A very good morning, ladies and gentlemen. Perhaps let's try that again because I sense the energy and the interaction of many familiar faces in the room as peers, colleagues, industry participants, investors, and of course, members of the media. A very good morning to each and every one of you, ladies and gentlemen. We'll get there by 10:00, right? When the coffee kicks in. It's a pleasure and a privilege to welcome you to the Redefine Capital Markets Day for 2026. My name is Gugulethu Mfuphi, and it's a pleasure to be your MC for today as we truly look to unpack the strategic positioning of Redefine Properties as the second-largest REIT on the Johannesburg Stock Exchange with key assets in the South African market and parts of Central Europe, largely in Poland. Well, this morning we have a packed program for all of you that are present here today. We'll be getting more insight from the executive members and team of Redefine Properties, who give us some context into the numbers, the positioning, how assets are performing, and most importantly, how best we are responding to an ever-evolving environment that impacts our property portfolio. I do want to remind you, though, that today's session is very interactive. It's really one that's meant to drive conversation, facilitate clarity, and provide context to any of the questions that many of you as industry peers might have. I'd like to draw your attention to the QR codes that you might see in front of you where you might be seated. The QR code, if you take out your phone and click on the link, this will direct you to a page where we have the full program and proceedings for today. Beyond that, this QR code also facilitates an opportunity for us to interact. Your questions can be typed in, and throughout the course of the day, when we hear from the various speakers who make their way on stage, we will be able to address your questions, your insights, any concerns, and provide feedback directly from the speakers. At the same time, we will also have a roving mic, but it will be refreshing just to have a better understanding of some of the insights that you would like to address. In terms of the house rules of the venue that we are located in this morning, we do not anticipate an emergency drill. So if you do hear a fire alarm, please take it very seriously and follow through with the emergency signage in the various exits that have been highlighted. Restrooms are located as you make your way towards the escalator, and beyond that, smoking areas have been designated and signed off, so please ensure that you make your way there. Now that we have set the agenda for today, I think it is critical for us to have a better understanding of why we are here. For many of us, as I have mentioned, the last time we might have interacted and gathered in this particular space under this particular program was back in 2024, and the world as we know was very different back then. The same way it remains different right now. It continues to be riddled with a lot of volatility. So this VUCA theme and concept really speaks to where we are and the themes that we need to adapt to. This underpins the theme that we do have for this morning's agenda, which is find your upside. Being brave in times of change. For many of us, as we have woken up to various news headlines around the ongoing geopolitics, how the U.S. is responding to peers in Iran, of course, its very own neighboring country, Canada, with reciprocal tariffs, what that means in terms of their positioning on the country's debt and the ripple effects that their bond buyback program has yielded for the rest of the world. There is a very clear understanding that discomfort is our reality. So we need to fully understand how we find our upside. To set the context and give us a better illustration of how Redefine Properties is doing exactly that, even within the whirlwind of various geopolitical themes that we need to contend with, macroeconomic elements as well, and of course, a shifting dynamic when it comes to our tenant base. Let us turn our attention to the screens to get further perspective and context into this. At Redefine, we understand the realities of operating in an ever-evolving market. These conditions have challenged us to be more disciplined, more deliberate, and more focused on long-term performance. Our ongoing focus keeps us purpose-led and people-driven. A business determined to create and manage property in a way that is transformative, because ultimately, property is about people. The people who work in our buildings, shop in our centers, live in our communities, invest in our business, and drive our success. We have grown into a total property asset platform with over ZAR 101 billion, over 9,800 tenants, and a total GLA of over 5.3 million sq m. Macroeconomic pressure, rising costs, and energy uncertainty have presented ongoing challenges across the property sector over the past few years. Combined with the ever-shifting needs of tenant and evolving market dynamics, we have been caught in a world where trust must be earned over and over again. Across the sector, these forces have exposed the difference between businesses built for the moment and businesses built to outlast the cycle. That is why our response has been to find an upside to mitigate every challenge. During a crisis, your durability is not built, it is revealed. We are building a more durable, future-ready Redefine. By strengthening our portfolio, advancing sustainability, maintaining financial discipline, empowering our people and the people we serve, and harnessing the power of technology and AI, we are positioning the business to grow with confidence. Our strength lies not only in our scale but in our diversification. Across sectors, geographies, and asset types, our portfolio is structured to spread risk, capture opportunity, and remain relevant as markets and customer needs evolve. Every decision we make is aimed at creating lasting value for our stakeholders, supporting thriving communities, and ensuring we remain right where we need to be, whatever the future brings. The investments we have made in portfolio quality, capital discipline, AI and technology, customer relevance, and our people will help position us to convert today's durability into tomorrow's performance. It's about ensuring that we position Redefine Properties for the future right now. Well, that's a gentle reminder of the fact that we're not landlords, but we're people. A journey that does continue to evolve and is truly inculcated into the culture and strategic objectives that Redefine Properties does have. More than anything, I hope that that particular video sets the understanding of the key themes that we're going to anchor today's conversations around. Strengthening our real estate fundamentals, ensuring that we build confidence, and of course, accelerating the adoption of technology. Typically when we think about ensuring that we are fundamentally focused on the upside, we need to understand as well that this has really been a journey for Redefine Properties. As you might tell, it was firstly adopted back in 2023 into 2024, where fundamentally it wasn't just a marketing movement or attempt. It's really been part of the culture and the ethos of the business to ensure that through deliberate action, focused dynamics, we're able to ensure that we opt for the upside. Joining the upside has really been a clarion call to ensure that there's camaraderie, partnership, and a distinct understanding that we all have similar objectives as key partners and peers in the industry, and aligning to ensure that our outcomes match those themes. Living the upside is certainly critical to ensure that we fundamentally embed this movement, not just within the company and the business itself, but across the various markets, right down to the interaction that we have with our tenants, with our investors, and of course, peers in the industry. The upside of us is essentially where we are for 2026, ensuring that despite the levels of discomfort that we might feel, we continue to focus on the strengths that we have within our portfolio. We want to challenge you this morning to focus on 2027. It is right behind me on the screen for you to find your upside. Essentially, we have all become accustomed to a world that is complex and filled with uncertainty. The short-term headwinds cannot be the aspects that we prioritize, but rather the solutions that we put into place to ensure long-term sustainability and success and outcomes for this company, the industry, and the economies within which it is invested in. With that said, I hope that many of you are keen, ready, and eager not only to engage in these topics but also to actively participate and join this movement of finding your upside. As you look around the room and even take a look at my blazer, you might note the red paper plane naturally navigating the waves and of course, the movements that we obviously have when it comes to any wind and conditions that might be outside of our control. This is a clarion call and of course, a clear depiction and illustration of how we at Redefine are ensuring that we find our upside, and we invite you to do the same. If you do see any individuals with the red pin on their jackets, perhaps a clear indication that they are members of the Redefine team, but more than anything, that they are part of this movement. So we encourage you as well to actively participate, and your red pins will be allocated to you outside at the registration tables where you signed in. With that said, are we ready to join the movement? Are we ready to hear some insight and most importantly, be better informed around the strategic objectives, capital allocation, and how best Redefine as an institution is responding to its tenants' needs? I am hearing very muted yes. Perhaps because my question was too long. But my question is, are we ready? 100% for a day filled with engagement. If there's anything I know for certain, it's that the next speaker that I'm going to introduce up on stage is someone that you're all very familiar with. Perhaps he'll be able to bring out a lot more energy and insight that many of you typically pose to him. Whether it's clarity on the strategic direction, where we are headed as an economy and economies that we operate in, but also just an understanding of how we continue to keep with the Redefine culture of staying true to providing shareholder value, making a positive impact in the communities within which we live, and of course, prioritizing our people right across the spectrum. He's a familiar face to everyone here in the room. To help set the scene, the tone, and maybe build up the energy as well, Andrew, please help me warmly welcome to the front of the stage the CEO of Redefine Properties, Mr. Andrew König. Thanks so much, Andrew. Morning, everybody. It's great to be spending the day with all of you. Please, if there's anything that jumps out that doesn't make sense, ask. We are here to elaborate, explain, because in that candid moment of vulnerability, you might actually be asking a question your neighbor's been thinking about for far longer than you have. You'll note that today's slides are from a pinch test. I used to come from the newspaper industry. It meets the pinch test. It's about 100-odd slides. For those of you who are going to dump the preso into your favorite chatbot, please don't. I've done it for you on this slide here. For those of you with a short attention span, if you remember nothing else from today, this is the slide to remember. This is basically encapsulating the day on one page. As you can see, our focus is on creating and maintaining, I must add, a simpler Redefine, one that is clearer not only in terms of its structure, but also in terms of its strategic focus, and also in terms of the transparency around, or visibility around the earnings outlook going forward. As you can see, our operational fundamentals throughout the day, and it's not just on the South African side, but similarly on the Polish side as well, are improving and continue to remain strong. This creates an opportunity for organic growth. In terms of active asset management, you'll see throughout the presentation this permeates in terms of the platform becoming increasingly consumer-driven. Around 75-odd percent of the platform now is exposed to consumption as opposed to services. I'll just make it easy for all of you. If you are wondering what services encompasses from a sectoral perspective, it is offices. If you have a look at capital allocation, we have been disciplined. Yes, in the past, we may have run off course a bit, but we have learned from that. You will note that simplification is top of mind in every part of the business as we go forward in terms of asset allocation and so forth. In terms of the South African retail sector, Nashil and Leon will touch on it, but you will note there that occupancy, the reversions, and the general state of the retail sector is strong. It is our biggest sector by far, and that is why we are saying it is our strongest operating sector. You will note from offices, Scott Thorburn will be touching on a lot of these aspects. I do not want to talk about it ahead of his presentation and even Jack's for that matter, but you will note occupancies are better in the Redefine portfolio than the national average, and we are targeting single digit vacancy next year. Scott has got a plan. You can ask him what it is. In terms of our industrial sector, it has been the most durable of all the sectors, and it continues to do so. Occupancies are very healthy. Positive reversions and strong demand for logistics continue in that space. The Poland business for us is strategically very important as a long-term growth market. Yes, in percentage terms, the growth is not massive. However, it is consistent, and I think consistency is far more important than once-off benefits or gains. In terms of energy resilience and ESG, once again, that permeates throughout our presentation. Energy infrastructure, as we all know, it started off as a necessity. It has now become an asset class. We are actively looking, and Leon has got some great slides on just that topic. How do we actually build a new asset class called energy? Then just in terms of AI, I know everyone talks about it. We are operationalizing AI. There is a lot of vanity AI out there. There is lots of time wasters out there. It is getting to that sweet spot of what really works for your business, and I think also distilling it into something that is workable across platforms. We have got an app for almost anything, but then app fatigue sets in, and that is a problem. Then just balance sheet strength. Ntobeko will talk a lot about balance sheet strength today. But for us, without balance sheet strength, you are going to get left behind when there are opportunities. We know what we need to do, and you will see today through the presentation that we are focused on building a balance sheet that is capable of withstanding any cycle. As you know, we have stood the test of time for many years. Just in terms of our approach, we have been through this slide many times, but I think what is important as an add on this time is the mindset. Gugu did speak about finding your upside, but why the upside is important for us is it helps us to be able to differentiate between cyclical events and structural shifts. Structural shifts are permanent. Cyclical events are temporary. It is so easy to get caught up in the cyclical situation, reading all the headlines on a daily basis. If you run your business according to headlines, you will not have one. One has to look through the cycle. One has to stick to what you believe is right when the others are saying the opposite. That is why the upside is important, because it enables us to practice mindful optimism. I encourage each one of you to adopt it in your personal capacity and where it applies to the Growthpoint presentation as well. I would really like that. Just in terms of megatrends. Megatrends shape structural shifts. Megatrends is what our strategy is set on. I think what is very important, these five trends actually are interactive. I will just give you a simple example. As you know, Europe has had a terrible summer this year. In some countries, drought. For example, in Hungary, the rivers have got so low that the nuclear energy plants had to be shut down because they could not be cooled. So energy security and climate change go together. That is just a simple one. We know AI similarly has an issue with energy consumption, and we all know about global order transition underway and demographic shifts. Just for Redefine Properties, as we always say, and I thought we would demonstrate what we say in this slide, that we seem to have been operating for a long time, seven odd years, in a permanent game, a recurring game of snakes and ladders. Every time we think we are now on the up, something happens. Unfortunately, if you have a look, the cycles used to be much longer. If you look from 2019 through to 2020 odd, we knew we were going down. Look in between what happened, and all of you can relate to these events. I am sure there are many others. As you know, Redefine Properties share price being liquid is a barometer for sentiment, and you can see it in this slide, where headlines actually determine whether our share price is going the right way or not. In terms of stakeholder engagement, you guys are obviously our primary stakeholder. That is why we are engaging here with you. For us, it is understanding your wants, and then clearly we need to define what ours are, too. It is like any relationship, there is a give and take. Unfortunately, for the longest of time, we have not been able to raise equity. We are in an unproductive relationship, and that is what we are trying to sort out here today, is how can we get the share price in a position where we are able to issue equity, which can enable us to do all the good things we need to do, but it is a bit of a chicken and egg. So one of us has to blink. We are going to make the first move. I hope you reciprocate. As you can see, for every stakeholder, we have a plan, we have an engagement strategy, we have got stakeholder owners similarly. In terms of execution of our strategy, without people, a strategy is meaningless. Without execution, a strategy is rudderless. So for us, operational discipline starts with every one of our staff members, and it is critical for them to understand their role in the execution of our strategy. As you can see, we have outlined here a whole lot of good human practices. I will not go through all of them except just to highlight succession planning. In an environment where we have a flat structure and we have challenges around gender diversity, around racial mix and so forth, we have to look at the levels beneath our executive committee and see what we are doing there to build the capacity for life after Andrew, after Leon, after Ntobeko, et cetera. In terms of strategic outcomes for 2026, we just want to remind you that our Capital Markets Day also is part of our pre-close, but we just thought we would give you some highlights here that we are reporting on as an early look into financial year 2026. As you can see there, we have spoken about the services-driven component of the asset base. Significant progress has been made on the simplification of the Polish joint ventures. I have got a slide on that, so I will not talk about it now. We have been busy transacting. We have realized, not quite in the bank yet, but by the end of the month, ZAR 1.2 billion and EUR 56 million from the sale of South African and Polish non-core assets. LTV is starting to look healthy. It is now dipping below 40%. I am not too sure the exact percentage just yet. My colleagues will kick me if I tell you what it is going to be because I do not quite know. I will be guessing. In terms of EPP, we have made significant progress in terms of eliminating debt amortization from the debt funding structures. As you can see, in 2027, we will have a 50% reduction of the current debt amort. I think both Ntobeko and Tomasz will be touching on that. Just here in South Africa, we have been very fortunate in that the market has been very liquid from a debt funding perspective, and we have been able to renew debt on favorable terms. Quite a significant number you will see in South Africa at ZAR 6 odd billion and about EUR 500 million. Just times that by 20, you will see it is a big number in Poland. In terms of operating efficiently, market guidance, this is why we are all here this morning. I should have opened with that point. We are confident that we will achieve a distributable income per share at the upper end of quite a tight range of 6.5%-7% there. In terms of our operating profit margin, I know Ntobeko likes 80%. I want 85%. We are making progress in that. Remember, the numbers are big. So 1% or 2% looks like nothing, but do the math. ZAR 4 billion times 1%, you work it out. It is a lot of task, especially in an environment where revenues are constrained, hard to do. Then just occupancies, you will see are advancing across South Africa and Poland. In terms of engaging talent, I will not go through all of these other than to say that we have an engaged workforce, we have a passionate workforce, and we have a very productive workforce. Then from a growing reputation, I think here, later on in this year, towards the end of November, we plan to do an ESG roadshow. So we will be unpacking a lot of this stuff. In terms of greenhouse gas emissions, we are on track to achieve our targets. Our first three net zero buildings have been recertified. Very importantly, we have utilized offsets from our embedded solar plants as credits. We have actually generated those credits ourselves. Then lastly, EPP has been placed ninth nationally in Poland's ESG ranking. In terms of our long-term strategy, about five years ago, we set ourselves 2030 targets. We are due now to reset these targets for another 10 years' time to 2035. If you have a look here, we are making progress across all of these. Then just in terms of focusing on the variables under our control, we cannot get caught up in the headlines. We cannot get distracted by what others are doing. We have a strategy. We believe in it, and our job is to execute on it. If you have a look, our direct and indirect influence is quite narrow. We cannot make excuses for capital allocation decisions from sourcing capital. Those are the two principal things that guide everything. If you get that right, the rest takes care of itself. Then being efficient, it is absolutely important in a constrained environment to be efficient if we are to get to those operating profit margins that we are targeting. From an indirect perspective, team and culture is squarely our responsibility, and that is something we work very hard on. Then growing reputation goes without saying. Just in terms of today, you will note that underneath, at the bottom, there are three themes or trends that are driving capital decisions and how our buildings are being managed: strengthening real estate fundamentals, accelerating technological adoption, and building confidence. Almost in every slide, an aspect or aspects of each of these three points will be the golden thread, and that is what we have used to inform our strategic priorities for 2027 and beyond. In terms of that, I am now going to just change a little bit. We are moving away from strategy. We are going to talk about capital allocation now. Here I have just given you a three-year snapshot of capital allocation impacts over that period of time. I am not going to go through all of them, but you will see that we have been pretty busy in terms of not only deploying capital, but similarly from developments, raising money through the sale of non-core assets, both in South Africa as well as in Poland. Then very importantly, in ELI's case, we have separated from Madison. That is almost in the rearview mirror, if you like. We are making good progress on self-storage. Pieter will talk about that in due course. Then this is a historic number, this asset platform. We hope it is going to grow by a lot more than ZAR 4 billion -ZAR 101 at the end of this financial year. It obviously depends on where the rand translation sits, because that does impact our offshore component, but we will see how we go. Then if we just look at our group asset platform, I think all of you are familiar with this. As you can see, a simple, focused portfolio now. Roughly 33% odd invested in Poland, the balance here in South Africa. You will see that retail dominates the group presence at 57% odd, followed by offices at 24%, and then industrial. I think income yields, this is something where we like to focus. Mr. Kok here always has to remind me that this is a false economy. 