Management and Geneva. [Foreign language]Er hat das in die DNA der PSP getrieben und er wird das nachher auch am Fall Hürlimann Areal darlegen. Michelle Strupler, Asset Managerin und sehr eng mit Wüest Partner zusammen.[/Foreign language] Michelle Strupler, Asset Manager. [Foreign language] Verantwortlich. Benjamin Seidler leitet Steuern, Accounting. Benjamin Seidler, Head of Tax and Controlling. [Foreign language] Das Thema hat Magnus Forster sehr gut im Haus. [Foreign language] Die Head of Construction Work, anything related to construction work. Magnus Forster. [Foreign language] Er war Vorgänger. Magnus Forster, [Foreign language] der Vorgänger von Mr. Beres, based in Basel. Head of Marketing and Sports, Head of Transaction. [Foreign language] Wie haben wir jetzt Daten nicht gekriegt? Was läuft auf dem Markt? Ich denke, ihr könnt euch dem Sam widmen. Ich hoffe, ich habe niemanden vergessen. He is very much in charge here. Basel Market. The asset manager. [Foreign language] Wallisellen, kritische Frage zur Lage. Ist auch lange im Bau. Mr. Walliser, who has been working in construction management for many years. [Foreign language] Wir müssen einfach scharf um 13:30 hier sein. We'll meet back here at 1:30 P.M. sharp. [Foreign language] Also wir haben einiges. Ein eigener Dienst hat um 2:20 P.M. unten an der Tramhaltestelle sein. Essen ist jetzt mit drin. We have to be at the tram station at 1:20 P.M. We are offering Italian food today. [Foreign language] Ist für die wollen. Nur wenn ihr wollt, nehmt eine. only if you like. [Foreign language]Nicht, dass wir das Food waste verursachen, wenn ihr eine nehmt und sie nicht esst.[/Foreign language] Otherwise we'll have sight during the tour. [Foreign language]Wir sind nicht hier, wenn ihr sie nicht esst. Aber ich denke, es gehört zum Bellevue, gehört eine Wurst und ein Bier. Magnus, dich habe ich nicht erwähnt. Doch, habe ich erwähnt.[/Foreign language] Magnus, I did. All right. Thank you very much for your attention. Und dann insbesondere nachher auf Thomas Kraft und die Property Tour, die dann durchgeführt wurde. I am very much looking forward to Mr. Kraft's presentation. Damit wir keine akustischen Themen haben, was mir wichtig wäre. An dieser Stelle noch mal vielen Dank. I hope that we will be able to cope with all the sound issues that we have. Thank you. [Foreign language] Willkommen auch von meiner Seite zum heutigen Anlass. Ich habe die dankbare Aufgabe, Ihnen das Hürlimann-Areal vorzustellen. Dankbar deshalb, weil ich Ihnen eine Erfolgsgeschichte vorstellen darf. Dankbar auch deshalb, weil ich Ihnen ein paar Bilder zeige von den Liegenschaften. Bis jetzt sehr viele Zahlen, sehr viel Text. Wir verkaufen unsere Liegenschaften ja auch als Bild, als Liegenschaft, als Objekt im Stadtraum. Es ist sehr wichtig, wie ein Haus aussieht von außen. Es erhöht sicher auch die Chancen, etwas zu vermieten, wenn ein Haus gut aussieht. Das Hürlimann-Areal ist diesbezüglich sicher exemplarisch. Wenn man über Nachhaltigkeit spricht man auch über langfristiges Denken und langfristiges Handeln. Unsere Vorgängerin, die Brauerei Hürlimann AG, hat das exemplarisch vorgemacht. Sie haben sehr früh angefangen dort im 19. Jahrhundert mit Bauen und Brauen und haben eine über 130-jährige Geschichte auf dem Areal. In dieser Zeit war Nachhaltigkeit vor allem wirtschaftliche Nachhaltigkeit. [Foreign language] Die Klimadiskussion war noch nicht eröffnet, Wirtschaftlichkeit war sehr wichtig und kann zum Beispiel auch gezeigt werden an der Bohrung für Aqui. In den 70er Jahren hat der Patron gefunden, das Brauwasser, das Stadtwasser, und es braucht sehr viel Wasser zum Brauen, sei sehr teuer. Sie haben gebohrt und Wasser gefunden. Thermalwasser. Unglücklicherweise war das dann nicht geeignet zum Brauen, es wurde verkauft als Aqui. Der Niedergang der Brauerei hat dann angefangen mit der ganzen Kartelldiskussion, mit Karl Schweri und der Globalisierung. Die Brauerei wurde geschlossen, mit der Schließung der Brauerei fand das zweite Kapitel an und dort ist dann die PSP involviert. Es ist der Startpunkt einer sehr erfolgreichen Entwicklungsgeschichte. Nachhaltigkeit hat sehr viel mit der Optimierung der Prozesse zu tun. Ich schaue einmal zurück in die Bierbrauer-Geschichte. [Foreign language] Der Schnitt ist zwar aus der heutigen Zeit mit dem Thermalbad, das Sudhaus wurde nicht zufällig auf dem Moränenausläufer des Zürichsees gebaut, sondern weil die Brauerei dort oben ist und das Bier dann der Schwerkraft folgend