Good morning, everybody. Welcome to our presentation today. The purpose of today's presentation is to sit with our OnePath team and our Fibertime team and really unpack this investment of ours. As shareholders, you guys can start beginning to fully understand what we have invested in. Before I begin, I'm just going to do a quick introduction. We've got Antony van der Westhuizen, Refiber. We have Simon Fifield, also from Refiber. Andrew Brooking is wearing multiple hats, as you'll see from a couple of questions, but today he's representing OnePath and Refiber as this entire team is. To my left, we've got Steve Briggs, who's the National Spokesman, as I understand, for Fibertime. You'll get a great insight into the Fibertime business, which I think is really important to you because that is the underlying asset. Of course, you all know to my far left is Jacques. Let me begin. We've said this in our presentation, that globally, the ownership of digital infrastructure has separated from its operation. I think you guys have seen that across the world. From the American Tower in 1990, through to fiber platforms like Uniti, and more recently, Netherlands City Fiber. From our point of view, we believe South Africa is now at that same inflection point, and OnePath was built to capture it. Fairvest, as you all know, remains focused in investing in retail properties, serving the underserved markets of South Africa. Particular, we focus on non-metropolitan and township properties located in high-density suburbs, servicing the underserved market, but always we try and get close to our high-density commuter nodes. The investment in OnePath is almost an extension of that focus. It's an extension of that investment focus. It's not a departure from it. It serves the same communities and the same commuters and consumers as our shopping centers. Yeah, we understand it's a different asset, but same thesis. I think you've got to understand that it's a different asset but same thesis. In our world, in the Fairvest world, we see this as actually a deepening of our focus into our areas that we invest. As I said, logically is the same. Low income, high density, underserved communities. You may know or you may not know that there are roughly 15 million homes in the areas that we invest, and only 1/5 of those homes are connected. Guys, that's not a demand problem. You can clearly see that's not a demand problem. It's an infrastructure and an affordability problem. It's the kind of problem we at Fairvest understand because again, this is our consumer. This is our consumer. They shop in our centers every day. From a Fairvest perspective, we say affordability and we know affordability or affordable connectivity strengthens education, employment, entrepreneurship in these exact communities that are supporting our retail assets. It's an alignment of return and impact for us. As we go through the slides, you'll see that Fairvest has increased its investment into OnePath. We're sitting at just under ZAR 950 million. We have board approval to go to ZAR 1.5 billion, and we will move towards that investment as those opportunities do arise. Today, please feel free to ask any question you want. You need to understand this business because you are our shareholders. On that note, I'm going to hand over to Andrew, who's going to do an introduction and run through OnePath. Thank you. Thanks, Darren. Morning, everybody. When Darren's spoken to these points, township fiber infrastructure is a product that serves underserved communities. It is the overlapping consumer profile with Fairvest. It's a consumer market Fairvest understands well, and it delivers attractive economics. Let's get into some of those details. These are the parties. Darren alluded to the fact that I wear multiple hats, and I do. OnePath is a landlord. It owns fiber infrastructure, and it rents fiber infrastructure to its tenant, which is Fibertime. The opportunity was created by Refiber, which is an entity that was established between my colleague Simon and Antony and I and some other colleagues. We got into the fiber industry some years back by buying fiber that we were renting to different operators. We had a long-term objective of creating a vehicle that would be suitable for REIT markets, in other words, a vehicle intended for public markets as an income distributing REIT. We followed changes in regulation and listings requirements. We were not a trailblazer. There is a listed fiber REIT on the Cape Town Stock Exchange. We looked at all the detail and Refiber, we established when Simon and I engaged first with Fibertime, which was really the major player in a very exciting rollout into townships on a model that Steve is going to talk to and explain. We figured that that was the high growth and most attractive opportunity in the market. Refiber manages the capital, it sourced and manages the relationship with Fibertime, and it asset manages the assets that are owned by OnePath. Darren's introduced Steve, so it's a great pleasure. Steve, thank you very much. You've had a long road in Fibertime, a long experience base in banking as an entrepreneur in telecoms and the digital world. You've been at Fibertime from the beginning? That's right. Looking forward to it. Thank you very much. Great. Good morning, everyone. I'm Steve Briggs. I look after Fibertime's partnerships, and I'm also the Spokesman for these sort of events. What I would like to do this morning is take you through our model, and I don't presume that you know it well. If I go into details that you do know, feel free to disregard that. I think it's really important to understand how we differ from your standard fiber network operator that you probably have at your home, and I'm going to try and explain that in detail. Of course, if you still have questions after that, you're happy to engage in that at the end when we get to question time. Let's start with the Fibertime model. Fibertime has been built to solve the last mile access challenge in South African townships. It's not that South African township residents don't have access to the internet. They do, but they've got it on very expensive mobile data. Those of us who live in the world of mobile phone contracts lose sight of how much a gig of data costs and what it really means if you're buying it on a day-to-day basis. We formed Fibertime, came out of the industry and really have the same common vision statement, which is say, how do we sort out the last mile access so that everyone can get on the internet and have it affordable? Fibertime, as a result of lots of those discussions and is a model that we've iterated over the last five years. I think the starting point is to say it's very different to the fiber you'll know at home. For example, we will install for free. When we roll out into an area, we install all the homes in one go. It's called a preemptive rollout. Obviously, we get homeowners' permissions and so on. We don't do it on this kind of a case-by-case basis that you might be familiar with in the leafy suburbs. There are no contracts. We try and take as much friction away as