7.8%, that is rubbish. We do not like that percentage. But over the years, we have written up our asset values to create that situation. But that is what we are up against. That asset base at that value supports our funding, our debt funding. We cannot shy away and say it is not a tangible measure. It is. But 7.8% is not where we want to be. How are we going to get there? Leon is going to explain. We need to be at a far higher percentage, which I will be talking about in a short while. In Poland, similarly, ELI at 4.9%. I know that Pieter is going to start shrinking away in his chair there, but that should be 7%. And we have got a plan to get there, as we do with EPP Core and Młociny. We get those right, and Poland will have a higher return on NAV than South Africa. Leon, you are in a race here. Just in terms of geographic and sectoral diversification, we always get asked the question, why diversify? Why does not Redefine become a specialist fund? And we really believe that there is a case, an investment case, for diversification. Offices will come back. We have been saying it for the longest of time, I know, but I am sure Mr. Jack over here is going to back me up when I say offices are going to have their day in the sun once again. It might not be in 2027, but it is going to be soon. So be patient. We have stuck it out for so long. To give it away to someone else now and let them have the benefit of the upside would be criminal. Nonetheless, we all know why we invested here in South Africa and in Poland. I think the overarching theme of Poland is consistency. The market consistently delivers. Yes, the only issue at the moment is transactional liquidity. I believe it is returning. You will note from the slide here that in 2026, we have basically done, in the first half, about three quarters in volume terms of what we sold last year. So things are improving, and hopefully it is going to improve even more because part of our solution in Poland involves transactional activity. In terms of asset optimization, this is a continuous process for Asset Redefine. We have given you a life cycle, if you like, of assets, where they start off as growth assets and are converted through active asset management into core assets, eventually become non-core, and we recycle the assets. But I think what is important here for us are these targets here. Just to put in context, to achieve an income yield on NAV, this is not on gross asset value as the previous slide. This is on NAV. It looks low, at 7.5%. To do that, I have to grow my earnings next year by 10%, just to put it in context. So these targets are real. Capital growth, I am sure we can beat that. But what is important is we are targeting a total return based on the long government bond yield of 10 years + 150 basis points at roughly 11%. Just moving on. In terms of simplifying the asset platform, as I said, I was going to talk about this. But as you can see, we have done a lot of work. Now everyone sitting in the room saying, "Andrew, you've been talking about the Horse Group for the longest of time." I can tell you we are days away from signing a document which will be announceable. We do not want to do it just yet. It is subject to consent, and clearly, when you start talking boldly about things publicly without people's consent could be withheld. But we are very close to replacing PIMCO with a simplified waterfall. The power parks have been sold. That was the two power parks, and surplus land has also been sold in the M1 portfolio. In terms of the EPP Community Properties, we have renewed the joint venture agreement with Castleview for a further five years. It is a very good yielding platform. It is a good asset platform to keep for now, but in time to come, I think the proliferation of retail parks could well pose some challenge over there. Henderson is three offices. Would we love to sell them? Absolutely. They are currently sitting in our books at about ZAR 372 million. Should we write them down to zero? Possibly. Should we give back the keys? Maybe. But the point here is we are not recognizing any income from this portfolio, so it is not really harming us from that perspective, but it certainly is something that is exercising our minds. Galeria Młociny, a beautiful asset, still stabilizing, but we have optionality here. At the right price, we buy. At the right price, we are sellers, and we will see how we go there, and hopefully, in time to come, we will either own it 100% or we will be out of that asset completely. ELI gives us optionality. As we said, with the current yield of, let us call it 5%, it is a fantastic opportunity to source liquidity cost effectively. However, we have spent a lot of effort building this portfolio. To simply sell it and give that upside to a third party would not be appropriate. But nonetheless, the optionality is there. Just lastly from me would be this slide. This is a decision tree which is not mutually exclusive. What we are trying to illustrate here is that every opportunity that comes across our desks competes for capital. With that, trade-off considerations are a vital component of it. Obviously, in terms of external allocation, buying back shares when your share price is stupidly priced makes sense, but we are in a long-term game and capital-intensive business. Buying back your shares might be clever. It is a once-off, but it impedes your growth. Paying down debt similarly could be a once-off benefit. It does increase your LTV, though, so not always something we can do, in our case, with the LTV that we are trying to protect at this point in time and reduce. But in terms of income growth and capital uplift opportunities, as you can see, we have just mentioned some top-of-mind ones. This is not to say this is a mutually exclusive list. You will note that rural township retail is an area we would like to expand if we can. Local industrial, there is still opportunity there in terms of income growth. Energy investments, very exciting at the moment. However, I need to flag two things. These are depreciable assets, unlike buildings. Also, there is a risk around regulatory certainty, and this is something that one has to bear in mind with what kind of energy type of investments you undertake. Leon will talk about how you mitigate that risk, so I will not repeat what he is going to say. Then lastly, just in terms of capital uplift through development, I think you all know and question probably, why do we do self-storage? If you have a look at the numbers, you will understand. They are going to come through. Yes, it will take time to stabilize, but the capital uplift potential is crazy. It is in excess of 70%. Many units in Poland, a new area for us. Lower stabilization period. Pieter will talk about it. Then, believe it or not, P-grade offices in Gauteng. We believe if you want to allocate capital, Gauteng is the place, not Cape Town. Why? The cost of land is cheaper here. The rentals are slightly better. Your yield on your development in Gauteng will beat Cape Town any day of the week. I do not want to knock Cape Town. We love Cape Town. We love the wine and the mountain. But if you want to make money, you come to Johannesburg, and that is the reason why we are suggesting P-grade offices in Gauteng, premised on having a tenant, which is not the easiest thing to secure, is the place to put your money, where you have the potential for a 20% capital uplift. If you do not believe me, come, I will show you my spreadsheet where I have calculated that number. Great. With that, thank you. I am now going to hand over to Gugu once again. Thanks. Do not disappear, Andrew. I need you closer to me up on stage. Sorry. The reason being because that spreadsheet you talk about, we definitely want to see it, but we also want to ask a few questions, right? To get some clarity, because there are some bold statements that you definitely shared with us this morning. As has been highlighted, perhaps I wasn't very clear this morning, that we are very interactive in our conversation. The QR codes you have on your desks, the first one facing you actually reflects the program for today, and the one behind it at the back, is a platform that directs you to actually asking your questions directly to the various speakers. Please do interact. If not, feel free to raise your hand if there's a question. We will ensure that a roving mic does get to you for us to respond appropriately. Andrew, there's quite a bit that you said, and you really set the tone. I'm looking forward to hearing how Tomasz, Agata, Leon, Scott, and many other team members of the Redefine Group will unpack what this does look like as we look deeper into your portfolio. You spoke about market participants, raising equity, and making sure that we're able to get there. There's a key question that's been shared by one of the delegates here this morning, Nazeem, who joins us. Right. His question asks: you talk about the relationship between yourselves and stakeholders and highlight equity issuance as the next step. Question one, what will you do with this equity? Where and in what will it be deployed? Question two, should Redefine not be focused on recycling assets rather than waiting for new equity? So a twofold question there. Okay, so we're not here on a capital raise exercise this morning. We are here on a mission to educate people to understand what they're getting when they invest into Redefine. So, we don't have a plan to deploy any capital at the moment. We've been on a self-help plan for seven years. At some point, one needs to have the comfort of knowing that you can access the equity capital markets to either do a transaction with your paper, or perhaps there is something you can buy. It's not to say we've got a shopping list of things that we have to now get capital for. We have choices. But we are constantly on the search for expansion. So chicken and egg. We're not here with a plan. We're not here with a commitment. We're not here wanting people to empty their pockets today. We're here just to get them to think. But the journey is to eventually get there Absolutely despite the self-help plan. We are REIT. REITs grow through capital as well as debt provision. The one goes with the other. Obviously, recycling capital is part of that journey as well. Unfortunately, we have recycled ourselves to a point where we've got to start eating our internal organs, and we don't want to do that. Got you. Maybe that does build up to another theme. In the moment, though, if there are any questions, please do raise your hands. Your hand has been noted, sir, just to make sure that our colleagues can get a roving mic to you and on this end. A quick one that was a follow-up as well to that question is from Nazeem as well, a question related. Okay To the Polish business once again. Why wait to sell Polish self-storage as a single portfolio exit? Whoops, it is updating. The beauty of technology. See what we are investing in. I will tell you what, as we get back to that question, let us take yours, sir, and then we will follow through with your question after. Okay, cool. Two questions. I want to double-check, did you say that you are targeting your, I mean, SA's government bond yield + 150 basis points as a total return target? Yes. Is that not a bit low? What is the target? The target. 11%? Yeah. If you have a look at where inflation is, I am not using Reserve Bank governor's rates, I am looking at the current rate of, let us say, 5%. Yeah. We are adding 6% to that. That gets you to the 11%. We do not believe it is low. Redefine's own DIPS growth would be a lot higher than, call it, 150 basis points, right? DIPS growth isn't here at the moment. Okay. Just to follow up, the difference in the self-storage markets between U.K. and Poland, can you maybe explain that? They poles apart. Excuse the pun. If you have a look at the U.K., it's a very developed market. It's highly competitive. Whereas in Poland it's very immature, it's underdeveloped. There is a big demand for self-storage. If you visit Poland, you'll see the type of accommodation most people occupy is small. It's in apartments, and most of them park on the pavement because their parking spaces downstairs is packed full of stuff. So the opportunity is completely different to the U.K. in that it's an immature and developing market. Got you. Thank you so much for your question, sir. If the mic could come to you, then we will come to you, sir, in just a moment. Three questions we have so far on the floor. Nazeem. Yes, Nazeem's I will follow up. It is specific to the Polish self-storage market. Yes Which is actually a build-up to what was asked. So maybe let us address that. Nazeem was actually asking, why wait to sell Polish self-storage as a single portfolio exit, but trade on completion and utilize profits to develop the next one? Nazeem, I think you cannot sell something that you are still building. You have to see it through to realize your value, because I am just going to not just start the journey and give it over to someone else. I am not throwing the towel in on that one just yet. Pieter will have some slides on it just now. You will see that by end of 2028, we will be done with the development of those assets. You are almost there. Two years' time, we will be having a different conversation about self-storage. It is either a hold or it will be a sell. You are not looking at any short-term risk that might alter that decision, essentially? No, we are in the long-term game. We are not in instant gratification. When we stick to something, we see it through. Got you. Let us take your question, sir. Oh, hi. Sorry, Andrew. It's obviously nice to hear someone say something positive about Jo'burg for once. Well, we're all here, aren't we? We are. Kind of the same. We are. Andrew, about that P-grade comment you were talking about, in terms of offices and P-grade, as obviously Redefine's focus. Jo'burg's the place to be, as you say. Are you talking about actually new properties that you're looking at in the office sector, or are you talking about your existing portfolio? Maybe you could give us Okay a little bit of color, the differences between Cape Town and Jo'burg in terms of the yields and actually price points. Thanks. Okay. That question's hell of a technical, so Leon's probably better equipped to actually answer that. If he can't, I'm sure John Jack can back him up. The point I was making here, Nick, wasn't on our portfolio, it's on development opportunities, and that's where there is that potential for a decent capital uplift relative to other asset classes. Our next speaker will actually build up on that. Yes and give us some perspective. It will be interesting to see where that growth opportunity does lie. You have a question, sir? Yes. Morning. Trinity Ngobeni from Anchor Stockbrokers. Just a question on township. You mentioned that you have ambitions of going into that space. Can you just add some color on what that looks like? Are you looking at fiber infrastructure or are you just looking at buying shopping centers there? We are specifically looking at retail opportunity. We are not looking at any other asset class in the township. Not fiber infrastructure. No. Someone else is doing that. If an opportunity there does come our way, we certainly will consider it, but that's not part of the thinking. We're looking more at brick-and-mortar retail. As you know, we recently invested into Pan Africa Mall. We've got Maponya Mall and we've got Krasner Crossing, so still a small component of our overall asset mix from a retail perspective. We want to grow that. Got you. Well, it'll be interesting to hear from Nashil a little later as well, what that looks like in terms of the prospects as you've described. And of course, the tenant mix, because that's also been an interesting one to monitor. Yes especially looking at the updates we see from various retailers. We've got about a minute and a half for this Q&A session, so I'll wrap it up with a question that's come through from Lawrence, from Miyakho Asset Management. Why don't you bring third-party capital in the Poland self-storage high growth, given the high growth? Lawrence, you are spot on there. We are a little bit early in the journey. Once again, if you want to attract an institutional investor, he wants to see track record. He doesn't want to see your reputation built on what you're saying you're going to do. He wants to actually see you doing it, and that's exactly Pieter's slides just now. You'll see what we are doing to get us to a position where you are able to attract an institutional investor. You have to have scale. So EUR 100 million of gross asset value is probably the ticket to that game, which we are working towards and targeting, but then also track record is important. You can't build a reputation on what you're going to do. On that note, Pieter. You can see where my mind is. I'm already looking forward to what Pieter is going to say in addressing some of these questions, and of course, unpacking self-storage and logistics even further. On that note, Andrew, I think you've certainly given us a clear understanding of where we are and where we're headed to. A reminder that the executives are here for majority of the day. Well, the whole day. So your questions that you've asked, key themes about specific markets, whether retail or, of course, in self-storage, can and will be unpacked during the later sessions as the speakers do come up to give us some perspective. On that note, Andrew, thank you so much. Thank you. We appreciate your insights. A round of applause, please, for Andrew. Thank you. It is refreshing to hear how we are engaging so robustly on key themes that do need to be prioritized, and we will ensure that we keep your questions coming through, whether on the platform or should you ask them in person. As was mentioned earlier, we are situated right now in the richest square mile of the African continent, an environment and a part of the city that is well known for the quality of its P grade property, much of which Redefine Properties also has assets here. That has been a key area of interest, where over the last few years, we no longer refer to the themes that we saw back in COVID, where office saw high levels of vacancies due to the stay-at-home environment. But many of you have asked, what does it look like going forward? What are the forecasts? We will get a better understanding from a Redefine perspective throughout the course of today. Our next speaker, though, is our guest speaker for today. Someone who is very familiar with many of you as peers and counterparts in the room, but also with the property sector at large. Having worked as a consultant, shared his feedback as well on media platforms as well as commentary, but most importantly, providing us with better insight into understanding the South African environment, specifically when it does come to office, but also just the various headwinds that we are perplexed and challenged by. Yes, load shedding might no longer exist, but energy still remains a key focus, anchors of which we will unpack later today. Understanding water and key themes there. And of course, with the upcoming