nach unten transportiert werden kann und dann sehr einfach auf die Straße und dort weg zum Kunden. Der Kunde war damals schon nah. Der Kunde war die Beiz, das Restaurant, wo das Bier damals CO2-neutral, nicht ganz methanfrei transportiert wurde. Let's have a look at the example of brewery. Im Krieg auch mal mit Ochsen. Back then they tried to reduce CO2 emissions. Das Wasser war nicht geeignet zum Brauen, weil es zu mineralhaltig war. The well that was used was not suitable for distillery purposes. [Foreign language] Der Schweizer Komiker Beat Schlatter hat den Aqui-Brand kreiert damals. Eine kleine Randnotiz: Er hat für den Brand 3 Goldfranken bekommen vom Patron. Das war sehr familiär noch, das Unternehmen dort. Heute ist das Wasser zu mineralhaltig, um es zu trinken. Die neue Trinkwasservorführung der Schweiz sagt, es habe zu viel Fluorid drin und zu viel Natrium. Wir mussten die Brunnen abstellen auf dem Areal. Das Wasser war sehr beliebt und es wurde zum Teil kanistermäßig abgefüllt und abtransportiert. The location became very famous due to the excellent water quality. Many people used to go there to get the water. Gustav Gull, the architect of the National Museum, drew the architecture with a chimney. [Foreign language] Wirtschaftlich nachhaltiges Unternehmen. What they saw was a very successful and sustainable company. Brauereigebäude konnte er beobachten, wenn es rauchte. On the left-hand side of the brewery's building, you could see how the beer was produced and the company was running well. 1999. 1999. The design plan. Became legal in 2003, the first guests were at the doorstep again. Das Konzept sieht intelligente Umnutzungsmaßnahmen vor oder sah Umnutzungsmaßnahmen vor. Concept was intelligent repurpose measures for a historic building. [Foreign language] Different units in the hospitality sector provided. [Foreign language] Das Hotel, das Thermalbad mit Wasser aus den Aquanquellen. They converted into a hotel, also they converted a spa. [Foreign language] Ein Erfolgskriterium ist die Kombination. One criterion, success was combination of the new and old approaches and sustainable services. [Foreign language] Die damals für Furore sorgten und zum ersten Mal das Element Leben ins Büro brachten. Auch heute noch besuchen Studierende Even nowadays, students visit the location. [Foreign language] Wir sind natürlich auch interessiert, dass es die Mieter schätzen. Of course, our aim is to be appreciated by our tenants. Die alte Hülle passt sehr gut für den neuen Nutzen. The former building is well adapted to the housing use. Baden in den alten Gewölben, baden sich hoch. The tenant can take a bath in the old building. They have a spa area under the roof. [Foreign language] Die Nähe zum Kunden ist sicher ein wesentliches Erfolgsargument. What's very important is to be close to our clients. [Foreign language] Mit ihren Velos in acht Minuten zur Europaallee, wo ihr zweiter großer Standort ist in Zurich. Zum Paradeplatz ist man mit dem öffentlichen Verkehr in elf Minuten. Very close to the main locations, the main station, the central station. Seine Kunden kommen schnell zu ihm, er kommt aber als Angestellter oder als Mieter. Our clients very welcome with their clients. It's very well connected with transport. We do have parking lots, but most of the people who get there, come there by public transport, or they just go and walk there. Wir unterstützen auch gerne unsere Mieter bei ihrer Nachhaltigkeitsstrategie. We also support our tenants with their sustainability approach. Bernd Karn is one of our important clients, and she wanted to build a roof, a green roof. [Foreign language] Er finanziell unterstützt. We decided to support her in her vision and also to fund her project. We also installed photovoltaic installation on the roof. The client asked us whether we were fine with them, these devices, and we said it was absolutely fine. We wanted to make the best use of the roof. Now we can generate electricity that can be used by our tenants. [Foreign language] Wie ich schon mehrfach erwähnt habe, Nachhaltigkeitsstrategie. We've already mentioned sustainability. Mit der Verringerung der CO₂-Emissionen. It's closely linked to energy consumption and emissions. Denkmäler von heute gesichert, Denkmäler von aus heutiger Sicht Sündern, Denkmäler der Klimasünden. Nowadays, we see that some monuments are being demolished, and others who have contributed to a negative climate development are being supported. [Foreign language] Nichts mehr