possible. You don't have to sign anything. You don't have to get anything on. You just have to go through our registration process once we've put the router in your home. We've also tried to make it as affordable as possible. We've chosen the ZAR five per day per device price point for uncapped internet at no less than 100 Mbps speed. It's often more. You might have noticed we've just launched in Alex Township, the first 1 Gbps fiber network in a township anywhere in the world. If you ever have a chance to do a tour, you would see that that 100 Mbps speed promise we make is what you get when you're in the middle of the street. When you're sitting in someone's home and you're looking at our router, it's probably more like 250 Mbps or 300 Mbps. It's proper internet, it's probably better than what you're getting at home, and it's ZAR five per device per day. Equally, we've copied a leaf from the mobile networks who learned this lesson 25 years ago, that if you want to expand your market, build a pay-as-you-go model. Our ZAR 5 per day price point isn't some strange calc, which means you actually have to buy a month up front and then per day it's ZAR 5. It's literally ZAR 5 per device as often as you want it. We'll show you our usage stats a bit later, but on average, our customers are buying for 13.3 days a month. They are consuming every time they buy a day over 6 GB of data for ZAR 5. Work out your cost per data, it's less than ZAR 1. It starts to become truly game changing, especially when you benchmark it against the price of mobile data per gig, which is around about ZAR 40. It's truly uncapped. We don't have any strange clauses in there that say, "Well, if you use more than this, we're going to switch you off," which the mobile networks have to do just because of the physics of rolling out a mobile network. The economics of a fiber network are such that we can offer true uncapped and mean it and not have to worry about our costing behind that. It truly is a service we can sustain. The sixth point on mobility is an important one. You'll know if you have fiber at home that you can get onto your fiber, as long as you've got a username and password, but the moment you leave your home or you leave a portion of your home and that signal doesn't reach your phone anymore, that's it. You're out of network connection, on fiber that is. How we've built our networks is more like you'd have an experience at a corporate office park or a university campus, where you can log on in one part of the network, and as long as you are still in the overall bubble, you are going to be connected. It's called a single SSID network, you log on once, and as you walk past the different little base stations, which effectively are what the routers in each home are, the device hands over, so you're always connected. If you were to go from one Fibertime network, say in Alex, to another one, say Diepsloot, and your voucher's still valid, you're still connected for the rest of the period that your voucher is live. We've, in a sense, created a mobile network on a fiber basis using Wi-Fi. It's weird, I know, I really want to just dwell on that a bit because it changes what our offering is, and it's very different to what the other township players are doing right now. The last point is we are wholly township-focused. It's not like we've got a leafy suburbs division and we're just trying to do townships. We are active in townships only. We are currently live in 63 townships today at 507,000 connected homes as of this morning. Our model is, I think, quite different, but I do just want to lay out what I think makes us unique compared to some of the other operators. A bit about our team and track record. Our Founder, Alan Knott-Craig, is well-known in the telco space. His most recent venture before Fibertime was Herotel. Danvig de Bruyn, who's the Fibertime Chief Executive Officer today, came out of the Herotel stable. He actually built the fiber side of Herotel. If you know a bit about Herotel, it started off as a wireless business and now it also does fiber too, and Dan drove that part of the business. There are many other people in the business too who are very experienced and come out the telco industry. It's a really strong team and are well-placed to drive the innovation and the growth behind this. Equally, we're backed by very credible investors. There are just a few of the big names there. Yellowwoods, which is the family office of the Enthoven family, is behind us. Pitmotown, Finnfund, the Finnish government's DFI, who's also a co-shareholder with Nokia. We share a common shareholder between Nokia and ourselves through Finnfund, which is really helpful, and I'll get to that in a minute. RMB is also in our debt structure. I'm sure there are many questions as to how Fibertime is going to be sustainable and what are we going to do about who else is going to be out there. Let's start with the first layer on this discussion, which is: What are the incumbents doing? By the incumbents, I'm talking about both the big established mobile networks, or not just both, all of the big established mobile networks, and then also the big fiber operators who've been around a lot longer than we have. Firstly, it's very hard to be a big telco with well-established price points. Let's just say you're a big mobile operator right now, then suddenly you respond to ZAR 5 per day uncapped data. You actually can't change it. Your pricing model is, in a sense, locked in. To respond to this is really hard. There are other well-established fiber operators in townships, but they have got technological limitations around the pay-as-you-go component, the mobile roaming component, as well as some of the commercial business model adaptations that we've had. We think that we've got quite a defendable moats here against the incumbents. Of course, there are new entrants that have come into the township fiber space. It's an exciting market. It's a massive market. Clearly, no one will be the winner who takes all. It's incredibly hard building fiber in townships. As Fibertime's first CEO, I want to tell you that. It's incredibly hard building fiber in townships. It's just a different way of work. To catch up to our half a million home mark, while not impossible, is going to be really hard. We see a number of these entrants who come, maybe build to 1,000 or 2,000 homes, and that's where their build stops because they run out of capital or they find an existing operator against their geography or any of those other reasons. Probably one of the most topical questions we've got over the last few weeks is: What are we going to do about LEO or Low Earth Orbiting satellites? Think of Starlink or think of the recent announcement last week of Amazon partnering with a well-known operator to reach South Africa. We think LEO services are amazing, we think there's a very specific application they play and it's not the township space. Let me just unpack that. LEO services like Starlink are well geared to lodges, mines, farms, that sort of area where there is no existing infrastructure. When it comes to high-density urban