municipal elections, a clearer understanding of how these also play an influence. So ladies and gentlemen, please help me in warmly welcoming to the front of our stage, our keynote speaker for today, who will set more clarity, color, and context to the South African property environment, the CEO of Galetti, Mr. John Jack. All right, guys, let's see what we've got to say here. I was listening to Andrew's speech now, and I just need to clarify, I've not been paid to put this together. What I do say about office is what we're thinking about office and what we're actually seeing in the market, which is quite interesting. Okay, let's get into it. I'm just going to switch to dark mode here. All right. I said earlier in the year that the industry is just benefiting from a lot of good fundamentals. What I meant by that was we were seeing a lot of tailwinds into the market. That was early February. When I start talking about tailwinds, we're seeing some nice GDP growth. We had some tech adoption, which was bringing operating costs down, because as we know, for the longest time in real estate, you can only achieve so much rental from a tenant, and outside of that, you've got to start paying your operating costs. Those operating costs were growing and growing, and they were growing at a faster rate than any rental was. The tech being brought into the system now ultimately helps us to reduce that operating cost. When Andrew starts talking about AI adoption, it means that you can hopefully start to reduce any operating cost in the building outside of just the Internet of Things. Understanding how your utilities work, how that building actually functions, helps you to reduce those operating costs. Interest rates were coming down, and there was hope for some more interest rate reduction. Of course, business confidence was an all-time high. In fact, on the 27th of February this year, business confidence peaked, and I know that because it was exactly the same day as we took our keys for our Dubai office. Over there, you can see our new branding up on the wall, something you actually require to get a bank account in Dubai, but notwithstanding the fact that you have to have paid the rental without a bank account, but technicalities. The very next day, the war started. You can see here Antoinette saying, "Hi, everyone, shocking news to hear. Please keep us updated on your safety that side." I heard that from my chiropractor that morning. I was flying in the next day, and that flight never happened. Over the course of the next, must have been two weeks to four weeks, all of the tailwinds that we had immediately unwound. Business confidence dropped rapidly. We were at our highest at that point than we'd seen since 2011 type of era, and suddenly it drops. You guys know this. You're all largely analyst blanks, and I can see some of the media here. I see Alistair scribbling some notes there in the background. Nik here with some good questions, too. Interest rates, everyone anticipated an increase in interest rates, and of course, that's the worst possible thing for property. The entire market unwound, and it happened quickly. You can see this. Obviously we peaked. Our friends at Sasfin Keller gave us these numbers. We got our REIT total return index, which you're all very familiar with, peaked, and then immediately unwound. You saw up until that point, you'd seen a 30 year-on-year, so from August or trailing 12 months from now, from August until that point, you'd seen a 34% growth in the market. That immediately came down 13%. Then if you were clever enough to have bombed into the market again at the end of that month, you had another 10%. Anyone here who'd managed to do that, saw 44% over that period. If you just held, you got a 28% increase, which is brilliant. The question is, why? Why despite all of these unwinds that we saw in the market, were we able to achieve those kind of returns in this market? Up and down volatile market. You can see the REIT market here unwinding. The buildings, however, stood still. Nothing happened. Absolutely nothing. It was as though there was no war. Why does that actually happen? Why did South Africa end up with a good year despite us having fundamentals that should have produced a bad one? That's what I'm going to jump into. That's the market that we work in, which is the physical. It's the actual leasing and selling of these large commercial assets around the country. We looked at our data, we looked at deals that were done, and we worked out that ultimately, I need to explain a story of how we got here in order to explain where we're going forward. How did we get here? It's ultimately a story of supply. If I start to talk about supply, I want to start to talk immediately about the Joburg office. Nick, to your question and observation there, Joburg, in our feeling, is the place to be. You got to differentiate between Cape Town market, the west, and the sort of Western Cape market, maybe even Natal, where your offices are full, your industrial full. Everyone's it's sort of reaching the absolute peak rentals at the moment in the market. What's happening in Johannesburg? Let's go and have a look at that. Here, if you look carefully, you can see the Alice Lane Towers. You can see the Sanlam offices being built in the background, the Mercedes Tower. Out here will come Discovery. You had The Leonardo built. You had 140 West built. All of these were built pre-2020. All of these buildings, in fact, at some point in time, I think it was late 2016, 48% of all office buildings were being built in Sandton. That's an incredible number. When you look at that and all of these new buildings, over time, they start to blend in. Over time, you look at this now, this is the skyline of Sandton. If you looked at that sort of 2010, none of those buildings existed. All Bowmans, Norton Rose, E&Y, Hogan Lovells, Alexander Forbes, I saw a picture of it up here earlier. None of those existed. What happened is we built significantly pre-2020, and in fact, you saw the slides. Already, the market started tipping down 2019. That was pre any pandemic. That was pre any work from home type of environment. What had happened is effectively the market had built ahead of the demand curve, anticipating more and more demand to take up those offices. The Gautrain, which came, I think it was around, what was it? 2011 type of period, yeah. The Gautrain happened, and everything developed around the Gautrain, right? You had this huge supply of offices in Sandton and no one to take up the balance of the buildings, which were predominantly around Fredman. I'm going to tell you why. Here I have that statistic, 48% late 2016, and some of those new buildings. Here we have E&Y, which is just opposite Gautrain, Discovery building, you can remember this, and you've heard of the massive transaction that happened recently. I'll talk a little bit about that later. You had the Werksmans building, which then left their own building, or their old building, open, and it stayed open for years. You have the Sasol building. So effectively what happens if we've created a huge supply glut, and specifically in Sandton. Sandton was actually one of the worst affected in the whole market. I think at one point it was suffering 180,000 sq m of vacancy, which is a significant amount. If you take this building across the road, it's probably 10,000 sq m, 18 of those buildings across the road. Significant. Immediately what happened then, so now you can imagine you've got this huge oversupply, and immediately what happens is we go into 2020 and everything turns off. No demand. Everyone moves to Cape Town, Durban. People start working from home. There's just no demand at all. No one can do anything. In fact, everyone who's in a building is asking for a rental abatement. At the very same time, all of those business owners decided to make their businesses a little bit more efficient. They decided to reduce headcounts. So even the demand that ended up coming back was at a more efficient level, let's call it. I'll be optimistic. What happened is, you might have had 100 people, now you have 85 people in your business, and you only need space for those 85 people. So the market immediately took a 15% vacancy or reduction as people renewed those leases. At the same time, the cost to build explodes. It goes up here, I think 31% in the first, that was 2021 or 2022, and the next year 7.5%, and so it's trailed on. Building costs have gone They've absolutely skyrocketed. Here we have that indication. So if you start to now work out what are we going to do with the supply? There's hardly any demand anymore. We've got this huge supply glut from all the building that we did pre-2020. What are we going to do? Two interesting things start happening. The first is the conversion to residential. This residential conversion, you can see some of them here. Africrest is now boasting that they want to get to 10,000 units. This year alone in January, they bought 40,000 sq m of office space out of the market. There's been roughly 150,000 sq m bought since 2020, just in this portfolio. They convert these buildings. In fact, I mentioned the Werksmans building. Here it is. That's the old Werksmans building. Stayed empty for years and eventually the owners capitulated, ended up selling it, and it was converted into a beautiful residential, parking, rooftop pool, you name it. So this is what's happening with a lot of residential. Africrest being a big player, Live Easy being another big player, in the market and have taken up a significant amount of space. So that is a big drain on the office space, leasing supply side of the market. The next thing that starts to happen is corporates decide to buy their buildings instead of renting them, and it is a really, really smart move. Here is the smart money, and I will give you some examples of this. These buildings, the corporate buildings that have bought and they occupy them, and the residential buildings that have bought and converted into residential, never enter the supply again. They stay as those corporate-owned offices or they stay as residential buildings. You do not residential to office. That is not a trend we are seeing. Effectively, these leave the building pool immediately, and some examples of those, you heard about Capitec buying their building, 22,000 sq m at an average price of ZAR 11,000 a sq m. To translate backwards on that, if you were an owner of a building, you bought at ZAR 11,000 a sq m, in order to achieve a 10% yield, which is a very nominal yield, income yield on that property, you would need to get ZAR 90 a sq m. Gross that up, add your operating cost, you are probably at worst case, ZAR 120 -ZAR 130 a sq m. That is very low. I need you to remember that number, ZAR 130 a sq m. They are effectively locking in that cost today for their future occupancy of that building. It is really low. Discovery have just taken their. That was a bit of a bigger ticket number, newer building. But also a very, very good deal for them, taking that building on because they know what is going to happen to office. That is what happened. We built a lot. COVID came, no demand. Cost to build explodes, so even if you wanted to build, it was going to cost a number. Then what happens is residentials start to reduce the supply, corporates start to reduce the supply. An interesting point that Will Harris put together the other day is he started to work out what is the difference in the valuations in Johannesburg and sales that are being banked in Johannesburg versus sales that are happening in Cape Town. He looked at, since 2020, 1,700 transactions, clean transactions, across the deeds office. He worked out that just the discount and what we are getting in Johannesburg sits at ZAR 196 billion. That is how much cheaper the offices are in Johannesburg than they are in the rest of the market. Like I mentioned, supply is getting taken away, so we are left with much less supply. What happens? Why this ZAR 196 billion discount, though? That is the question that you have to ask. It is really Sorry. Sorry, I do not know how that one crept in there, but it is really a question of governance. It is the municipality. If you look around us and you say, "What is happening in Johannesburg? Is it a property problem or is it a governance problem?" I think you have the answer there. Here is the discount, ZAR 10,000 a sq m here ZAR 20,000 a sq m in Johannesburg, and the cost to build sitting at ZAR 28,000 a sq m. So the rentals that you need to get at this level when you build new are quite significant. Of the total construction in the country, there is only 0.8% of that going to office. No one's building office, and I can guarantee you if there are, it's either Cartrack in Rosebank building for their own book, or alternatively, it's happening in Cape Town. That is the only place that it's happening, and 0.8% is a very low number. The demand's back, there's no supply. There's only one way out, you have to build, and the only people testing that market at the moment are Interprop. They are building here, which is called The Parks. This is in Rosebank. You'd notice over here that's Jellicoe Road running down there, and this is the future development of The Parks. So far, what's been developed is just this portion. You'll remember it has BP and some of Anglo's shared services offices at the back. A couple of different groups have gone in here. When you ask what the rental rates are in that market, ZAR 250 -ZAR 300 a sq m. Remember I told you about Capitec buying banking in a rental, ZAR 130 gross? This is ZAR 250 -ZAR 300, almost double. If you're going to build your own office today, it is double what you can get in the market, and that is a significant number. It's 100% more. It's not like 20% more, and you're kind of umming and ahing. It's 100% more. You need to be completely sure that you need to build, that you need that office, and that's been the problem in Johannesburg, is no one can build because no one can pay the price. However, when you're sitting with 180,000 sq m of vacancy, people will just repurpose and move around their existing problems. Buildings, not problems. Problems. They'll just move around those buildings. However, supply is getting taken up, and there's very little left in the market. Andrew mentioned that Scott's going to get down to single digits, and he'll talk more about that, but that's exactly what we're seeing in the market. Less and less vacancy, harder and harder to do deals. But where have we seen this before? Where have we seen this movie before? Industrial. The difference with industrial is that we had a completely different market. At the time that 2020 arrived, industrial was already in short supply, A. B, what ends up happening in industrial is a complete change in the way that the world works. One is e-commerce. E-commerce comes into the market, huge demand for new distribution centers. Innovation, at the same time, in the way that we build, happens almost at exactly the same time. From 2010 onward, the style of building, the ability to build, and what a modern distribution center is, changes completely to what it was before that. Again, what you need is in short supply because it hasn't been built. If we go back to that period, we were signing leases, brand-new leases, and this is for a developer, signing a tenant, 10,000 sq m building, 10-year lease. A developer's going to put their best foot forward, and we'll go to the market, and we'll issue a request for a proposal, and that request for a proposal will come back, and the developer puts their best foot forward. We were signing those deals in 2019 at roughly ZAR 62 net rental per square meter. A year later, 2020, we were signing at about ZAR 75. And then effectively, what happens is costs explode, like I showed you on the previous slides. 2022, 2023, costs absolutely explode. Today, we cannot get proposals for less than ZAR 100 -ZAR 110 a sq m for the same type of building. People need these buildings. They have to have them. I have spoken about e-commerce. I have spoken about the SA rail network collapsing. That is another thing. Because warehouses are slaves to the trucks. So they will go where the trucks need them to go, not the other way around. The trucks are not slaves to the warehouses. So that means that they will go to specific nodes based on logistics routes, not on rail routes. So this happens. At the same time, we get increased inventory levels. Around 2020, people realize that they cannot just run on a just-in-time basis. They need to increase their inventory levels because of supply challenges, and so more and more demand for space. So the demand is going up and up and up, and there is just no space available. I have spoken about warehousing construction innovation, which means that there is less of that space available. So what does that mean? There is no stock. From an in-house perspective, last year was the first year that our office team out-billed our industrial team. The industrial team had no stock. They were unable to do deals. You can ask the Redefine teams in terms of number of transactions, massively reduced. You go to any of the people with big supply of industrial, massively reduced transactional volume. Why? Because their vacancy sits at 2%, 3%. There is nothing. So they have to build. The reason that they have to build is because of all the demand, no supply. What is happening in office? Same story. Reduction of supply, demand is back. You have to build, but the new prices are ZAR 250 -ZAR 350 a sq m. So what has happened in industrial is in the B grade, the A grade, they have all slipped back into the historical levels of where P grade was. P grade was ZAR 62 a sq m. Today, P grade is ZAR 105 + a sq m. That means that A grade moved up, B grade moved up, and the whole ladder got pulled up behind in industrial. Exactly the same thing will happen in office. Exactly the same thing will happen in office. You are seeing it in Cape Town already, there is no supply. The same thing will happen in Johannesburg. We have forgotten about this. 467 days with that kind of blackness. Just nothing. We had load shedding, we had rolling blackout after rolling blackout. We had electricity supply was a problem, and therefore, to try and operate in an environment like that where Cape Town and Western Cape had far more supply than we did, their energy availability factor was higher there than it was here, meant that this was a terrible place to try and operate. All the manufacturers, impossible. Imagine an extrusion machine which needs 2 hours- 3 hours to shut down, you just turn it off. Imagine the type of generators that you have got to run to get that extrusion machine to slow down. The amount of diesel spent. The calculation is something like ZAR 10 billion a year in saving, just on diesel alone for Eskom. So today marks 467 days. That just disappeared. There was no major press announcement. There was no complete re-rating of the industry. It just happened through the absence of events. So, the question is: where is the opportunity? If you are a developer, it is to build. Developers are the only ones who can actually get us out of the problem that is coming in the future. An office development takes roughly 18 months minimum to build. Minimum. That means that what you start building now is for the future. We can take the site across the road from your head office there as a good example. The idea is to build, because those rentals will be achieved. You have seen how much has happened. Interprop has been a massive beneficiary of just building. They have built. They have said, "We are building. This is where we are building, and this is the rental rates." And they have created a compelling product, and effectively, it has been really, really well received. If you are a landlord, it is to repurpose into what that asset needs to become. Is it residential? Is there residential demand? Is there storage demand? Is there to ultimately have a portfolio which is not completely complicated, to stick to those things. Diversification is great, but not diversification into everything. You can not be everything to everyone. Those funds that we see, they become very complicated, and no one knows exactly what to phone them for. It is great to have a fund that says, "You know what? We do retail, logistics, warehousing." It is not everything. You can not necessarily become an everything fund, but you need to stick to what you do. And that is effectively what the landlord should be doing. And on top of that, what we see in the investor market is where do you invest? What are you investing in? And we think, at this moment, on the supply side, there is not a lot of office left. That vacancy is going down and down and down and down. We see it happening. So, where Andrew says, "You know what? We are holding on to our office in Johannesburg," it is the best call that you can make. As long as you can get your operating cost efficiency or efficient, that is the right call to be making. Because this year was not a year about tailwinds, which is what I was here to speak about. It was actually a stress test. There will be volatility. There will be interest rate changes. There will be changes in business confidence. We have seen it. But at the end of the day, the listed market repriced 13% over the course of two months, and the buildings just continued to grow. And effectively, that is what we are seeing. Fundamentally, it is a supply problem in South Africa, and that is what we need to be seeing and working towards. Unless, of course, we have another pandemic, which we hope not to have. It is because, effectively, good stock is scarce. We can not look at a market where you can just turn on 18,000 sq m of office or 18,000 sq m of warehouse. It does not work like that. It takes a minimum of 12 months for warehousing, 18 months for offices. Sometimes, if you look at Discovery, it was even two and a half years, I believe, to build that building. So, what I would ask is, what part of this market gets