von Rauchwolken. Wir konnten es auch wie eine Skulptur im Kesselhaus integrieren, wo heute Büros sind. Nowadays, we have a commercial area, offices in the boiler house. The purpose of this unit was heat. [Foreign language] Heute heizen wir das Büroareal vor allem mit Gas. Nowadays, we predominantly heat the building complex with gas. Wir haben eine Fernwärmeleitung. Wir liefern die Wärme zu den einzelnen Liegenschaften, zu den einzelnen Gebäuden. A district heating pipeline where heat is distributed to buildings. We also have heat pumps that are integrated into the system. It makes the system more environmentally friendly, it also makes it more vulnerable to Technical problems. Until 2017, our CO2 emissions rose significantly, which was because we had to change some of the pumps. Together with our technical team, we were able to find the source of the error and to work out solutions. Since then, we've been having lower emissions. Of course, in 2020, the lower CO2 emissions were also due to COVID happening. When you take 2019 as a reference, you see that you have more or less 1,100 tons CO2 that were emitted. The Hürlimann complex is approximately 20 years old, and the heat supply grew significantly. Now that we're using heat oil, we also have central cooling machinery that we replaced from time to time. We had to design a plan on how to implement those measures. It was important to proceed in a coordinated manner to reach the appropriate temperature in each of the buildings. We elaborated a plan how to heat with gas, but also using the groundwater or aqua water supplies to be included. 55% of the heating is then provided by the environment, 45% comes from gas supplies. Our target was to implement this measure because we liked the idea of sustainability, despite of the heavy investments that had to be made. We started out with that, we started working with the ewz, a great client. Together with the old people's home, it's a product, the clients who have a very high energy consumption. We tried to optimize the energy consumption, and we found a solution. The contracts were signed in autumn, and now we have different contracts with the ewz. Without going too far into detail, we used to use water from the lake that was transported through a pipeline, we were able to cover 90% of the heating supply. 10% for the peaks will still be covered by gas. We have excellent results here. The system is very simple. There's one provider, the ewz. We have a cooling system in summer. We can use the water of the lake and guide it towards the buildings in order to reach cooling. Unfortunately, with the heat waves, buildings need more and more cooling, even those that used to have lower temperatures. We have more and more tenants that ask for cooling systems because of climate change. At the same time, energy prices are going to be much more affordable because we become less dependent on the gas prices. We also wanted to make sure that our investments for cooling systems, for example, for heat pumps and so on, are planned in the long run. Some of the investments are very suitable, so we are able to deliver affordable energy and at the same time become more environmentally friendly. We hope that between 2022 and 2025, we'll be able to As our pool, the public pool, where probably not too much will go up with the corona pandemic. We expect that we'll use 90% green energy supplies also for heating. A further project I'd like to talk about are some of the rooftop projects. We also already talked about monument preservation. Some monuments are under legal preservation measures. Now, thanks to a new regulation, we are able to install photovoltaic systems even on those preserved historic buildings with more than 400 kW peak, with round about 400,000 kWh per year. As we have our own electricity channels, we can also sell the surplus energy to others, we expect a surplus of 5% only for this project. That's what we expect in return. We plan to implement this project next year of 2024. In places where energy can be produced very efficiently, we also want to make sure that people benefit from the system. In a long procedure, we try to adapt our systems and to improve the efficiency of the system. You see the systems are in red here on the graph, where there's still room for more efficiency, and of course, it depends on the tenant. We plan to improve our systems in 2024. We also plan to renovate the whole building to implement those measures in a coordinated