settings, LEO services really don't work very well. I'll give you real data points behind that. If you look at Starlink in Nairobi or Lusaka, they literally have run out of slots to service those cities. The nature and physics of how Low Earth Orbit satellites work means you have a very tight beam, you've got to have a very tight cluster of devices that point back to the satellite, you just eventually run out of space. The density of users in a township would quickly break that model and has done in other parts of the continent. On top of that, it's really expensive to get connected. It's roughly ZAR 12,000 per device that you've got to build this little dish and point it up. That device would be on your roof, and may be vulnerable to not being on your roof tomorrow and other things like that. We think while we like what the LEO teams are doing in order to extend connectivity across the country, we don't see it as a threat to what we are doing right now in townships. Where are we going? I just want to give you a quick snapshot as to where we've landed, and this is on our financial year milestones. We've got one overarching goal. We want to connect 20 million Fibertimers, so someone who uses Fibertime is a Fibertimer. By 2030. We work on a ratio of four Fibertimers to a home, which means we've got to have 5 million homes connected by 2030. You might say, "Well, that's a very ambitious goal. How on earth are you going to get there?" Let's just look at what we've managed to do for the last two fiscal years and where we think we're going to land at the end of this one. At the end of FY 2025, we had 285,000 Fibertimers. I think that was about 80,000 homes. At the end of our last fiscal year, we're at 1.2 million Fibertimers, so roughly 400,000 connected homes against a target of just over one, we had already exceeded our targets in the last fiscal. Where we believe we're going to end at the end of this fiscal, which should be in February next year, is just over 3 million Fibertimers or about 1 million connected homes. That's still a long shot from 5 million homes, but I think you can see the trajectory behind that. This chart shows both the cumulative CapEx as well as how our build targets influence how we intend to get there. It just shows our cumulative CapEx, a ZAR 4.8 billion cumulative CapEx forecast for the end of FY 2027. That would be just shy of 1 million homes and about 3 million users if we are going to hit our targets, and we're well on track to. You may have seen the press that we hit half a million homes, coincidentally on Mandela Day, the 27th of July. No, sorry, 23rd. Must be the 17th of July. We are already at 507,000 homes today, so we connect roughly 1,800 homes a day, and that's just going to increase and increase as we scale up our build. I just want to dwell on the Nokia connection with Fibertime a bit more. I've already explained we have a common shareholder in Finnfund, but we are now Nokia's biggest fiber network customer in the space in the world. That means we get a lot of attention from Nokia. We are no longer just a customer, we are almost a partner with them. That means we can co-create software together, and we do. What Nokia and our own engineers have innovated on in terms of network technologies and so on is truly very different to what anyone else in the market has done and helps keep Fibertime, I think, ahead of where our competitors are. I've mentioned that we've done a 1 Gbps upgrade to our Alex network. That's not just for show. We intend to upgrade our entire 63 township networks to also be 1 Gbps capable in the next 12 months. We're the second-largest mobile fiber operator in the world. The biggest one is in France, before you ask. We really are in quite a pioneering space, certainly from a South African perspective, and Nokia is a key partner, and we envisage that relationship just going from strength to strength. It means we benefit from their roadmap. It means we benefit from their investment into NVIDIA chips. It means we benefit from their edge data center strategies. All of that ultimately rolls up into the Fibertime story. We also are an impact play, and what we've done here is we've just calculated the value created by Fibertime in terms of amount of data consumed versus what you pay, compared to the alternative, which would have been mobile data at ZAR 40 GB. You can see the first call-out there is that a Fibertimer on our network will use 24 times more data than they would if they were on a mobile network. That's purely an affordability issue. When you can start to do that, you start to see people go online and go into online education, visit job portals, create new businesses. Everything you'd expect comes out of just solving for the friction around digital costs. ZAR 1 billion of revenue created in FY 2025. We did ZAR 7 billion in our last fiscal, we're looking at ZAR 21 billion in this fiscal. We are an impact play. Where does Fibertime go? Have we got any more levers to pull? Are we not just kind of a one-trick pony at ZAR 5? We think there's a lot to go. Firstly, we think there's at least 10 times growth left in this market. You will see, if you've looked at the numbers, that township homes are, and there are lots of estimates, but they range anywhere from 9 million homes in townships in South Africa to probably more like 15 million. We've never been to an area where the homes have been undercounted. We are always surprised at how many more people there are and how many more homes there are, even after you've flown drones over them and you've surveyed them on Google Maps and whatever. We just historically undercount township residents, homes, spend, et cetera. I think, if you're interested in that space, GG Alcock's written extensively about township economies and kasi economies. As I've mentioned, we've just hit our half a million home connected space. By the way, that makes us the third-largest fiber network operator by connected homes in the country. We believe that there's a lot more space to get to those 5 million home target we have by 2030. There's 10 times growth left. In many ways, because we are now quite dominant, we can play with yield models. We could actually make more money just by dropping our price and let that sit with you for a moment. By playing with price per day and times and things like that, there's definitely a way of extracting more revenue just from the same customer base. More importantly, there are three drivers that we think are really material. We believe that there's something on the internet for everyone, every day, and we just have to help people find that reason. Whether it's online education or entertainment or your favorite cat video, whatever it is, we believe it's there, and we're going to help you find it. That will help us move from the 13 days online per month average per Fibertimer to 30 days. We're going to find a way of just making the internet more and more important in your life. That's the first driver we have. The second is we are currently seeing 3.1 customers per home, and on average, there are four people in a home. Sorry, that part didn't