better when nothing helps them? What is going to happen in November when the whole of Johannesburg votes on who governs it? What is going to happen to that ZAR 196 billion discount? Thank you. John- Thank you. John. Geez, we were hoping you would answer that question, right? Because I guess that is what all of us want to hear. John, please do not leave. Yes, sorry. Stay with me a little longer I'm running away on the stage, because we do want to engage Yeah you on some of the thoughts and the feedback that you've shared. But I guess, a lot of perspective and refreshing thoughts that you have provided for everyone. And of course, providing some clarity, especially regarding the disparities we see between Johannesburg and Cape Town. There are a few questions that have come through on the platform, and I'd encourage you to keep them coming. Let's start with the first one, specific to the business processing office space of call centers. What do you think of the BPO sector and risks from AI? How much of SA office space, I say market office rather, is BPO? Why hasn't Gauteng attracted more? BPO is interesting, and you are quite correct. Cape Town market has attracted all of the BPO, basically. What they are offering, they want to get the best quality of staff. What they are saying is, in the Western Cape, there is, A, a really good staff pool. B, they are offering them something else. They are offering them a lifestyle, the best staff, and that is what happened with BPO. It was a race to get better and better and better, and effectively they also sell that on to their clients. Their clients, they say, "Look at this beautiful building. Look at the staff that we have." They get more and more contracts. It is as much a marketing angle, as it is a reality. Effectively, that is why Cape Town was winning out on that basis, yeah. An unfair question, what can Gauteng use to its marketing advantage? I think good governance November going forward, hopefully. I also think that there's value here. There's significant value. Just cost of living, if you were to take that, for example. What you could get for ZAR 5 million in the 5 km around us versus ZAR 5 million in Cape Town is a completely different ballgame. I think a lot of people are seeing that, and we're seeing that migration back to Johannesburg already. You're starting to see that. If you look in the residential market, already that market has moved. In the last 18 months, the residential market has picked up significantly. If you were to ask our residential colleagues, you'll find those numbers, yeah. Got you. We're going to keep you here for a while, John. Yeah. There's a number of questions that are coming through. If there are any as well in the room, please do raise your hand and a roving mic will be made available to you. To those who are online, please keep your questions coming in. I believe we've addressed Zinhle's question, which was similar to ensuring that Gauteng can remain a lot more attractive and seeing a return in demand. There's an interesting one from Mweishö Nene from SBG Securities. He asks, "Are you not concerned about reductions in junior employment levels due to AI? Youth unemployment still rises. Won't this mean demand will stagnate? Yeah. This AI question's a big one, in fact, and we're seeing it in our own business. We've spent a long time building up quite a significant data set, some 65,000 commercial properties across the country. How do you see that data? How do you analyze it? How do you understand it? I love the statement, and I forget his name, but amazing marketing genius, and I've completely forget his name. South African International? No, international. I'll come back to me. Of course. He says, your marketing departments now are actually now the solution team more than they are the create a nice social media print. The marketing teams think creatively, so they are starting to solve problems creatively, be it automation, be it understanding of different processes within the business. We are even seeing that within our own marketing team, is to try and understand what our data is telling us, what processes can we automate. You might have needed quite a significant staff count just to do one thing, let us say produce property information packs and that type of thing. The way that people are thinking and are engaging within our business is just different. I think that from a philosophical point of view, the way that I see it, is that people will have more time to think and deploy better quality output than they would just be doing the stuff. AI is being used to automate and to run the generic stuff in the business, I think. What do you do when an AI bot calls you to sell you something? Do you hang on the phone and listen to what it is? No, you do not. You still need a human, and that is fundamentally what happens. Got you. This does address some of the questions we have seen from a few of you, Nazeem, Mweishö, and of course, Zinhle. At least consolidating those themes. On the topic of P-grade property, that has largely been the focus of the presentation. The conversation and exposure that Redefine Properties does have. A question here from Greg Stewart, BusinessTech Africa. He asks, "Do you see the shortage of P-grade property specifically, driving renewal of older buildings in outside areas of Sandton? Yes, definitely. Predominantly the A-grade. What happened is everyone took the opportunity to upgrade. They didn't necessarily take the opportunity to save money. What they did was they made their workforce more efficient. Maybe you have 100 people, now you have 85, but instead of saying, "Well, instead of spending 100 and now I'm going to spend 85, what I'm going to do is I'm still going to spend 100. I'm going to take my 85 people, take a smaller office, but I'm going to move up a category." Because, again, I want access to the best talent. Where do the best talent want to be? Well, they don't want to be in the terrible building. They want to be in the great building. That's why there's a lot of chat about the operating cost of P-grade buildings, and yes, that is a big thing. In an older building, your electricity cost can be ZAR 80 a sq m, whereas in a P-grade building, it's going to be ZAR 30 a sq m. But at the end of the day, access to talent is predominantly the driver of where people want to be. That is the number one thing. Yeah. Sure. We want the gym, we want the restaurants, we want- Oh, yeah. safe parking. Yeah. I get it. We want to take a few questions from the floor. There is some time before we do wrap up with a few questions that have come in online, but I think really stimulating conversations and themes we are hearing. The mic will go to you, sir. Please go ahead. If there is another hand, please do raise it. Yours has been noted. We will take those two questions from the floor. Hi, Greg Stewart from BusinessTech Africa. You spoke about warehousing, and obviously the demand for warehousing grew rapidly, ran out of property availability, and you compared that to, you said that that is likely what is going to happen with office space. The only difference between that is that in warehousing, you cannot put boxes in people's homes, whereas in office space, you can certainly still have people working remotely, and mostly it is a hybrid kind of working situation. There are very few companies that seem to have got it right to bring people back into the office permanently. In Johannesburg in particular, with infrastructure, road issues, traveling time, all that sort of thing, wellness of staff. Do you really see that as a trend as strong as the warehousing trend? Yeah. We actually see it the other way. In fact, work from home is largely gone. People might work from home one day a week, but it is very specific industries that work from home on a more permanent basis. You look at the banks, everyone must be back in the office. If you are in tech, possibly in journalism as well, because you are around, you are moving around, why do you have to be in the office? It is use case specific, definitely, I agree with that. But on the whole, people are working back at the office because in order to move up in your career, you need to engage. The best example of that is the advocates. The advocates chambers, the way that the junior advocates get better business is they actually bump the senior advocates in the lift. Literally. That is how it works. They get better and better cases. They are able to confer, chat, collaborate, and people had to be there. Even in 2020, we were looking at advocates chambers in Cape Town, and for exactly that reason, is that the guys needed to be together, they needed to communicate, collaborate, and just building that culture of your business. You have heard some of the big global CEOs, Goldman Sachs is famous for saying it, "Everyone needs to be back to work. Sorry. It is done. We found that even with some of the big banks, is that, you would be financing something and, "Oh, sorry, this person is gone. Where is this document?" It was taking a lot longer and it was making the process more inefficient. What they say now is, "You can be there four days a week," Friday maybe is more of a flexible day, but we definitely see on the whole, a return to work policy. But unlike industrial, where there is a huge insatiable demand for these logistics buildings, it is not like there is a huge insatiable growth in business necessarily. We see the 1.4% GDP growth. Not all of that is going to the businesses. A lot of that is going to mining, et cetera. You do not mine in your office. You are correct on that basis. But there is a net growth. Year- on- year, there is a steady net growth, and with the removal of a lot of the supply, we are seeing less and less supply in the market. It is not as rapid as industrial, I agree with you, but it is there. It is a trend, and it is definitely happening, yeah. Thanks for that, John. We will take the second question. Alistair from Property Flash. Thanks for the enlightening presentation. Most of the stuff that is in the press is Joburg versus Cape Town in terms of office. What about KZN? You do not really hear much there, but you do hear that the luxury stuff being built there is ridiculous. It is even more expensive than Cape Town, and housing, et cetera. Is there now office demand? Could we have new industries building there, in the wake of the collapse of Tongaat Hulett, for example? Thanks. Mm. Ballito, a big one there. Yeah. North Coast, pumping. You really struggle. We were looking for a requirement the other day, I think it was 5,000 sq m. You cannot find it. It is almost impossible. If you want to go to Durban CBD, yes. But I could tell you the same story about Joburg CBD sitting at a 16% vacancy, and Sandton now probably sitting at a Where is Scott? 11% vacancy. There you go. So it is a different story, CBD compared to and it is the same, but Natal has very little. Yeah, you are 100% right. They will build there. Yeah. Got you. We are going to squeeze one more in, and hopefully get your commentary as well, just in terms of a quick comment on adoption of solar panels in Gauteng versus the Western Cape. As the mic does get its way there, and make its way, please hold your hand, keep your hand up so it is easier for my colleague to identify you. A quick one, John. Gwenna did ask a quick comment on the adoption of solar panels in Gauteng v ersus the Western Cape. Is that playing an influence as well? Listen, I am not an expert in that space by any means. We have got a lot of beautiful sunshine here and hardly any wind, so I cannot see why they would not. I am not an expert. I am not going to comment in that space. There are better equipped people to chat about solar, yeah. Got you. We will also find out how Redefine is responding to that later from some of the representatives as well. Please go ahead, sir. We will close off with you. Cool. Thanks, John. Just to confirm, right? As far as I know, the vacancy rates are quite similar to where they were sort of at pre-COVID levels. Is there any reason why you think that there is still room for further decreases on the vacancies now? Sure. Remember that pre-COVID, we just finished that huge supply boom. So we effectively just created that oversupply. So it was almost the peak of the normal market oversupply. Then what happened is, it went into exaggerated oversupply because of COVID, right? So what happens is, we have come down to the normal oversupply, and that will get now created. So effectively, that supply is continuing to be removed. Remember I mentioned Africrest took out 40,000 sq m in January. They continue with that trend. The corporates will continue with the trend of buying. So I think that that 2019 period was already exaggerated in terms of oversupply. It was already there. The market rentals were already coming down. So that was a problem. The other thing which I have not mentioned is the cost of building a building in 2023 versus today is lower than 2023. So the building cost is actually coming down. So it hit this sort of situation where the cost of building, I showed you the graphs, you've seen it, went ballistic and they've come down again. Not that anyone wants to tell you that, because they'd like the tenant to carry on paying the same rate, which is now the normal, market normal. But actually, if you're putting your best foot forward, you could probably do a better deal. You'd probably come down to ZAR 100 flat on a warehouse, maybe a little bit better. So that will also benefit, to some extent, more building. People will actually be able to build and get a little bit closer to entice tenants. If you're going from ZAR 160 -ZAR 300, that's a number. But if you're going from ZAR 160- ZAR 230, that's not too bad. So people can kind of envision it. But that's why I think we were already in an oversupply situation in 2019. I think we've returned to those levels, and you'll get the natural market attrition now. That's my feeling. Yeah. Got you. I just want to build up on that. Yes, we understand the cost of the development, but what does that mean for the implications in terms of yield, especially where the market is right now? Yeah. So, you've got to hold one of three things constant. So it's either the cost or the value of the building, the yield, or the rental that you're going to get. So if we could stick at the rental levels that we're at and move up, and the cost of building goes down, your yield goes up. If the cost of building goes up, your yield goes down based on the same rental levels. So that cost of building reducing actually improves yields in the market, which is obviously beneficial for the funds. Just as a general comment, the funds haven't been able to buy or pretty much play at all in this market because their dividend yields, et cetera, have been so high. So all of the private players have been entering the market. The corporates have been buying their own space. The fund's dividend yields have been coming down quite significantly, and as Leon pointed out to me yesterday, it is not necessarily only the dividend yield which is considered. It is the cost of debt, et cetera, which leads out to more of a holistic number that we look to buy above, which is accretive. That is starting to meet the market. It means that funds can actually start to acquire again. They have been out of the market for the longest time, and now I think is the time for the funds to get back into the market and start buying opportunities that are there. Got you. John, we need you back after lunch. We will squeeze you in the program somewhere because the questions have really been coming in. Thank you. Really appreciate your time. Thank you. Yeah. And perspective, as well as the questions that have been asked. Can we please give John Jack a round of applause for his presentation? Thank you. Thanks so much. Thank you. We extended that session slightly because it is just phenomenal to see much of the robustness and, of course, the quality of the questions that have come through from many of you. Zinhle, Nazeem, of course, Greg, Sithuliswe, thank you for your questions. Please keep the momentum coming because we will have an opportunity to speak to the various industry representatives within Redefine's portfolios to give us some perspective on the themes regarding energy. What we are seeing, of course, when it comes to opportunities in logistics and industrial, and broadly speaking, the retail environment in Poland as well, which is a unique offering within Redefine's portfolio. We have come to 10:28, so it is just before 10:30. I do want to remind you that we are going to take a quick leg stretch for the moment, about 15 minutes. We do ask that you promptly make your way back into the room by 10:45 for us to continue with the remainder of the program. This is where Leon, together with a few other representatives, will deep dive into an understanding of the local fundamentals we see in South Africa. 15 minutes, we will have you back here at 10:45. Please enjoy tea and refreshments, and make your way to the restrooms and have a comfort break for the moment. [Break] Ladies and gentlemen, thank you so much for making your way back. For those who might still be outside, please feel free to make your way in with your refreshments. We are happy for you to enjoy them here in the room. I think more than anything, all of us have certainly been left with the refreshing perspective of the presentations that we had. Andrew certainly setting the tone and the theme and context for today, helping us understand how Redefine is strategically positioned, ignoring the noise. Oddly enough, I was just reminded speaking to Pauline, one of our delegates today, that back in 2024, when we last met, Trump was not even president. If we have to adapt to the constant headlines and flows, ultimately, we will not find our way to the upside. John Jack also gave us a better perspective of the market dynamics that we are witnessing, the fundamentals that are actually influencing this trend we find ourselves in specific to the commercial property space within the commercial nodes of Rosebank and Sandton, and how that has shifted and been adopted. What does this mean for Redefine's portfolio? How is Redefine's South African portfolio positioned to ensure that whether we look at office space, that we have a clear understanding of the opportunities that might remain there, especially after the fact that we have offloaded a number of assets, specifically within that Rosebank node. Naturally, also taking a look at the opportunities that might lie in retail, which were illustrated earlier in the conversations and questions that were probed and asked. What does that look like? How is the macroeconomic picture shaping the outcomes of tenants, and of course, their capability to pay rentals? Of course, someone who has a slightly easier job than most, is certainly within the industrial and logistics space, giving us some context around how are we managing with lower rates of course, vacancies, and most importantly, capitalizing on the opportunity that exists within that segment. To set the tone and context, we are going to have Leon Kok, who will join us as the Chief Operating Officer at Redefine, painting a picture of the overview that the portfolio does consist of, and perhaps new, interesting themes that also come to the fore, where sustainability, ESG is no longer just a governance item, but really part of the strategic composition and direction that the business is moving in. We will take a look at how energy, water certainly play a role within the portfolio, and of course, get a better understanding from both Nashil, Scott, and Johann, who paint clarity around the various themes that we do need to consider. With that said, please help me warmly welcome to the front of the stage to give us an overview of how Redefine's South African asset portfolio is positioned in terms of finding its upside. Mr. Leon Kok, Chief Operating Officer. Good morning, everyone. I must admit, I was not looking forward to the presentation today, but fortunately, we had John Jack before me to deal with all the tough office questions. I think I am going to have a fairly easy presentation slot, and I am just going to refer back to the previous speaker whenever we talk about vacancy, and referral rates, and renewal rates. Let us quickly touch on what we believe the five key trends were that affected us during the last year. To start off with, on the retail side, we continue to see grocery convenience and experiential retail supporting physical retail in spite of online growth in online retail. What have we done? We looked at optimizing our tenant mix. We look at really focusing on the tenant or the shopper experience through experiential retail, and we're looking at optimizing our space in order to drive up trading density. Nashil will give us far more color around exactly where we're focusing on and looking at that mix relative to grocery, fashion, and suchlike. On the office side, enough said, we have seen a strong recovery in office, although it is selective. Where we have seen it come through is particularly in the premium grade and A grade. When we talk premium and A grade, let's not get too hung up about what constitutes an A and a P grade. The location and the node is often determinant whether you can qualify something as P or A grade. If it's poorly located, it doesn't matter how much money you're going to spend on it's not going to attract the user of that. So we've really been focusing on that and making sure that we are extremely disciplined on our tenant retention. That's why for us, preempting and having a proactive conversation about lease renewals is so important. We would look at deploying and allocating capital to enhance those properties that we believe present the best opportunity to create value. We've seen a fair amount of that, and Scott will touch on some of our refurb projects and suchlike in the Western Cape as well as here in Gauteng, and we had good success with