manner to make sure that the building can be used, or is not too much time out of use. Thank you very much. You can already ask your questions now if you'd like, or take the opportunity later on as you wish. Unfortunately, the speaker is off. Apparently, there's been a question regarding the rooftops of the buildings. On this building here in the middle, there's not too much space left to install systems for renewable energies. Unfortunately, there's no space left. As you can see on the pictures, there's some of the buildings that are historic buildings and where monument preservation regulations already come into force, where no photovoltaic system can be installed. We expect to cover between 15% and 16% of the energy by photovoltaic systems. Thank you. Thank you very much. Before we proceed, unfortunately, the speaker is off mic. The interpreter does not have any sound. It's important for us to commit ourselves to our vision. Feel free to interrupt at any time. There's one question that was raised regarding the cost. The cost of the green bond framework are b etween CHF 80,000 and CHF 100,000. [Foreign language] In Vergleich zu was, ich sage mal, Gebi da ist in der Schweiz. Ist trotzdem wichtig, auch wir gehen sicherlich den Weg. This is a very low percentage compared to other properties. [Foreign language] Den Umsatz auf der Höhe halten, gleichzeitig Wertschätzung geben den Mitarbeitern, Commitment zu den Notierungen. We appreciate of our employees the commitment for our properties. [Foreign language] Ein paar bisschen Jokes dazu. It is very close to our heart. [Foreign language] Wir haben echt ein tolles Portfolio. Wir werden rund 30 Assets sehen. Ihr seht viele Assets, die jetzt noch nicht im Portfolio sind übrigens. We have around about 30 assets. Many of them are not part of the current portfolio yet. [Foreign language] Die Verantwortlichen Asset Manager haben eine Storyline geschrieben und gesprochen zu diesem Asset. Das werdet ihr hören über Lautsprecher im Tram. Wir werden den Impact Report so ausbauen, dass wir das für alle 175, 180 Properties, die wir im Portfolio haben. Regarding the Impact Report, we want to make sure that all of these 175, 180 properties in the portfolio are included. [Foreign language] Wir werden das Gebäude dann virtuell durchgehen. Wir haben Drohnen, die das Gebäude überwachen. You can have a look at it virtually. We have drones that monitor our buildings and take pictures. [Foreign language] Auf der Corp-Ebene irgendwo einbinden. On the group level, we like to include those data. [Foreign language] Das Commitment zu den Mitarbeitern, zu den Mieterinnen und Mietern. We want to make sure that this is a commitment to environment, to our employees. [Foreign language] Ich denke, das ist der richtige Ton. That this value is embedded in our vision. [Foreign language] Zeit zu diskutieren, weil die Storyline wird durchlaufen. Wir werden belvischeren Anhalten, 20 Minuten Pause. Stramm wartet und Christoph Sättler wird euch dann dort live das Renovation-Projekt präsentieren. Christoph Sättler will present to you renovation projects in the south. [Foreign language] Die Gutenbergstrasse, die Breichanig. [Foreign language] Seestrasse, Gutenbergstrasse, Breichanig. All these properties that you can have a look at in person. [Foreign language] Die Bahnhofstrasse, Theaterstrasse. Theaterstrasse, Bahnhofstrasse, Theaterstrasse. We have a tour. [Foreign language] As you can see, all the assets of all the renovation projects, See, Bahnhofplatz, all these properties. Limmatquai, Urania, [Foreign language] Limmatquai Station. [Foreign language] Und dort brach ich euch die Runde. On the way back, we will stop at Paradeplatz, and then we'll say goodbye to you. Maybe indirectly, we already said goodbye to you. [Foreign language] Thomas jetzt präsentiert hat live. Aber es wäre dann, denke ich, zu viel Zeit gewesen, bis wir dann am Hürlimann sind. Darum hat Thomas das freundlicherweise vorgezogen. We decided to listen to Thomas presentation now to make sure that we have enough time to view the properties and the assets. If you have any questions, feel free to approach me or to approach any of my colleagues. Thank you very much to our team. We still have a few minutes left, feel free to grab a coffee if you like, and we'll meet downstairs next to the station at 14:20. [Foreign language] Wir sehen uns alle dann am Tram. We'll meet again at 14:20 sharp. Thank you very much for your attention, and enjoy the rest of your day.