quite make it the way it should have. We can find another reason to do that. What does that mean? It means we just need to find something for everyone out of the four people in the home to jump on even more regularly. Probably the most important one is this last point around second devices connected. I just want to go back to our model because sometimes it doesn't necessarily land first time. Our price is not ZAR 5 per day for everyone uncapped in terms of your whole family. It's ZAR 5 per day per device. By adding a second device in your home, you're actually doubling the revenue. Interestingly, the most common second device is not a laptop or an iPad. It's actually a smart TV. We've got a plan with that, but I just want to put that out as one example of what it is. Once you add your smart TV and you add your kid's iPad to do homework, and you add your Bluetooth gaming device, you now are buying many more vouchers than what you're currently buying at the moment. There's a lot of scale to get even more devices onto the network. I think if you just think of your own life, how probably 10 years ago, your digital habits and patterns look very different to today, think how many devices sit on your fiber network at home. You'd be surprised at that. It just kind of creeps up on you. As people's lives get more and more digitally immersed, we believe that's trending to continue. That really is the Fibertime value proposition and story. I'm sure later on we'll have questions if there are, but hopefully, it gives you a sense of what our business is about. Thank you. Thanks, Steve. In terms of how we're managing it from here, we had the benefit of getting questions from several people. We've put together a couple of slides that address the general themes that have been raised. We'll then open it up a bit for my colleagues to answer specific questions that might not have been addressed in the slides. We'll then open it up to the floor, and then we'll open it up to people who are participating online. You've heard about Fibertime. It's an amazing business. We think of it as the kind of the Shoprite of access to data in the consumer market you really want to address if you want to be a Shoprite or a Capitec or a Pep. For us to be backing Fibertime by acquiring fiber infrastructure and renting it to it is the sweet spot at the moment in the digital asset space. This is the operating model. Fibertime builds and connects fiber infrastructure. OnePath buys it from Fibertime at cost. We'll come to those metrics. It leases it back to Fibertime, which operates the network. OnePath only acquires the network at cost once it's settled. In other words, you need two times fixed rental cover on a certain tested basis, and Lenro is representing the technical and quality assurance component of Refiber, so you'll have a chance to ask him some questions or have a chat to him after this presentation. The upshot of that is no development or take-up risk. The assets are yielding from acquisition, and then the rental structure provides downside protection through a fixed rental cover. The rental has two components, a fixed component and a turnover participation. The turnover participation is off a footprint that is wider than the assets actually acquired. We can get into a little bit of detail there, but it's an attractive upside component of the rental revenue that OnePath derives from the assets that it owns. 10-year triple-net leases. The management of the infrastructure is undertaken by Refiber, but these leases are fully repairing, maintaining, and ensuring if issues arise, then Fibertime takes care of those. The variable rental component is uncapped, so the upside exposure there is attractive. We'll show you how it's broken down in the 18 months to date. I would say we do buy assets in tranches on a continuous basis, and we do negotiate variations to the arrangements. Where does it end in the long run? If you look at these kinds of models around the world, in the long run, you have highly predictable, reliable cash flows that escalate at CPI. You can see our growth is above that, but that's because in the high growth phase, the turnover participation is where you want to be. What are the metrics? You can see on capital deployed that currently we're trending toward ZAR 2 billion of capital deployed. Fairvest has put in a little bit under ZAR 1 billion. We have other investors in the mix, in particular, Kagiso Capital and some retail investors behind an asset manager called Lentus. At the moment, the early money was provided by the founders, and we have enough funding, or we're working toward enough funding to cover the first ZAR 5 billion worth of pipeline of acquisitions. We are more or less funded for the first ZAR 5 billion with our first anchor shareholders being Fairvest and Kagiso Capital. You've had the details of currently OnePath owns 31 networks. The homes connected at approaching 400,000 homes. You've heard the metric roughly three or slightly over three users per home. What are the yields? Because this is critical. At this stage, OnePath is ungeared, so it's been deploying equity. Its initial yield was 14.4%. That grew September 2025 to 14.9%. At the moment, it's delivering that ungeared dividend yield on a quarterly basis at 15.1%. We have a debt facility on a 30% loan-to-cost basis. We do expect that dividend yield to grow as we fund additional acquisitions out of debt from this point onwards. You've seen Fairvest investment. It was initially very small. It has grown as the model is proven and as the economics are attractive. When we started Refiber, we thought long and hard about where we might go to look for equity. We considered fit with a number of different equity providers. We had interest from a number of REITs, but from our perspective, finding a REIT that had a good market segment fit, that understood the segment of consumers that this product at this point is aiming for us, Fairvest was an excellent partner to bring into the mix. Their participation in OnePath is very value add. They understand the market. They understand how to generate sales and interest in these markets. This is the space they play in, they've been an excellent partner with an appetite for some innovation and the incubation of something that we think is going to be a very good entrant into public markets when it reaches scale and a more diversified asset base. The road ahead, you've heard from Steve, the addressable market is considerable. The addressable market for OnePath or for any digital asset REIT is wider, obviously, than limiting itself to fiber infrastructure rented to Fibertime. We do have relationships with other operators, but in our view, at present, the sweet spot where you want to be is you want to be backing Fibertime at this point. We are currently operating as a subsidiary of Fairvest, for that reason, it's a controlled company. It achieves flow through akin to the REIT regime. We are in the process of effecting a technical listing on one of the smaller exchanges, which locks down the REIT tax treatment, even if Fairvest dips below 50% and it ceases