that. As far as the industrial node, we continue to see very good demand, and the low vacancy help us to focus on expansion within the sector. From a capital allocation point of view, we do believe this present good opportunity for us, and in particular, a big challenge for us is to unlock our land holdings. That has been a bit of a drag, particularly the large piece of land we got here in the south of Johannesburg at S&J. So that is a key focus for us to try and unlock that, and we had very good success. We pulled the trigger on that spec development, and I will touch on that, The Nines, which is a midi-park development within S&J, and very good progress in letting thus far. Lastly, the two last points, interrelated. Occupancy cost has really become an issue. It's not just related to load shedding. It was absolutely highlight during the height of load shedding, when often people's diesel bill were far higher than their rental bill. We're not even talking about load shedding anymore. So occupancy cost, the cost of electricity, cost of water, and more importantly, the reliability of access to those services becoming a key determinant factor within our space and from a tenant point of view. So can you position If you can position your building to be resilient, in spite of poor service delivery, you are still able to operate, that will stand you in good stead. So that, for us, has been a key focus. Electricity, water, waste management, and making sure the building present itself from an occupier space point of view, be it in the industrial, be it in the office space or the retail space. So the emphasis is on latching on those improving property fundamentals and really focusing on rental growth. So where do we believe 2027 will continue on? The trends of 2026, in our view, will largely continue. For us, the focus would be to improve the resilience and durability of our portfolio. It is not just about growth of the actual portfolio in terms of acquiring or building new. It is also reinvesting and improving the quality of the portfolio, and we will touch on that. In particular, Johann has a very interesting slide on the industrial side, where we can demonstrate that our value growth came from increase in value of per square meter as opposed to expanding the portfolio, and that has been a key fundamental for us. Capital allocation decisions will be focused on those nodes and areas that we believe present well within the portfolio, and it lends itself to further value creation. From a tenant perspective, we will make sure that our buildings can tick the box from a resilience point of view, and in spite of potential service delivery disruptions, you are able to support. A key focus on energy security, a key focus on water security, and a key focus on waste handling. In particular, to make sure that it comes at an efficient cost. As far as tech is concerned, absolute focus area for us, and something that we believe will stand us in good stead to interact on a far better way with our tenants. To be honest with you, I am not going to promise that we have the silver bullet as far as tech is concerned. You will see we have a number of platforms, a number of initiatives. We have not landed that absolute silver bullet yet to make a transformational impact. I do not think we are going to find it. What we will find is that the interventions improve at the edges, and it will just make doing business with Redefine so much easier and so much more interactive that in time we will set the new standard in terms of operational excellence, and that is where the real emphasis will lie for us. Lastly, we do believe volatility will continue, but for us, we will be very disciplined from a capital allocation point of view. We will continue to focus on absolutely diligent focus on NOI growth on an organic basis. Then to look at those opportunities that present itself, be it opportunistically or where there is clear path in terms of expanding existing properties, will be the focus for us in 2027 in the South African portfolio. Just to touch, and this is our pre-close slide. Andrew did mention, or he did not mention, all our numbers is presented as at end of July. I think this will be a very good steer of what we are going to print for end of February. It is only one month of updates to these numbers. We are quite confident that, if anything, some of these numbers will slightly improve, but this will largely be what we are going to print for year-end. From an occupancy point of view, very happy with the 94.9%. Across the three sectors, as you can see, we have made improvement in our occupancy levels. The reason why we present it at this level is not to show a lower vacancy number. This for us is the opportunity. We convert our GLA vacancy on a rate per square meter at what we are advertising that space for. That is how we calculate that number. So just to demonstrate, for instance, in office, at a GLA level, there is a 10.7% vacancy, but in terms of what it is worth, it is definitely at the lower quality spectrum, so it is only worth 7.8% in relative terms. That is still money and that is still opportunity, so that is where the biggest revenue opportunities sit from a vacancy point of view, and less so, as you can see, within retail and industrial. Renewal reversions, still unfortunately at a negative level, but as we predicted at half year, it certainly is coming down at a -3.9%. Scott will share with you his thoughts about next year, but in office it will still be at the negative levels, but not as high as what we have seen before. Certainly that trend is quite encouraging and we are seeing positive reversions within retail and industrial. Lastly, in terms of our weighted average lease escalation and some of the other leasing outcomes, still very comfortable and a good outcome for us in the year. Just on the standing portfolio. The value of the portfolio there, ZAR 66.2 billion. The big change that will happen there for year-end is obviously the year-end valuation will come through. It will hopefully bump that number up. We are looking forward to a positive revaluation within the portfolio. That average value per property at ZAR 302 million, the increase versus ZAR 287 million, again, is a function of active asset management and underlying improvement. Then as you can see, the number of properties have reduced, and as a consequence of us selling lower value properties also drive that value per property up. If we can move on to our energy. I thought I will just give you a quick snapshot of how we think about energy. The target for us in 2028 is to be 40% of our energy to come from renewable terms or from renewable sources. What does that mean? It means for every 10 units of electricity, four units will come from renewable sources, which I think is a significant achievement. If you just take our total energy consumption of 525 GW, that would imply that 210 million kWh will come from renewable sources. The big driver of that currently, our embedded solar provides 17%, and the big opportunity for us will come from virtual wheeling and traditional wheeling. We must note, however, that on the virtual wheeling side, this is not pie in the sky. We have got real contracts aligned to sign those power purchase agreements. The big hurdle to virtual wheeling, unfortunately, is still uncertainty about at what tariff the rebate will take place, which potentially could make that not viable. However, if, as we hope, it will progress, that certainly would be the opportunity for us to really expand within virtual wheeling. We are going to have three sources of wheeling: traditional wheeling, which is Eskom to Eskom, particularly with our Sandton properties, the on-site generation, virtual wheeling, and then what we call the generator wheeling, which is where we are the generator and the offtaker. Our site in Massmart is commissioned. We are waiting for final site sign-off in the next couple of days, and hopefully from the 1 September, our properties in the Western Cape will benefit as a offtaker from the generation we have got at Massmart. Battery energy storage for us is going to be the next big opportunity within energy. Now, when we talk BESS or batteries, it's not for power backup. It purely is a commercial decision, and it's an arbitrage opportunity. If we are successful on rolling out our first phase of battery storage, we're looking at a 20 MWh solution at a cost of roughly ZAR 120 million and a saving of ZAR 19 million or a first-year yield of 17%. We're quite confident of achieving that because the way we present our investment case is that we're purely taking in the benefit of arbitrage. In other words, you're charging a battery during low tariff, and you discharge it during high tariff. It does not capture the potential benefit of peak shaving. The reason why we do it from an investment proposition point of view is that we believe to accurately model how you will shave your peaks is too dependent on operational factors. That yield exclude peak shaving benefit. If anything, I think it's quite conservative, and we potentially could squeeze out even more. That's a real opportunity, and we've pulled the trigger on that project of about roughly about ZAR 120 million, which is roughly about 10 buildings. Just a graphical depiction of how you use arbitrage. You charge during off-peak, and you discharge during peak. This is independent of whether you got solar capacity or not. Clearly, if you have got excess solar capacity, it makes sense to charge a battery with your solar. Alternatively, you charge it from Eskom in a low tariff. The reason why it has recently made more sense for us is that Eskom has changed their peak tariff structure. Traditionally, the peak tariff structure was three hours in the morning and two hours in the afternoon. Now, with the increase of solar power, they've changed that around to say there's only two hours peak in the morning and three hours in the afternoon. That's where the real opportunities sit now because in the morning, we were in any case serviced from our solar power. The way we think about water, I think we've got quite ambitious targets to reduce our total water withdrawal by 10% by 2030. That is 230 million L per annum saving, which is quite a significant saving, and we'll show you just now how we track against that. But foundational to this ambition is metering. As you can see, our top 60 water-consuming properties consume 74% of our total consumption. Now, we've launched a project to start implementing smart metering at our top 60, and you may think here that it's such a basic initiative, why haven't we done it already? Now, when we talk about a smart metering solution, it's not just putting in a bulk water meter one times in a building. It is designing that metering architecture within a building to make sure you got the communication right because the point is having a meter if it doesn't communicate to your head office command center. It's to make sure your communication work and your architecture within a building work. You've got a main incomer and then to understand how you meter each major user of water within a building. That's why it is quite a complex project and not something you can do very quickly because the usage within the space also determine how you design your metering technology within a building. But that for us will be foundational, and that will inform all the thinking. It will allow us to set proper benchmarks. It will allow us to do proactive monitoring, and this is potentially where our tech adoption will play a significant role. You can start putting in automated alerts to drive certain behavior because the biggest influence you can have on water consumption is to change behavior. Then obviously, we have traditionally invested in a number of water-saving devices. Low flush toilets, air conditioning, and such like within our buildings will be the next significant move. Then the brag slide. Ursula, thank you for lending the slide to me, and I thought it was quite useful. There is our track record in terms of solar deployment. As you can see, it is something we started in 2016, and it is peaking at the installed capacity of 60 MWh. Our water consumption is quite interesting. If you can see in retail, it shows a clear downward trend. The slight peak in office and industrial is a consequence of those increases in occupancy as you have seen. There are more people using water because we let more space, and secondly, there are more people using the office because there is less work from home taking place, which you can see a slight increase. That is a real operational challenge that we are going to have to deal with. Then obviously, the impact on our Scope 3 emissions, which is largely our tenants' emissions within that, and then just a snapshot on what we have managed to achieve on the waste. That percentage diversion from landfill at 80%, it is an achievement we are very proud of. That only relates to the buildings that is externally managed from a waste point of view. It is not the total portfolio. Then lastly, just to talk about our digital capability, and I am just giving you a snapshot of what we are doing from a tenant point of view. This is a key or sort of a quick snapshot of where we are focusing with how we interact with our tenants. For instance, on our Tenant App, currently we have 26,000 users making use of that. Now, it may sound like a lot, but we got roughly 4,500 tenants. That 26,000 represent the employees of those tenants, so still a relatively small percentage. That is what I mean with sets the baseline. Does it really give a financial tangible benefit at this point? Not yet, but it is something as we expand it and scale it, in time, it will allow us to better manage our parking, better manage our health and safety within buildings, and that is the kind of intervention that we would look to at scale, expand, and hopefully help us to improve operational excellence at a level that will make sure that our buildings remain robust into the future. Then, for instance, the other one which we are quite proud of is on the broker side. That is how you start your journey with a tenant, where we have got a tenant or a broker portal, which allow brokers to, on our website at a click of a button, produce a customized brochure for themselves. Again, a small initiative to just make us the landlord of choice within our brokers. That is a quick snapshot of what we talk about on the South African portfolio side. We are going to have a quick look at a waste video, then Nashil will come up and talk about the retail sector. Thank you. Every active property produces constant movement, people, products, deliveries, consumption, and inevitably, waste. For Redefine, effective waste management has become a clear indicator of operational excellence. That is why we continue to make waste management a strategic priority by emphasizing a deliberate, transparent approach to waste management and sustainability within our group. This means focusing on more consistent practices, better reporting, stronger partnerships, and a clearer drive for performance. We follow a waste management program that focuses on reducing, reusing, and recycling the waste generated through daily operations at our assets. Instead of seeing waste as the endpoint, we look at the entire cycle. It is a shift from disposal to discipline, from fragmented activity to measurable performance, where data helps us make better decisions. Our current data and initiatives center on two focal points, general waste and organic waste. General waste is sorted and separated to manage unnecessary waste. Organic waste is composted and processed, repurposing materials for other uses. We have also reduced the number of waste management providers we use to build partnerships that are more strategic in their support of efficiency, accountability, and scale. The results speak for themselves. We have significantly increased our landfill diversion and achieved a high level of organic waste recovery while producing ZAR 1.15 million in savings. It is part of an ongoing journey towards properties that operate smarter, more responsibly, and more efficiently. Because zero waste landfill is not a dream, it is a reality we are working towards. Good morning. For those who I have not met, I am Nashil. I am the asset manager for the retail portfolio. To John's previous comment, I think this is, it was one of his slides had, where is the opportunity? John, retail is it. I will give you an overview of the retail portfolio where we are now. See our carrying value at ZAR 30 million, that is, sorry, ZAR 30 billion, that is up 2%. I think more importantly, if you look at the average value per property, that is up 6.1% as a result of strategic disposals on assets, which mean that the quality of your portfolio improves. On the average gross rental, currently at 223, that is nice growth at 5.2% on where we were at FY 2025. That is largely a function of the work done to position our tenant mix correctly, store optimizations, and to make sure that we remain relevant to what consumers need at specific centers. In terms of the average lease escalations and the world remaining stable, compared to where we were. In terms of value, I think is one of the biggest strengths of the Redefine retail portfolio. You look at how diversified we are between the regional centers and the convenience centers, each at 41%, 42%. 83% of value between those large format centers and the convenience centers. The remaining 13% is the one super region we have being Centurion Mall. Obviously, value is driven by gross monthly rental, which is the graph at the bottom. We see there in terms of risk, 77% of the gross monthly rental in the retail portfolio is coming from national retailers, an indicative of the low risk profile on that income. If we then take that monthly rental and we unpack it into the different categories, you see the largest exposure to apparel and groceries, which is normal for shopping centers. Apparel occupies most amount of space, pays the most amount of rental. I think the key takeout you want to see here is if you look at these rent ratios, they are very sustainable levels, which means that this is positioned for sustainable growth going forward. If you look at key outcomes for the period to- date, you see we have had two major developments totaling ZAR 120 million. Our Redefine Properties spend towards those developments was ZAR 60 million as we own 50% of East Rand Mall and Chris Hani. I think the key point we want to get across is that those developments were largely focused around tenant mix enhancements, which was improving our experiential retail, particularly restaurants and the apparel sectors. In terms of disposals, two assets disposed of, non-core, 320 West Street was a CBD asset. At East End in Klerksdorp, we operated the asset under head lease, and we have not renewed the head lease, which helped improve the quality of the average value per property. From a trading activity, see renewal diversions continues to improve, now at 3.2%. That renewal diversions in combination with solar helped the retail portfolio improve margins are up to 90%. Turnover was largely led by groceries, and we went through a process this year of upgrading groceries, and we saw that the turnover on those upgraded groceries improved by 36% compared to where they were. Just indicating the continued need for consumers to have a good product, to have an experience. It makes a difference to them. However, obviously, that repositioning activity caused a drag on the turnover growth and trading density growth because when you do these massive repositions for groceries, there is a downtime. You have got to build it. There is a fit-out period and the BPO. So that downtime creates the drag on turnover growth and trading density growth. When we look at the lease expiry profile, I am referring to this one over here. You can see that the expiry profile is equally spread at 20% over, which is typical for retail leases, which are normally five years and hence the 20%. Therefore, no real concentration risk to any year where we may have a large renewal cycle, which can impact incomes. I think we went further and unpacked the gross monthly rental in this graph. This graph shows the lease expiry profile for our top 10 national retailers, and each color block represents each year. I think the key point you can see is there's once again, there's no particular concentration to a specific retailer in any specific year. You may say that there seems to be two big red bars over here, but this is Pick n Pay and Shoprite. The red bars represent leases that expire beyond 2030, which is a good thing for us because it means that our groceries have long-term commitments to our centers. Next point you'd see on top of the graphs, these numbers here represent the percentage that retailer contributes to the gross monthly rental of the retail portfolio. Foschini at 7%, Mr Price at 7%, Pepco 6.6%. You could see the risk to those high-paying retailers is spread. It's not sitting within one retailer. Meaning, once again, there's very little risk to the continued growth on the income of the retail portfolio. In terms of what's happening within SA retail, this is trends across the sector. Annualized shading densities was published by MSCI in March at 3.8%. That's obviously been led largely by groceries and apparel. Our response, we have increased our exposure to groceries. You can see, secondly, the graph on apparel showing how clothing spend is still ahead of where it was last year. I think there's a bit of pressure there in terms of that sales being largely driven by discounting. Also, there's some pressure to margins coming from the online value offerings on fashion. In terms of restaurants, still continuing to grow, in spite of where the consumer is at the moment, in spite of consumer pressures. That's largely indicative of the recovery of large format centers where these experiential retails exist. We've also, once again, increased our exposure to experiential retail during the period by 4,000 sq m. I think online is always topical. On this graph here, it shows the major national retailers, their percentage of online sales, and the number at the top is the number of stores they plan to open. In total, those retailers plan to open 684 stores. We can see that largely between Mr Price and Pepco, indicating the remaining focus, or the focus on value fashion. However, you would see that the grocers plan to open 188 stores. That's where the largest online share is. I think you'd see TFG has been topical in the press, and these are net numbers, sorry. Net number of stores. I think TFG has been out there saying they plan to close a certain number of stores, but on a net basis, they plan to be zero. Our interactions with TFG is on average, they end up closing 100 stores every year, but they open up just as many stores due to the natural churn of retail stores that need to happen. Looking forward. What's going to drive NOI growth in retail? One, we will think renewal diversions will be key. We expect that to maintain between 3% to 3.5%. Our process around store optimizations, in particular the fashion. We have about 18,700 sq m planned for the next financial year, and grocer upgrades as well, around 28,900 sq m. Those store optimizations and upgrades talk to the key strategies for retail, which is make sure in our large format centers that our apparel is right, the right size, and it is positioned correctly, and we enhance the experiential retail. Our convenience centers, let us make sure we have best in class grocers, best in class pharmacies. Those are key drivers of footfall for those centers. We further plan to expand solar into car parks and battery solutions are going to be looked at to try and improve the margins. Non-yielding assets, we have ZAR 769 million worth of non-yielding assets, which we want to dispose of. This is mainly motor dealerships and CBD assets. We continue to turn around our underperforming assets, and if we have an opportunity to dispose, we will consider those. Given the recovery of retail, we now see an opportunity to unlock value from the vacant land which we have. There is approximately 30,000 sq m worth of GLA which could be unlocked, and this is adjacent to shopping centers, which we will explore now in the next year. In terms of diversification, the retail board, we would like to increase our exposure to townships and convenience centers. We find that we get better returns from those centers, and they are also not as resource intensive as your larger format centers. Secondly, they also put more diversification away from certain retail nodes. Investing into our assets going forward, yielding projects underway at the moment of ZAR 92 million. We have five center upgrades planned for next year with another ZAR 285 million. We continue to invest in improving the customer experience, which is where the parking system starts coming into play. Overall, you see the retail portfolio, 69% of our rental from national retailers, a further 16% from grocers and pharmacies. That low risk profile, in combination with the diversity of the portfolio between your large format and convenience centers, and the low downside risk on the expiry profiles we traded in, I think positions this retail portfolio for organic growth and durability through the cycles. Thank you. I think next up is going to be an AV on water, and then Scott is going to take over on offices. Thank you very much. In South Africa, water scarcity is a growing issue that demands attention. At Redefine, we understand that water scarcity is an operational risk that needs focused efforts, better visibility, and careful long-term management. It also presents an opportunity to find the upside, to decrease consumption, lower costs, improve asset resilience, protect value, and reduce environmental impact. It is an opportunity to look beyond water as something we simply consume and see it as a valuable resource. We are therefore developing intelligent, sustainable strategies around managing this vital resource. The first component is visibility. Through the expanded rollout of smart water meters, we are building a clearer, more accurate picture of how water moves through our buildings. Approximately 80% of water usage will be monitored across our high consumption assets, providing the insights we need for effective management. More than half our properties will be equipped with smart meters, with a further 37 properties earmarked for installation in the coming year. While traditional meters rely on manual readings and lead to delayed visibility, our smart meters enable real-time monitoring that helps us detect leaks and anomalies faster, enabling immediate action. Smarter measurement is only part of the solution. We are also reducing demand through air-cooled HVAC systems and water efficient fittings, including aerator taps and low flush toilets. Together, these interventions continue to improve water performance year-on-year. Redefine remains committed to smart water management because water efficiency depends on ongoing discipline, consistent management, and careful oversight. We protect our portfolio by developing future fit assets with long-term resilience to water scarcity and outages. This also protects the environment. Through our increased monitoring efforts and efficiency measures, we continue to gather critical data for both prioritization and strategic interventions, ensuring our focus remains where it is most needed. Together, we can make a difference. Good morning, everybody. Having been responsible for the sector that was a laggard for the last three years in bringing down our growth, I was in a very similar position to what Leon was in. I was not quite sure I was going to make you excited about offices. Especially in Johannesburg. I think not being privy to Andrew or John's presentation, I was pleasantly surprised this morning. I think the job is done and hopefully it has landed. What I will take you through some of the details showing you how we have actually moved to this point, expecting it, and hopefully going to ride the wave going forward. Sorry, I went backwards. Sorry about that. Okay. I was going to touch on some of this. This is all in your packs and you will have it online as well. I am going to touch on some of the aspects of where we are at in the past year. Our value of properties have gone up by 5.5%. That is on the back of selling some lower value properties as well as valuation growth and also on letting. The average gross rental has gone up by 3.5%. Now, this is one of the most important parts in property, as everybody would know. It drives all the growth, and it is a number that we do expect to go up into the future as well. If you look at the weighted average lease escalation, 6.9%, generally mostly at 7%. There is a bit of pressure on that, especially with discussions on international companies. Those percentages just do not come into their vocabulary. I would expect us to stay around 7%, but there is pressure on that number. The lease expiry profile is very good at the moment. We have preempted a lot of renewals of our bigger tenants. Again, it will be a little bit under pressure because there are not that many big tenants to do those renewals for. But we do expect to stay well above three years average. If you look by the value, we work towards this, again, pushing that it is P grade and location. Since 2022, you can see the rapid change, where we have got to 58% P grade, 38% A grade, and more importantly, got rid of that tail that was lagging. Still a few more properties to go, but not that many. You can see the average in the circle as well. If we look at our top vacancies, you would have seen in the press that effectively where you have a big tenant that leaves a property, that is a huge problem. All of these had big tenants. I can go through them for you. It is Nedbank, Right to Care, Standard Bank, Baker McKenzie in one building, thankfully. 90 Grayston was mainly IBM and Allen & Overy. Magnolia Close was Ericsson's back in the day, and 29 Scott Street was Sasfin. Those are our top vacancies and still remain our top vacancies. It has been a problem, it has been a laggard. You can see that none of our top properties, none of the P grade other than 90 Grayston is on that list. 90 Grayston, although a fantastic building, it is on the outskirts of Sandton, not located on the Rivonia side. We have solved the problem to a great degree recently and hope to do so because that was double that vacancy about two months ago. That has been our problem going in the past and still is. Okay, key outcomes. Part of the strategy is obviously get rid of those properties that you see will be a future problem or are a problem, mainly on no NOI growth, consistent vacancies. Luckily, I think John touched on it, quite a few conversions there. Rosebank Corner, The Avenues. The Avenues has one condition still to come, but we are very confident it will be sold. Rosebank Corner will go towards the end of the year, both conversions. Centurion Gym, a smaller property, the one that John touched on, 16 Fredman, we were 50% owners of. It looks like we did a soft deal there, but we actually did not. It is a Fredman property, again, not in the right location. It battled with long-term vacancies. So it was actually a very good deal for us. At the ZAR 11,000 a sq m, if we were into a residential conversion, that would need to go below ZAR 7,000 a sq m. We are very happy to get out of that. And I think for the node being next to our head office and in Fredman, which has really been conversions, BlackBrick Hotel, all the residential conversions, it is fantastic to spread the love within Sandton. To have Capitec there with RMB and FirstRand up the road, I think is fantastic for Sandton in general. Part of the strategy was getting rid of that. We were asked how are we going to get to lower vacancies. Part of it is selling the problem, but you got to remember that those properties have been dragging us down. We are trying to get to that P grade you just saw on the previous slide. That is where we have been aiming, and we think all the bases are now loaded to generate growth from that. The thorn in the wound in our side previously has been renewal reversion rates. Market very flat to negative escalations and leases going up. Some of the bigger leases started with big rates. I think there were a lot of TRs and things included in those rentals. Historically, we had 115, a massive reversion that created a huge problem for us. This year, at the -12.7%, you will see we were rental version active. Those are big weighted leases where you have done a very good deal, you have extended your lease expiry, taken away the vacancy risk. Those are good deals, but it comes at a loss of rental. The preempt does help, but it does not fall off a cliff as much. We take the lost rental, and we spread it over the rest of the lease. We are actually getting above market rate rentals as well. Developments we have undertaken, so in properties that we know are performing well. Hartford with the third owners, building H comes online in November. Probably the best building in this park, most exposure. Media building in Black River Office Park has gone under refurb. We already got three tenants looking at it. Very confident that one will be let. 3 and 5 Sturdee, a while back when we closed Diamond Centre in the CBD, we created two buildings specifically for the Diamond tenants. That industry has gone down and those buildings were actually making a loss. We are now fully vacant. We are currently doing a refurb, and we will go back to commercial standard leasing, which will show a big uptick in value and income over time. Priorities are easy. You want to increase the bottom line. Thanks to our property team, our expenses over time have been very well managed. So there is not too much upside in that without deteriorating your product. But I think Leon touched on where we were actually cost of your utilities, where we are doing a lot, and the office sector picks up 50% of the wheeling project because we all mainly in Sandton with Eskom. Trading statistics, you can see the vacancy rate has come down. Yes, we have sold some of them, some of our vacancy, but all our other buildings you will see were not on, the P grade buildings were not on that list. Hopefully with Lakeview, which we are two third owners, which is the top vacancy, we are quite close to something there, but the deal is not signed until it is done. Reversion analysis, you will see 66% by deal numbers. The number of tenants were positive, 44% negative. When you move to GLA and GMR, that changes around because of those weighted average big leases. I'll get to a little bit more to what we see coming forward for next year. Lease expiry by GMR, fantastic, 34% in the next two years. It's a very good place to be in. I'm very happy with that. I've touched on the OpEx reduction really in the cost of utilities. Tenant retention, always very good. The cheapest way to earn money is keep your tenants. That keeps on improving. Again, a very good property management team looking after our properties. The renewal growth, unfortunately, Leon touched on, we expect -10%. There's one big tenant, Alice Lane tenant, that we're doing a good deal on, but it's a massive reversion of a space of about 23,000 sq m, but we'll have long tenure for that. So we unfortunately expect the reversion to come through, but that 66% of positive deals we expect to increase by tenant number. Vacancy 10.7%, sitting on now, hopefully a little bit lower at the end of August. Time will tell. So very close to single digit as mentioned before, and expecting, not hopefully, we're expecting to get to 7.5%. If we knock over the Lakeview deal, that's a big jump towards that already. Lease escalations we touched on, well, maybe one or two points down, but other than that, all very good. Our rent reversions to go back to that, we don't have those 20,000 sq m tenants left anymore. There you can see the detail there. And of those three of them in Cape Town, which obviously have less risk of going downwards. A lot of them went upwards. We've done some very good deals. It's a different scenario totally in Cape Town. So reversion risk, the negatives will be there, but the risk is reducing. We touched on, it was a question about do we have a whole pipeline of buying offices seeing we so buoyant of them suddenly. No, we don't. But we do know where our properties do well. So really, I'm just showing you here, it's not all going to happen in one year. We won't get the capital for it and it does take time. But just to give you an idea of what we are doing and where we have opportunity. So Hartford, we're third owners. There's an opportunity to buy more of that shareholding. We do believe, and it has shown it's a huge growth property. It has been on the back of developing the buildings. There's one building left to develop, so it's almost to maturity, which suits our profile. So there's a big opportunity at a reasonable yield and a great growth going forward. Rosebank Towers is a small portion we can convert. We probably just make sure the taxis and our Galleria is sorted out before we do that. Old Match Factory in Observatory, great option. We've got a vacant land there with a lot of bulk and a whole lot more bulk than that. So we're looking at options there, and we know how Cape Town's doing. Galleria is a massive development. There was comment that we must build. Possibly it is time to do that given where we at. Just to get to the basement with the lid on top of it is about 18 months. So you put a lot of money in, that takes time before you can actually do something on top, and we do need partners in it. Total offices there is a little bit much for us to stomach. Loftus, we're 50% owners. Building D has been approved. C will follow shortly after. Black River, there is a whole lot of bulk there, opposite the Riversands development and Amazon development. It is a fantastic node. I think one of the best nodes in Cape Town. We are going through as the tenants are vacating, we are revamping the buildings, refurbishing them and adding more bulk as well where we can. Vacancy, with 25% drop in vacancies gives us about ZAR 144 million for a 12-month period if all those were let. Sorry, 100%. 25% will give us ZAR 36 million if those properties are let for 12 months. There is a lot of upside in our vacancies. That is after we have actually sold all the buildings that have been sold. That is a huge factor for us. ZAR 17 million is about 1% growth in our office sector. There is already 2% into the future, never mind all the other buildings. Some trends, and these are clichéd, but we have felt it, we have experienced it, and we do believe that a lot of them are true. Hybrid work stabilizing. I think that topic has been beaten to death. We can probably get off it now. I think it is what it is. There is not going to be major shifts unless there is something around the corner we do not know about. Hybrid work is here to stay, but it has stabilized. The market demand is what it is. Rental demand positive. We have seen it. Even the C-grade for the first time, the SAPOA report said C-grade and B-grade went upwards. First time since a long time ago. B and C grade assets, which we are getting out of, we do not want to be there. Cape Town remains our strongest sector, underpinned by the BPO sector, not just for us as landlords, but everybody. The BPO sector makes a big factor of that. Yes, we are monitoring the risks and what could happen, but we are still positive that we have got the right companies in place there. I am not seeing John Jack's slide. This really goes straight to what he was saying. Gauteng, I would include Rosebank in that. Those two areas, if we get things right, will definitely show the biggest growth. We touched on the offices with higher vacancy percentages when a big tenant moves out, and the cost of occupancy is very relevant. Maybe in time, we may share some of our savings on utilities to make us the first choice. That is really what we are looking for. I think if I can just leave you with what happened in Cape Town relative to where you are in Johannesburg. Cape Town did have a perfect storm. They had the BPO market, they had semigration, and they had a good municipality. They had a perfect storm, but that change in the office sector was rapid and magnificent. I think it outperformed any, including industrial retail. If you just took, even in our portfolio, just took the Cape Town properties, double-digit valuations, double-digit net operating income growth. That is where we believe we are near in Johannesburg, in Gauteng particularly. It does not make sense to get off the wave at this point in time, which I think has been knocked home quite a bit today. It is a little bit different to our bigger brother up here, who he actually wants to get out of here. We don't. Thank you. Going forward, I'm going to play an AV on energy, and then thereafter, Johann's going to give us an update on industrial. Thank you. Energy has become one of the most defining business challenges of our time. At Redefine, we no longer view it as a utility cost, but as a strategic asset that can be managed sustainably to reduce risk, improve building performance, strengthen operational resilience, and deliver long-term value. Our approach is built on three pillars: operational efficiency, on-site generation, and energy wheeling. First, operational efficiency. Through focused energy management, innovation, and collaboration with tenants and stakeholders, we reduce carbon emissions and operating costs while progressing towards net zero outcomes across our portfolio. Second, on-site generation. Expanding solar capacity across our portfolio reduces exposure to energy disruption, improves long-term utilities performance, and strengthens our position as an energy leader. In 2025, we significantly increased our on-site solar capacity. This improvement has allowed King Cross Marcelin to move from a D to a C energy classification. We are also planning battery sites at key flagship assets to reduce costs further. Third, energy wheeling. This allows renewable power to move through existing distribution networks to where it is needed, strengthening resilience and sustainability. By investing in generation capacity, Redefine can also turn excess power into revenue. Municipal capacity currently limits wider adoption, but the long-term potential is significant. The first of our wheeling initiatives is a part of the City of Cape Town Wheeling Pilot Project. A 6.2-MW rooftop plant at Brackengate will supply Kenilworth Centre, Blue Route Mall, and The Towers. Once fully operational, it will provide almost 10,000 MWh of power and offset a quarter of their combined energy demand, equivalent to the consumption of 2,500 households. Beyond on-site generation, Redefine also uses wheeling as a consumer. Together, these three pillars reduce risk and costs, create new revenue opportunities, and help build a cleaner, more resilient energy future. Good morning. Our industrial strategy is straightforward: protect resilient income, improve the quality and density of the portfolio, and allocate capital to assets where we can generate attractive risk-adjusted growth. I will briefly cover current operating performance, how value has evolved, and where we intend to invest, optimize, or recycle capital. The portfolio remains operationally resilient. We manage ZAR 13 billion of assets across 82 properties, 1.4 million sq m, supported by 272 tenants. Average gross rent has increased to ZAR 72 per sq m, while the current weighted average unexpired lease term is 3.9 years. The portfolio is well diversified across multiple formats. The operating performance is particularly encouraging. Occupancy improved to 90%, compared to only two negative reversions. Alongside this, we are unlocking non-core land and assets while progressing targeted developments