to be a subsidiary of Fairvest. That's underway. We're not looking through the technical listing to undertake an IPO or to have the result that this becomes widely held. Our objective is to have a narrow investor base until we get to scale. In our head, that would be a market cap north of ZAR 5 billion. Our projections are that we should be there by the end of next year. As I mentioned, at this point, we are close to being funded to achieve that objective. We think that there's a lot of room for yield compression. We think that as we achieve scale and maturity, that yield compression from a 15%-20% dividend yield is a natural consequence of getting to scale. For us, we hope late next year, sometime in the year after that, to have an offering for public markets that is attractive to institutional investors. We've had discussions with some institutional investors, we have a decent sense of appetite. I'm going to start then with the questions already received, where I think they may not have been answered by the few slides we've put up. Simon, if I may, let me ask you the first question. What if Fibertime fails? How does OnePath, as the fiber infrastructure owner, think about its risk in that situation? Thanks, Andrew. I think maybe the starting point is to make the comment that I struggle to outrun my banking background. When it comes to assessing risk, I naturally default to kind of a banker's mentality with regards to risk. Simply put, what that means is that I look at these things in the context of probability of default and then loss given default. Forgive the banking terms that were kind of beaten into me at One Merchant Place over a long period of time. With regards to probability of default, ultimately what that talks to is the risk of Fibertime itself falling over. It doesn't take a rocket scientist to work out that that is amongst the top risks that OnePath, as an owner of the digital infrastructure that's leased at this point in time solely to Fibertime faces. When we kicked off this journey two and a half years ago now, we spent a significant amount of time due diligencing Fibertime as it existed at that point in time, precisely to get our heads around that type of question. There were a couple of things that stood out from that. I guess the first was that we had high conviction around the product. I'm not going to go into the detail of that. You've heard from Steve that 28,000 homes that Fibertime had connected at that point in time were a good test case or proof of concept for that conviction around the appeal of the product. That was a big tick to get started. The second realization that we had was that scale helps de-risk Fibertime's business. We spent a lot of time modeling out various scenarios in terms of what it would mean for Fibertime as a standalone entity at the 28,000 homes that they were at that point in time. Internally, we had various hurdles that meant significant step changes in terms of the risk that was being run by Fibertime. I won't go into the detail of those, but roughly speaking, 75,000 homes was a big one for us. The real magic number, I think, and Tony, correct me if I'm wrong, but the real magic number for us was at 125,000 homes connected. You had Fibertime starting to come out of that hockey stick that they were in at the time that we first started assessing. We looked at it and said, "Okay, scale clearly helps them." The introduction of a sale and leaseback construct enables them to achieve that scale. We're moving towards a situation where we can see how it de-risks. The next critical question was, how capable are they of scaling up? I've been involved with a number of businesses that have been in kind of early stages and have then grown. Sometimes it can be a bit of a white-knuckle ride. That invariable question of how is the business equipped to deal with the scaling up that comes? What stood out in this instance was that they had built a Rolls-Royce for a situation that required a Ford Figo at that point in time. We thought it was a good idea. Over time, we've kind of seen how good it was, because as they've scaled up, they genuinely haven't missed a beat. There've been some teething problems here and there, but nothing that has been major in our estimation. They've grown into an operational infrastructure that they had in place from the start, which has been encouraging. Combination of those things that I've addressed now results in a view that I've got, as I sit here today, which is that probability of default from a Fibertime perspective or probability of Fibertime falling over is relatively low in the bigger scheme of things. We all live in South Africa. We know that businesses are not immune to kind of left-field risks. From where we sit here now, really solid business that's achieved scale beyond what they thought they would and actually has built appropriate moats around it. Second component of the risk is the loss given default, and I think this is quite critical. I think it's very important to appreciate that OnePath's asset is the digital infrastructure that it owns. Fibertime is a tenant that utilizes that digital infrastructure. In our minds, Fibertime is the tenant that is best placed to monetize that infrastructure. We think that they are ahead of the game with regards to rolling out to this market. In a worst-case scenario, does that infrastructure have value in a world where a left-field risk has caught everyone by surprise and Fibertime is no longer there? I think the answer is yes, absolutely, it does. The infrastructure itself is fiber network operator or FNO agnostic. Don't think it's easy to switch operators. I think that there's a delay in terms of changing operators if, for instance, Fibertime ever had to go under. It is possible. In terms of the deal that we've constructed with Fibertime and our acquisition of the infrastructure, we've got security over source codes. We've got early warning signals built in to pick up any deterioration in the quality of Fibertime as a business. We're extremely close to them as a business. I think the interactions are probably 2, 3 times a week at a minimum between our team and theirs. We've got observer rights on their board. We've got good visibility on what they're doing and what their setup looks like. Because of that, we've got the ability to start positioning if it was ever required to move somebody else in there. I think as Steve alluded to, it's not a given that other operators' models are the same as Fibertime's. I think that's one of the reasons why Fibertime does so well, but they are able to use the same underlying infrastructure. I guess the final point as it relates to kind of this loss given default is that at the scale that they're at Those networks which are very difficult to produce and to deliver in a township environment carry value themselves and at that scale are attractive for other players. I think Antony said it to me at some point in time. He said, "If you did have a left-field event where Fibertime was no longer around, it's a commercial event rather than a write-off." I think that there's optionality in