at S&J and Brackengate. The five-year movement demonstrates that our value creation is not dependent on expanding the portfolio. I think Leon touched on this as well. Core portfolio value increased by ZAR 3.4 billion or 40%, while GLA grew by only 1.4%. Value per square meter increased by 37.7% to ZAR 8,331. Modern logistics and high-tech industrial were important contributors, but even categories that reduced in area generated value growth. This reflects portfolio positioning or repositioning for that and asset improvement rather than simple balance sheet expansion. The implication of capital allocation is clear: density, not footprint, is the key measure. Industrial units, light manufacturing, and modern logistics each delivered value per square meter growth of more than 50% over the period. High-tech industrial remains among the portfolio's highest value formats. We will therefore favor assets where differentiated specifications, location, and tenant demand can support stronger rental and capital growth rather than pursuing scale for the sake of it. Macsteel is a material tenant, but the exposure should not be viewed as a conventional single site concentration. Its occupation is supported by a national footprint, diversified operating activities, as can be seen in the summary, and substantial investment in specialized infrastructure. The facilities are operationally important and costly to replicate or relocate. Our focus remains on monitoring tenant fundamentals and lease exposure while recognizing the operational embeddedness and strategic nature of these assets. We are translating these insights into a differentiated asset strategy. Capital will be directed primarily towards modern logistics, high-tech industrial, and selected industrial unit assets with stronger growth potential. Warehousing and light manufacturing will be actively optimized, while lower growth or capital inefficient assets will be repositioned or recycled. Sustainability is embedded in this approach. With 33 Green Star ratings and 26 solar installations totaling 8.3 MW peak, currently reflecting a stated return on investment of 19.1%. In closing, the core message is that the industrial portfolio is producing resilient income today while becoming more valuable per sq m. Our next phase is not indiscriminate growth. It is disciplined capital allocation, targeted development, portfolio recycling, and continued improvement in asset quality, sustainability, and income durability. Thank you. Johann, thank you so much for your presentation. I am going to ask you to stay with me just on this side of the stage for a moment as we have our colleagues who will just move around some furniture, because I think if anything, we have all heard quite a bit of depth, detail and insight into the various divisions that we are mindful of that sit in the Redefine portfolio. I think before we actually start, Johann, I will call up your colleagues in a second to actually join us, but one key theme that many of us might be questioning, you touched on your last few slides on Macsteel, a key tenant, but you have also highlighted that you are managing and mitigating the risk against the heightened exposure. Give us some context there as to what that risk mitigation does look like before we have your peers join us. Well, as I mentioned, it is a diversified operation. They are in fluid dynamics, manufacturing, logistics, and it is a part of a global business. That being said, we have identified some of these properties that do need recycling, that do need improvement, and this forms part of our long-term strategy, and we will touch on those on a case-by-case basis going forward. I must add that it is almost 100% recovery on lease. In terms of operating performance, so in terms of a tenant profile, on the face of it is a great liquid tenant to have on the portfolio. Got you. A key question I think everyone must be wondering, do you still believe you have the easiest job in the portfolio? Definitely. On that note, I am going to ask you, Johann, if you can join me by having a seat in this chair, please. And of course, Leon, Scott, and Nashil, if you can make your ways back up on stage, because it is amazing to see how there are many questions that have come through just to ensure that we get a better understanding of the portfolio from a South African specific environment. I am aware that a few of you do have questions here in the room, so we will take the opportunity to address some of your questions. But I am going to start with some of the first few that came in earlier, specifically around much of the focus that was painted around energy efficiency, water. I think really critical, Leon, that perhaps you can edify to key themes that were directed, specifically by Nazeem, a question here that asks, do you think that SA REITs should include depreciation of solar CapEx in distributable earnings? Nazeem, I think it follows the conventional accounting principles that none of the component parts of a building is being depreciated, particularly if you follow the fair value methodology of accounting for it. So a solar installation is no different to major plant and equipment within a building. In fact, your lifespan on a solar mimics that of other movable equipment, escalator and such like within a shopping center. So I do not think it requires any different way of looking at it. However, you do touch on a valid point, and that is why it is one thing to crow about those nice ROIs of 19%, 20%, to Andrew's point initially, as a negative capital return in that it is a depreciating asset, and it is important you maintain and extend the life, particularly of your inverters, as well as the panels, through regular cleaning and such like. So it is the same as any moving equipment within a center. Got you. I want to build up on that, and specifically speaking to the energy theme, there is a question from Greg. It asks, is Redefine using your own services development direction to grow opportunities for local small business growth? When you say own services direction, I am not quite sure what exactly you are referring to, but what we do, we acknowledge the importance of local job creation and local services. So when we do new brown or greenfield development, we make sure that in terms of our relationship, contractual relationship with the main contractor, there is a clear commitment in terms of involving and empowering local businesses, and particularly engaging with the communities and such like. So for us, it is a key component from a sustainability and community involvement point of view. Got you. Staying with the theme of sustainability, Mweishö Nene also had a question, this one looking at any regulatory risks that you can explain or you might be seeing with self-production and virtual wheeling. Firstly, let us talk about wheeling. I think the two key risks on regulation front is first, appetite. Are the municipalities, do they have real appetite to engage and entertain wheeling arrangements? So far, we have got one municipality that is doing that. That is in Cape Town. Ekurhuleni is making very positive and constructive noises around it. However, it is still noise. We have not seen actual projects that coming on stream. And the other key regulatory risk there is your tariff at which you are going to get a credit. So you contractually agree to buying electricity, then Eskom or municipality is meant to give you a credit on your statement. And that tariff and the delta between what you are buying at, what determines the payback. If we do not have absolute clarity around how that tariff will firstly be set and secondly be regulated into future, that potentially is a risk that one needs to get your head around. Got you. I am going to shift to retail slightly now just to concentrate many of the questions that have come through with that particular focus. Nashil, perhaps this is where you can give us a lot more insight into the graph and the chart that you shared with us in terms of your tenant exposure, which retailers they are, and of course, how this does impact rental renewals as well and reversions. The first question that Mweishö has asked is, are you not concerned about. Hold on. This is from Nazeem. Have any national fashion retailers given notice to exit on expiry or exit early? I guess the context here is naturally what we see with stores like Pick n Pay under pressure, The Foschini Group as well seeing softer sales, and even the Section 189 notice you alluded to. I think, Nazeem, we have not received any material vacates or early requests to actually vacate. Part of what happens through with national retailers is there is a natural churn through different formats, and sometimes they would want to change one format into another and reposition that store. That is the majority of the general churn around apparel retailers. Got you. A follow-up that Mweishö also had is, are you not concerned about the trading density growth decline? Will this not turn reversions negative on retail? So one of my slides that you saw, MSCI is currently at 3.8%. We expect that to settle at about 3.5%. I think if your space is over-rented, then you may have a risk around negative reversions. But if you looked at, in terms of the Redefine portfolio, those rent ratios are very sustainable. And where they are not in specific retailers, we proactively start reconfiguring that space to, one, make that retailer more sustainable. That may be reducing space. Two, that brings in opportunities for new retailers, and that enhances the overall offering of the shopping center. Got you. Another key theme and a question that came through, again, reflecting on the increased demand we see specifically from Chinese fashion retailers, Temu as well as Shein. A question from Desire, essentially adding context, asking about the sustained cost pressure that this could have in terms of your occupancy cost ratios. But more so, are there any big fashion retailers, again, planning an exit in the short term? I think it is clearly a concern for the investment community. Yeah, I think Temu and the likes of those kind of value online retailers continue to grow, and there is probably a place in the market for them. But if we say that they are going to challenge physical retail, then the likes of Mr Price and Pepco wouldn't be opening up 380 stores in the next two years. There is still a place, I think, for online and physical retail to coexist in centers. Yeah, I don't see any material risk right now, no. So in other words, this festive season's going to be a good one regardless of- I certainly hope so, and you're shopping at one of our centers. Well, it will take us and so many more consumers to make sure that that does happen. Scott, let me come to you because quite a few questions as well centered around the theme, of course, within the office space. Yes, certainly edifying much of what John Jack did highlight. So really keeping to the competitive space that you have, and looking to ensure that you extrapolate growth from in the office space. Two questions, but these really are similar themes in terms of office vacancies, specifically related to your target. Office vacancies, when do we see them falling below 10% within the next year, or what your targets might be? And more so, if there could be any further disposals of underperforming office assets. Yes, our target as mentioned there, Andrew's got a lower target, but the target we mentioned was 7%, 7.5%. What is Andrew's target? 6%. Can we get to it? It is a tough task to ask though. It is a stretch one in a year, but it is possible. If you look at our vacancies historically, in 2018, we were at 9.5%. That was, as John said, where the demand actually started overplaying it. Prior to that, the heyday was 2014 at 7.2%. You have got to remember the portfolio was very different then. We had a lot of the ApexHi Properties in there. It was a more difficult portfolio. That 7.2% was actually very good. Whether there is still a chance to sell some of our vacancies, yes. The West Rand, the two properties that you saw on the highest list, Lakeview and CK3, they are large properties, not easy to lease, and they are not conversion opportunities. Because they are next to banks, and they are in a banks environment. Lakeview, with 66% owners, there is a look in by a tenant who would take up our partner's portion, but tenant the building to 15,000 sq m. If that turns, we have already lost. We got quite close to our target and definitely dipping below 10%. I would like to think that come February, we will be below 10%, just on normal leasing and the robustness of the market. We should be near 10.5% by the end of this year, so it is not a huge move to get there. What would it take to get us to 6%? Lakeview, sell CK3, then we're there. Okay. Getting closer to Andrew's target. One more question that's also come through, this one from Imdad. On office, is the demand incremental, or are you seeing any inquiries for large space users to underpin any new developments? That is a problem. If you take Galleria, for instance, you can't lease a property three years out. That's our problem, and we have to invest money over time to get to a position where we can do it. There are a lot of bigger, and the brokers would know, there's a lot of big requirements in Gauteng that can't be met for pre-grade prof offices. Two of the banks have gone out, they're battling. Anything 10,000 sq m in Sandton, I can't help you. 7,000 sq m, only just, and not for long. That point about that John said, you need to develop and be ready, maybe we are there. Got you. Out of curiosity, there was a previous participant who had asked about developments in KZN and opportunities that might exist there. I know Andrew might share some perspective, but keen to hear your feedback. Northern KZN, any opportunities that you might be exploring there? We have got a very small portfolio making up two properties in KZN. The opportunity is definitely there on the ridge. It is, again, BPO underpinned, the call center market, and very little you would have to develop again, but we do not have land there either. Mm. Got you. Let us come to you, Johann. We have kept you quiet for too long, and as you have made it clear, perhaps more liberal in terms of the space that you happen to play in, but opportunity that still exists. Mweishö has a question here: With industrial so positive, are there plans to extend the WALEs? It seems to be that there is room in the sector to improve. There definitely is, and we have clear examples where that's already happening. The one slide we showed, a summary of our developments, of which two are completing now. The one is at S&J, it's a mini park, The Nines. The other one in Cape Town, previously Golf Park 1, it was an old multi-park. It became obsolescent to the point where the rental wasn't growing. It identified as a good redevelopment opportunity, and we developed that into Skyhawk Park. The development design was a modular development where we expected to basically let it in four pieces. It's one box, 15,800 odd square meters. Halfway through the development, we secured a single tenant for that space, Bowman Ingredients. We've just finished signing the lease last week. I think it might have flown on social media. There we are getting to the rentals above ZAR 100 a m and a 10-year lease. As far as lease durations are concerned, I know we've dropped below five-year. Got you. I am quite keen for us to take a few of the questions in the room as well, if there are any live questions. The roving mic can make its way to you to address any questions that you do have. I do see Nazeem, still a key question that's come through, and maybe as we evaluate the hands in the room, I see the mic moving. Perfect. Please raise your hand a little higher. There we go. We'll start there, come back here. I think I might have seen another hand, but please go ahead. Hi. Francois from Anchor Stockbrokers. Just a quick one on your energy. You've got 67 MWh capacity installed. Can you give us the cumulative cost of that to date. You mentioned 5.7% reduction in costs relative to your NPI, or I think your distributable income, right. Does it mean it's effectively contributing around ZAR 300 million, or you could potentially sell it for just about that much to your tenants. Just put it in rands and cents for us, please. The install capacity is 66 MW peaks. Don't quote me on this, but the CapEx is roughly about ZAR 300 million on that number. No, it's closer to Ntobeko, it's about ZAR 800 million, right? ZAR 640 million. ZAR 640 million, sorry. So ZAR 640 million CapEx. Can we sell it? We can sell it at quadruple that, so we're certainly not going to sell it. We've been approached by a number of these. What percentage of distributable income? Ntobeko, when he talks to that, will give you the actual rand amount of the income. Got you. Happy with that response. Go ahead with your question, sir. Sorry, just a clarification. So obviously, you aim to get to below 10% by year-end this year. That 7.5%, I think it was vacancy factor for office. Is that in the year ahead? Just want to double-check. This year, we currently are 10.7%, expecting maybe 10.5%. There is only a month left in our financial year, and our target for by the end of next year is to be 7.5%. Andrew's target is 6%. Got you. I am hoping to get a few more questions. Nazeem, Lawrence, I do see your questions online, and we will come to them. Perhaps let us start there. Lawrence, your question focusing specifically again on office, so we are staying with you for a moment here, Scott. Is there risk of oversupply in Rosebank, given Galleria and huge developments on the Keyes Street or Avenue, as well as Oxford Parks' development pipeline? It is a good question. I would think not yet. Oxford Parks generally develop when they have a tenant. They do very little on spec. So that takes sort of the tenants looking for space out of the market. We have got Rosebank Link. We have been fully let there with a little bit of churn for probably two, three years now. Rosebank Towers, we have had some sticky space. It has not been the best space in the building. We do have the taxi problem and our whole next issue as well. 144, I think, is also sort of their problem, like Growthpoint Properties. On the P Grade in Rosebank, can you find 7,000 sq m easily? No. Mm-hmm. Challenges there. Got you. I am coming back to you, Nashil. Zinhle pushing here on some opportunity and clarity around making the retail portfolio a little bit more compelling, specifically looking at the next few years. The question reads, "Outside of the township retail opportunity, which sounds like it is still some way off, I am struggling to see what can get me excited about the retail portfolio looking ahead. Can you add some color on where you see the key growth opportunities and what could make the portfolio more compelling in the next few years? I think within the existing portfolio, the key driver of growth is how are we working the existing portfolio, the existing retailers. As you would have recalled on the slide, I think reversion rates being a key driver, trying to look at how we manage our operating costs a bit better, and also store optimizations. That is going to be the key driver within the existing portfolios. I think we would like to expand further into convenience centers, largely because we see better returns from there, but also as indicated, they give us better nodal spread versus concentration to large assets. Got you. Another question keeping with you in terms of retail and opportunity there, but also understanding the pricing dynamics. A question from Ridwan, essentially asking, with current retail escalation rates, how achievable is your target of 3%-3.5% in terms of the renewal reversion? Beyond that, the big question is asking, are landlords essentially becoming price takers within the current climate and market we are in? I think escalation rates, forward escalation is normally at about 6% right now for retail. Renewal reversions, I expect that to continue to be between 3% and 3.5%. I think that is going to be largely driven by continued turnover improvement in particular. I do not foresee any major risk around those kind of reversions, if I am getting the question correct. May I just add. Go ahead. On whether we are price takers or price makers, it depends which shopping mall you are talking about. It is not that there is a general market trend that at the moment is a tenant's market or a landlord's market. If we are speaking to a tenant in Cradlestone, it is a different conversation to speaking to a tenant in Kenilworth, for instance. So it depends at a granular level which center you are talking about. So it is not just a general market norm that we are price takers or makers. Mm-hmm. Got you. Critical that we understand that theme. There is a question from Nazeem as well, specific to around the nodes that you are looking to invest in and which ones really present core value. Not too sure if this is for a specific portfolio, but I will throw it to you, Leon. What nodes are you happy to spend CapEx on, and which nodes are you looking to divest from, and why? On the latter, what is the value of assets in non-core nodes? I think, we previously answered the question. CBD in Gauteng, you do not want to be in. Johannesburg, Tshwane, it is problematic regardless of what is going to happen politically or such like. I think the ability to turn those nodes around is now impossible. So particularly, and fortunately, we have got very limited exposure there. We have got two buildings in the city of Tshwane, very limited in Johannesburg. So I do not know the exact numbers in terms of how much is there, but fortunately, we have not got much in those. So CBD assets, particularly in Gauteng, is a no-go for us. Perhaps try to conclude the conversation, given the insights so many of you have shared and, of course, the detailed questions that many of you have also asked. There is a lot that we obviously tend to