that. For our part, we think, like I said, that the probability of that happening is very low, but if it were to materialize, comfortable in the underlying value of the asset. Thanks, One of the questions we got was potential impact of this 2026 Electronic Communications Amendment Bill, which is a bare bones bill. There is a lot of detail to be promulgated under it if it gets adopted. Essentially that is a bill that may serve to enhance or open access to telecommunications infrastructure to the extent that that infrastructure is underutilized. It is a bill that envisages that open access would be on a fair and reasonable basis. From OnePath's perspective as the owner of infrastructure, a regulation that affords other operators access to its owned infrastructure on a fair and reasonable basis is not something to be scared of. In fact, it is probably an opportunity. I do not want to dwell on that. That bill is a long way from having content that we can predict. We believe owning the infrastructure on an operator-agnostic basis is a valuable asset. Antony is the Chief Executive Officer of Refiber. Antony, could you take a little bit of time to answer one of the questions, which is about the quality assurance and due diligence processes that Refiber undertakes before it acquires networks? Perfect. Thanks, Andrew. I guess the journey starts really early. By the time we acquire, it is really twofold. We have got, as we worked through, there is a commercial assessment, i.e., does that networks generate that revenue and sufficient comfort and cover that meets those requirements? I will delve into that one. The one that starts really early is the quality assessment. There is a certain standard and spec and industry standard of how to roll out these networks, what type of splitter ratios, technical aspects needs to be used. Afterwards, Lenro can definitely delve into those. That journey starts when the network gets really planted. The first thing that goes into the ground is what is called the point of presence. People refer to as a POP in the industry, but that is really like a mini aggregation node that ties into a backhaul. In other words, the internet. From there, it is built out. Those are generally very expensive equipment, and housed in a secure location, generally with a school, and there is a lot of security measures in place. From that point, the network gets built out. We and the team goes on the ground the moment that unit goes live. When they connect the first units, that is the first point that you want to be there. Look at it. There is a few within this rollout, a few set of quality checks that happen. The first one is obviously Fibertime's got contractors who does that installation. They have got their own quality control. They also use third-party service providers that goes and does independent checks. We have our technical team that's on the ground going at regular intervals, verifying that, for instance, dome joints are correctly done, everything's per spec, and flagging those quality issues, poles not sunk at the right depth and so forth. Flag those at an early stage, which gets flagged, resolved, and needs to be cleared by the time it'll come up for acquisition for us. Remember, we only acquire it once the networks are substantially built out and also delivering sustainable revenue. That piece of it, we verify as well. Everything needs to be cash-backed. Literally, Deon goes through many, many invoices to verify those. In simple terms is that network needs to generate 2 times revenue as we've alluded in the model. That part gets verified. It takes from when the first homes gets connected. It takes about nine months by till the time we get it for acquisition. We start that process irrespective if that network's going to end up fulfilling the CPs or not. Currently, there's 63 networks already built or in the process of being built out of which we own 31. Thanks, Antony. There's still a number of questions that I can see popping up about the details of the rental arrangement. Just to reiterate, there's a base rental, which is protective against downside. It's payable in all circumstances. That base rental at present doesn't escalate, but it's accompanied by a turnover participation, where turnover is a percentage of all network revenue less the fixed rental. The turnover participation has driven the dividend yield from 14.4% - 15.1% on an ungeared basis. At the moment, the turnover rental for OnePath is the preferred growth mechanism over any kind of CPI escalation or other fixed metric. We don't think it will end there, and because it's an ongoing program of acquisitions, these metrics do adjust and change as the model rolls out. The current split between fixed rental and turnover rental is 83% fixed, so that dividend yield is received 83% fixed rental, 17% turnover rental. That's for March 2026. There are a number of questions about overbuilds and competition. I think Steve has explained the difference between a conventional subscription model, fiber-to-the-home model in the leafy suburbs. The Fibertime coverage model is universal installation, no subscription. Incidence of overbuild. You would overbuild to achieve universal coverage in the geography that you're targeting. The addressable market is large. Competition will come, but at the moment, if this addressable market represents something of a land grab, well, Fibertime is doing a lot of the grabbing. Competition will change the product mix. The offering will evolve. Fibertime's developing, for example, distribution channels through Shoprite, et cetera. The businesses will evolve. For OnePath, it owns valuable infrastructure. It gets a fixed rental payable come what may, it currently has a turnover participation, which we expect over time to include components of more CPI-like escalation. Some questions about nuts and bolts. Is OnePath audited? Yes, it's audited by Fairvest auditors. Some questions about accounts and the like. I would say that for technical questions or for sell-side analysts who want more detail to build into models and the like, contact details are on the back of the presentation, which is publicly available. We do plan to offer some site visits to interested parties who want to come and have a look at the infrastructure. We could do so in any province, but typically Gauteng or Western Cape. Some of the very successful networks are in other provinces. Stay in touch. We've had some approaches about an opportunity to invest. Happy to maintain a dialogue on that. As I say, we will ultimately put this into capital markets in a publicly accessible way. Pause for a moment I think let's open it up to the room and see what questions come out before we turn to questions that are on the screen. Guys? I'm just trying to think on the growth path. Have you thought about You've got the fiber backbone. You can create a mesh network in informal housing, in squatter camps, create a new opportunity there by going wireless instead of just that. You've got the backbone to support that. A big play for the Starlink and the other wireless players is to go where the mobile providers haven't been, that's obviously in the areas that you service. You can pop up that wireless network or Wi-Fi mesh across those areas and capture that market that they're playing towards. What about what Vumatel does in security cameras? Have you thought about any of that? Anything else where you run promotions that brings people into your shopping mall as an aggregator? As an extension of your aggregation of your fiber becomes the hand that grabs the customer back into the mall. I just want to get your thinking to see where you're going with that. There's a lot of detail there. I'm going to let Steve run through it, I would say that the conversation as to what to do with the data that derives from the consumer use of this network and how that impacts Fairvest business, that's a deep conversation with enormous potential. Steve? Yeah. Can I just make a comment before Steve comes up? I think also what's interesting and good to know is that any data information that flows across the OnePath network, the revenues I understand that's generated from that belongs to OnePath. At present, the turnover rental component is off turnover that is wider than the footprint of the networks actually acquired by OnePath. It's commercially an attractive arrangement that will mature as the business scales. Steve? Yeah, I think I want to respond on the wireless side. Very familiar with some of the wireless township players. Our view on wireless is that it's not in Fibertime's wheelhouse. We are fiber only because of the economics of fiber. It's just so much more cost efficient to connect a home. You get so much better throughput. There is always going to be a space more in the periphery of areas where the density is maybe not suitable for Fibertime's build model for other township wireless operators to come in, and we would love to be their backhaul partner on that. That would make sense. We could offer some kind of wholesale relationship. You've mentioned the security question. We absolutely believe there's an opportunity to make townships more secure, and there may even be a commercial piece to that. You mentioned the Vumacam model. We've got ideas behind that, and there are many other opportunities. We've not thought of any kind of B2B thing. We've thought about them, but we've not monetized any of the B2B opportunities in townships. There's an Internet of Things opportunity, given that our network is in a sense a Wi-Fi mesh network already where we are. There's a lot of additional revenue opportunities. We are focused, though, on just getting as many homes connected as possible, and that becomes the basis of our model, and then from there, we can add in the ancillary services. Hi. My question's for Steve. I just want to understand, when you go into a township, just clarify how you roll it out. Do you go to every house and just install whether somebody's going to use it or not, or? We firstly don't just show up at a township. We are deeply vested in community engagement before we get there. That means we've spoken to all the community leaders, the counselors, the principals, the religious leaders, the sports leaders. This counted more in the early days of Fibertime, where we weren't very well known. It was really important to explain who we are and what we're doing. We're deeply vested in the community in the sense we use local community for our build program, and once we've built a network, local members of the community remain to support the network. We also explain the benefits of why low-cost internet's going to be good for the community as a whole. Point being, unlike other operators who might just show up the next day and put up a pole, and the pole won't be there the following day, we've already got into the community. The community knows us and they understand what we're doing. In terms of your question around how we build, we do a full rollout with the owner's permission. We don't necessarily even ask you if you're going to use our service. We obviously have got a marketing activation team that comes once we put a unit in your home. We just ask for permission to build, whether you want to use it or not, believing a bit like build it and they'll come, and the data backs it up. Just to follow on from that, you have 384,000 homes passed. How many of them do not have an active connection? Sure. Just to distinguish the numbers between OnePath and ourselves, Fibertime right now has got 507,000 homes connected. We connect every home we pass. I know there is a connected versus passed ratio in the rest of the FNO world. The numbers we quote are connected homes. If we go back to the stats I was showing, there is an average of 13.3 days online per month, which means that on average, a home is connected for that period. I just wanted to give some nuance to that or some context to that nuance. Young networks see a very small number of homes on days online per month because it is a new service and people are still getting used to it. Generally in month one, you might see five connected online days. By month six, and certainly by the time our asset gets handed over, it is a lot higher than that. That 13.3 is an average of the whole network at four years of age. As you know, it is normally a sweet spot around about six months where you actually start to see online usage accelerate really significantly. If you have, I was looking at the averages, and I just multiply it by five, and you kind of get to ZAR 200 per house. How does that compare to your competitors within the townships? What I haven't mentioned here is we've got different product offerings. We have a family product offering, ZAR 199 per month will give you five online devices, or five devices online for the full 30-day period. The nearest equivalent product to that is ZAR 200 a month in one of the big pink networks, and that gives you four devices at 10 Mbps. We think we've got an edge on that one as well. It's comparable to a kind of monthly township plan, but with a better speed and more usability behind the service. On a OnePath level, how does technological obsolescence, this is not a property. It's got routers and all these things that I assume depreciate very quickly. How does that, number one, how does that go through the accounts? Is it depreciation somewhere, and how does that flow through? Maybe Jason can get to that. Also, does that mean in 10 years' time, you have to kind of rebuild part of the network? Happy to take that. Internally on the accounting side, the useful life of the asset is 35 years. Remember, it's fully repairing by Fibertime, therefore they keep it fully operational at all times. We do depreciate it over 35 years, but we also fair value it. It's a fair value. We present value the cash flows over the useful life using a discount rate of just over 16%. The obsolescence side almost mainly falls on Fibertime. Correct. Maybe just to add from a Fibertime perspective, we see a technology refresh across the network every three to five years. That'll be the wholesale stuff like what we've just done in Alex, upgrading to one gig wholesale network, but also the routers and the tech behind that will have a natural lifespan of three to five years. It's priced in already. Thanks. Maybe I'll give someone else. It's aerial fiber. It's mostly aerial. it's easy to replace. Okay. Just quickly, I just want to find a better connection between Fairvest retail assets and, would you do incentives like how some of these shopping centers do incentives for parking? Shop, spend money at Pick n Pay, and get free parking. Shop at a Fairvest center and get a voucher. Sure. Just because they both drive each other. Correct. As the network starts moving towards our shopping centers, and we do have them close enough to our center, we would offer an incentive. We'd have a Fibertime Fairvest type kiosk, or just a Fairvest kiosk where you would be able to, if you spent X amount at Shoprite, you could come, you could swap your receipt, and we would give you a ZAR 5 voucher. That's in place already. That's not in place. That's to come. It's not levers. Those are all levers that we still need to pull and need to work. Those are the opportunities that we can interact with Fibertime and bring our shoppers to our centers. Any other questions from the room? Andrew, there's an ability for the people online to speak, huh? I'll work with what's here. Yeah. I'm mindful of time. I've kind of emphasized we're available, particularly for more technical questions, which I've seen some around accounts, et cetera, get in touch with us at any time. We're completely available. Jonas? Quick one. From a Fibertime perspective, obviously, a private company with significant investors, is there any intention for Fibertime to go public, or is there any visibility on Fibertime's financial statements? Yeah. Our founder, Alan Knott-Craig, is a prolific LinkedIn poster and has often mentioned there will be a listing in Fibertime's future. That's about as much as we can say at this point. I believe the public message has been a listing in 2027. That's it. It seems remarkably soon, but yeah. I think ultimately, the Fibertime messaging is that it will land up in public markets. Yeah. I'm quickly going to deal with a couple of the technical questions that I may not have covered. Is Fibertime in an exclusive relationship with OnePath? At this point, Refiber is an exclusive partner to Fibertime in respect of the OnePath asset acquisition program. OnePath is not exclusively tied to Fibertime, so the exclusivity is not reciprocal. As I think I've said, in the digital asset space, we think the sweet spot at the moment is the fiber infrastructure that can be acquired from and let to Fibertime. In the long run, there should be diversity in digital assets, diversity in operators, and a profile that contributes to the yield compression that scale will bring. There's a question about what's meant by OnePath being tax efficient. Does the entity benefit from the REIT tax regime? I think I dealt with that. This is not a new question. There is already a fiber infrastructure REIT listed on an exchange. The JSE has extended its definition of property to include land and things attached to the land that cannot be moved from one place to another without damage, et cetera. We've taken extensive opinion. The rental on the fiber infrastructure is rental from property in the sense that it is the same as rental from a shopping center or an office block. Darren, we're 10 minutes over time. How would you like us to play? Should I keep looking at what we've got on the screen here? I am noticing there are some sell-side analysts that have got some very detailed questions. I think we should potentially take those offline. I certainly think the valuations, the details, all the detail that anybody might want to model it yourselves, we're happy to talk you through it. We're happy to have further sessions. This is intended to be an introductory session, as I say, the door for dialogue remains open. There's a lot of detail here that I think is probably better covered. Let me just have a quick look at it. I can't. Nazim, you have a lot of questions. We're happy to call and take you through those. Francois, you've got some detailed questions, which we'll be happy to. You and Trinity have some detailed questions. One is, why depreciate over 35 years when the lease is only 10 years with an option to extend by another 10 years? Should your maximum useful life not be 20 years? Antony, do you want to take that? Obviously it's 10 years leases, as an asset, if you're talking about the infrastructure, just two points, I guess. The one is you've got the passive infrastructure portion and the active. The piece that really is a depreciating asset is sitting in the active component. It's probably about just short of 20% of the total value. The passive infrastructure is the same passive infrastructure, really, that's been there forever. Fiber's been around for 40 years. That passive layer does not need to be replaced and/or refreshed. The capacity of it is immense. To, I guess Steve's point earlier, the refresh happens on the active equipments, which sits with them. Really, by the end of the 10 years, you're not sitting with active equipment that's 10-year-old. You end up getting into that cycle. Then the renewal is also, it's 10-year lease with an option to renew, the expectation would be a continuation of that. We can delve into the, I guess, further detail of how that is, also offline. I see an excellent question from Francois at Anchor. Summarizing it's a question about whether debt funding within Fibertime is subordinate to the lease obligation that Fibertime owes OnePath. Just to be clear, OnePath owns the assets, it owns the fiber infrastructure that is the backbone of Fibertime's business. Fibertime has to pay the rent, come what may, and its obligation to pay the rent is prioritized over any obligation it may have to its debt providers. When OnePath acquires infrastructure from Fibertime, it does so with the consent of Fibertime's debt providers. Owning the asset and getting the rent is a priority position to any debt finance claims that sit in Fibertime. We could spend a lot of time here. We had set aside 11 to 12, we're nearly 15 minutes over that. I suggest we use the lunchtime to ask questions to the team. Lenro, as I said, is technically the guy to ask any questions around the network, the due diligence process, the quality assurance. Deon is a corporate finance function within Refiber, and Antony, as I've said, is the Chief Executive Officer of Refiber. Simon and I are Directors of Refiber. We are also Directors of OnePath. My day job is in Java Capital, which is a corporate finance house. I did get a question about conflict of interest. There's no conflict of interest in the sense I am not involved in the investment-making decision forum and process of Fairvest, which is a very competent and sophisticated process. They don't need my input on what to buy and what to invest in. Obviously, I pitch in my capacity as a corporate finance guy. I pitch ideas to listed companies on a constant basis, this is one example of such an idea. Good. Let's keep the communication going. Thank you very much for coming.