monitor when it comes to the macroeconomic calendar events. September, interest rate decision from the MPC in South Africa. November, we have got elections. Of course, we are anticipating further robust retail spending when it comes to the festive season. Hopefully, closing off the year with slightly more confidence in the business community and consequently, potentially, economic growth. How are you reading these metrics, just in terms of how they overall play an influence on the South African portfolio for Redefine Properties, but also how you are finding the upside despite these concerns? I think it's an excellent question, and it's often something that particularly we engage with investors and such like, that whatever interest rate decision was made or whatever macro event takes place, there's almost an expectation it's going to play out immediately. We've kind of coined the phrase that we only focus on the variables under our control. The focus for us is not to get caught up with the noise. We're in a long-term asset class, and we need to make long-term decisions. Regardless of what's going to happen with local government elections, regardless of what's going to happen with MPC, we've got a letting job to do. We've got a job to do to make sure our buildings remain robust, and we've got a utilities problem to solve regardless of what Trump's going to do, regardless of what's going to happen. The way we look at the upside is to say, don't get distracted by the noise. Fundamentals are the fundamentals, and we need to do the right thing in order to make sure that long-term, our properties will remain relevant. Got you. Short-term headwinds are something that we are navigating- Yeah of course, quite effectively. On that note, we'll squeeze in one more question. I'm aware we are out of time, but we'll certainly take your question, sir. Happy to squeeze in one more if there is one. Okay, we'll wrap it up with you. Thanks. I suppose the question is mostly for Leon, just because of your experience with lots of experience with Redefine. If you look at big international companies that could potentially come here, so maybe a big AI company wants, let's say Palantir wants to open an office. Where is it most likely to go? Is that like a Black River Office Park? Is it Sandton, and is that a decision that's only going to be made over the next five years? Because realistically, let's say Helen Zille wins the election, becomes mayor, could take her two years to make an impact on the municipality. Yeah, it's an interesting question. I suppose, any large user space, regardless of whether they are international or local, is not just about the location. The point was earlier made also is access to talent and people. The fact that Cape Town is running out of space kind of also makes your choices less obvious. So access to decent road infrastructure, reasonable public transport, and such like, we still have access to in Gauteng. I do think that, regardless of what's going to happen politically, we've seen some fundamental reforms from a public service point of view and such taking place, and ultimately, that's where it's going to go. So, I do think that a large user space will typically favor Gauteng, given that there's more opportunity from land availability here than there is potentially in the Western Cape. Perfect. Thank you so much for your questions, those online and of course, many of which you've also asked in person. The interaction, the depth, the insight, really coming to the fore in terms of the responses that we have had. To the gentlemen who are leading these portfolios, thank you for your efforts, and all the best as well, because as has been made clearly, we continue to find our upside. So despite the short-term headwinds, we continue to implement the strategy of Redefine throughout the various segments. On that note, ladies and gentlemen, our panel here has come to an end, and we are going to get ready for lunch in a moment. But before you stand up and leave, please can we acknowledge the various representatives of the Redefine's South African portfolio, specifically Leon, Nashil, Scott. Of course, understand that the team is here for you to engage with. So over lunch, over the networking break that we do have, feel free to probe and, of course, engage to get further clarity on some nuanced questions that you might have for them here in the room. Right now, it's about quarter past 12:00 P.M. We're going to indulge in lunch for about 45 minutes, and of course, we will commence the program promptly at 1:00 P.M. For those of you who might pop in and out of the building, I do want you to be mindful of the fact that your parking voucher is accessible through a QR code. It is available within the foyer. So as you leave, there's no physical ticket that you will receive or have to pick up or pay for. But scan the QR code, insert your vehicle registration details and your email address. By the time you reach the basement and actually make your way out of the boom gates, that is where the boom will automatically open. I am assuming many of us are familiar with it, but just in the interest of anyone forgetting, just a gentle reminder to nudge you. I have taken a minute of your time. It is 16 minutes after 12:00 P.M. Please enjoy lunch within the foyer and the restaurant for the next 45 minutes. Please return promptly in the room at 1:00 P.M. We are going to shift our focus now to the remainder of our portfolio within Poland and of course, parts of Central Europe. Thank you so much, ladies and gentlemen. Please enjoy lunch. We will see you promptly at 1:00 P.M. [Break] Ladies and gents, thank you so much for making your way back from lunch. We will afford you an opportunity just to settle down, please. Thank you so much. Well, I trust that we all enjoyed lunch. I do see that there were fruitful exchanges that took place over lunch, connecting with old colleagues, new ones, and of course, perhaps reflecting on some of the commentary that has been shared with you here this morning. Fundamentally understanding that it does play a role in the investment decisions and outcomes that many of you do take. Well, we look to build up on these themes now by, of course, understanding the full portfolio of Redefine's' asset base. A large focus of this morning really gave you context into where the group is positioned. We deep-dived into South Africa, as well as the different levers and nuances that influence the portfolio right across the spectrum. But now we cast our minds and our eyes and attention to the outcomes that we see in key markets, Central and Eastern Europe, and of course, Poland. A key market that Redefine has ventured into over the last few years, finding its niche and new opportunities, specifically within the retail space, that continues to perform well. We will get some insight today as to how it is performing, what new levers and opportunities can be tapped into, and of course, how much, like here in South Africa, the key themes regarding energy waste and, of course, impact on society, play a critical role as they are weaved into the outcomes and the reality of what that looks like for us as members of the investment community. The metrics will be mentioned, opportunities will be ironed out, and key themes that Andrew touched on this morning will further be fleshed out for you to engage with representatives of the leadership through a Q&A session. Just a gentle reminder as well, please do keep your questions coming in. It's really made for a very engaging session so far this morning, and we look to maintain the momentum. Whether you're online or in the room, please do feel free to keep your questions coming in, as we are looking forward to hearing more detail and insight from your areas of interest. As we cast our attention far, far to the Central Eastern part of Europe, we're going to be joined by our colleague who takes care of a critical portfolio, which is also fundamental to expanding and growing the organization's objectives within Poland specifically. We're going to be joined by Kamil Kowa. Kamil could not join us here today, so Kamil, I'm sad to say that you're missing out on the South African sunshine as we pull you up on screen in just a moment. But certainly going to be giving us some insight, data, and perspective into the operations we do see when it comes to the Polish market. Many of you might be familiar with Kamil. Having been in his role since January 2024, bringing more than 22 years of experience within the real estate environment industry, capital markets, and advisory services. Kamil Kowa, Managing Director of Savills Poland, joining us to tell us more. Kamil, I'm going to try and wave, and hopefully you'll see us. Maybe if we all wave, so the camera's at the back, so he'll see arms. But we'll convince you, Kamil, that all those arms. Yeah. Let's try one more time. A little higher. There we go. Hopefully, you see some movement, and this is confirmation that there are warm bodies. Yeah, I can see a lot of movements with sharp minds here in Johannesburg. Kamil, with that said, we really look forward to your presentation and the Q&A. I will hand over to you to give us some insight in your market commentary regarding Poland. Thank you so much, Gugu. Thank you very much for your kind words and the introduction. I have to say that even though I am missing the sunshine of South Africa, we have had a nice comeback of summer to Poland. So, it is actually a good testimony of where the market is right now because it is also warming up. I will come back to that in a second. So, good afternoon, everyone. I hope you had a really nice lunch. I will have a brief presentation for you on Poland. I will not be going through every data point. I am sure that you are all familiar with the history of this market. I will focus on three main questions. Why Poland? Why now? Where do we see the opportunities? I do not think I need to sell the whole Polish story to South African investors because obviously, a lot of you and your peers were, say, one of the first movers in the market 10 years ago, especially in retail. So you are actually not last comers. You were helping out to shape the sector. I think a lot of the investors from South Africa grew their presence successfully in Poland and they are now continuing their expansion here. What I will start with is the fundamentals of the Polish economy. I think that the figures on the left-hand side of the slide are telling you a bit of the story. First of all, our GDP has been growing sustainably over the last 20 + years. So basically, throughout my entire career in the real estate market, I haven't experienced a single year of GDP fall, except maybe for one year during the pandemic where the whole world just stopped. And it remains like that. So this is a really strong economy, really strong domestic sectors, and very tight employment market in the same time. So obviously, it's creating wage pressure, but it's also showing the resilience of the economy. Then demographics. It has been in a standstill for a while. So the 37 million hasn't moved much. It still makes us one of the largest countries in European Union, but it means that we are also depending on migration. So actually, that's one of the very few positive outcomes of what's happened in the world in the last couple of years. We've accepted a lot of new citizens to Poland from the neighboring countries. They've blended in very well. They are supporting our economy, our demographics, so it's actually a positive outcome. Poland is just joining the G20 meetings as we speak. So for those of us who remember the old socialist times from the 80s and 70s, that's like coming to a new era or like landing on the moon. The chart on the right-hand side shows you how quickly the economy of Poland has been growing. This is the GDP in purchasing power parity prices. We've just caught up with Japan, and we are narrowing the gap to the remaining European Union countries. So it's also showing the growth that Poland has achieved over the last 20 + years. Foreign direct investments, very quickly. Poland, for a really long time, was dependent on manufacturing businesses moving into Poland, so we've served as a kind of a manufacturing backbone for the German economy. It has been changing over the last couple of years. The service sectors are becoming more visible. So even though still manufacturing dominates the mix, we are much more diversified economy right now, which is helpful because obviously with the several trends which are happening across the globe, especially which are impacting our neighbors from the West, the German economy, it makes us a bit more immune to what's happening elsewhere in Europe and globally in the manufacturing sector. So still, especially for the industrial and logistics, manufacturing is one of the key drivers, apart from e-commerce. But as I said, we are much, much more resilient right now as the other sectors are growing. Several tailwinds which are behind what I have just described. First of all, obviously, the EU funds. We are one of the major beneficiaries of the EU funds since we've joined the EU 20 + years ago, and it remains like that. So it's one of the main drivers of the Polish economy, and it's not only about, say, theoretical allocation out of the new EU perspective. We've already allocated or committed to spend close to 70% on actual programs in the infrastructure, in the all sorts of cohesion funds in Poland. Secondly, that's very important for the retail sector, rising real incomes. As you may be able to see in a while, Polish average monthly salaries grew within the last 15 years by 170%, and that's well ahead of the cumulative inflation, which reached only 60%. So it means that real wages of Poles are actually growing, and that is visible in the NOI of the retail projects in Poland, among others. FDIs, I mentioned nearshoring and defense. That is the trend which is impacting, especially Polish manufacturing sector, quite substantially. Defense is obvious. We are spending out of all the NATO countries, for probably obvious reasons, we are spending the largest share of our GDP on defense, and that is already visible. We are working with several newcomers, which are trying to enter the Polish market, from all over the globe, trying to build their facilities here, and that is structural. It will stay. The same as with nearshoring, the whole post-COVID situation, and the supply chains which have been transformed. That is already visible in Poland. A lot of the companies I have mentioned, which are working in Europe, are trying to relocate their manufacturing facilities, from various places in the Far East to Central and Western Europe. But on top of it, we see more and more, say, for example, Chinese companies, which are trying to be closer to their customer base. So instead of shipping all the goods directly from China and wider Asia, they are relocating some of their logistic facilities to Poland and to Central Europe. And the fourth factor is the tightening labor market. So again, we have the third lowest unemployment rate in Europe, which is a challenge, obviously, in some markets because of the wage pressure, because it is difficult to find employees across major cities in Poland. But also it is visible with the rising real incomes and with the strength of the economy. I will quickly go to main real estate sectors in Poland. I will start with retail, then we will give you a brief overview of office and industrial, and then we will try to sum that up in the investment part, where I will describe the history of the market a bit and the current trends in the real estate market. So for retail, obviously, I have been observing this retail story for the last, say, 15, 20 years, and I have heard all those really doom and gloom and sad stories of what will happen to retail, first because of the e-commerce threat, then because of what has happened with COVID and shopping centers being closed, then the specific Polish case on the ban on trade on Sundays, which has been introduced several years ago. This should be like the last nail in the coffin of retail, and the sector overall survived all of this negative factors, which actually shows you the resilience of the sector in Poland, specifically. First of all, e-commerce penetration. You can see here, despite the fact that e-commerce is growing in Poland, as also in the world, obviously, Poland, and we have been analyzing that over the last decade or so, has always been a bit more immune to e-commerce threat than the rest of Europe. And our view is that, first of all, if you look at the Polish population, it is much more evenly spread across the country than in many other places. So we do not have a dominant capital city like Warsaw is, depending on the estimates, between two and three million people out of the nearly 40 million people country. It is making the job of all the courier companies a bit more difficult in Poland because the entire population is spread evenly across the country. You have three-quarters of people living in small towns and villages, up to 50,000 citizens. It is not very easy to deliver all those low-value items to all those remote places. That is one factor. Poles like to shop in traditional retail. We have been lagging behind a lot of the Western world. We have not experienced a lot of the modern shopping centers in the past. Right now, that is one of the ways to spend your free time, to go for brick-and-mortar shopping. Obviously, the e-commerce threat is there, but it is not as strong as elsewhere in Europe. The second piece is about the outcome of real wages growth and the economy, which is growing in Poland, and that is visible in retail spending growth, which has been and still is expected to remain like that, to be much higher in Poland than Eurozone. It should be outperforming the rest of Europe for the next couple of years at least. That is our view how it will also support the cash flows and the NOIs of retail projects. The environment has changed quite substantially over the last couple of years in the sector. Actually, if you see the last column in the chart, which shows you retail under construction by format, all of the new construction, and that is very limited construction, as you can see, is happening in small retail parks in small cities and towns in Poland. The ones which are under construction, 9%, these are only the expansions of the existing shopping centers. There are no new traditional shopping centers in Poland being built right now. It will not change anytime soon. It shows you that the market is actually already quite saturated, and we do not expect any new shopping centers being built, which means that there is this scarcity of new supply, which limits the risk for the existing shopping centers. What is also important here is that actually this is sometimes creating additional pressure for the traditional retail. The fact that there are more and more, say, retail parks being built across Poland, although they are already coming to the saturation point, and they are taking over part of the customers from the traditional retailer. That is a new phenomenon. It has been developed over the last couple of years, but it is something to observe. People who are going to their hometown to shop in a small 5,000, 10,000 square meter retail park may not be going as frequently to a traditional shopping center. But at the same time, once they go, the conversion rates are usually higher, as we see. They are less window shopping, and they are just specifically going to the shopping center to shop. Where do we see the opportunities in the retail sector in Poland? First of all, retail parks. This is a game of scale, obviously. We see that there are more and more investors, currently, a lot of them from U.S., which are trying to consolidate the sector and are trying to buy out portfolios of retail parks, because obviously you are getting the synergies of scale. You have not 10, 15 tenant retail parks, but you have 50, 70 of them, which allows you to offset your central costs. That is the trend we are seeing. Typically, you have local Polish developers which are building small retail parks here and there, and then they are being taken over by large foreign investors to create portfolios. Second, prime shopping centers. As I said, we see that the cash flow is resilient. You are no longer buying a shopping center hoping that the yields will compress significantly, and that you are buying it because the income is resilient. Also the repricing, I will describe repricing in a second in the investment slide, makes acquisition easier because there are opportunities out there. There are shopping centers which were, because of several factors, because of not the best sentiment towards retail, the yields in the sector have not compressed as much as, for example, in logistics. Which means that right now, a lot of them are an attractive buy, and we see it. The retail sector was one of the main drivers behind quite substantial volumes this year in investment in Poland. Same thing applies to dominant regional shopping centers. Obviously, it is not an investment for everyone. You have to have a strong asset management platform for that. You basically have to know what you are doing. We see that more and more owners of single shopping centers are selling off, and the assets are taken over by ones which have the platform, are having better leverage on tenants, and have a portfolio strategy. NEPI, in the last couple of years, was especially active here, buying out some of the largest shopping center. But right now, we see more and more investors coming to the market. A lot of them from the region, so a lot of them from the neighboring countries like Czechia, like the Baltic states, but also from Israel, where the capital from this country was particularly interested in retail sector in Poland. Obviously, grocery-anchored retail, which is predominantly supermarkets. We see investors out there looking to buy supermarkets because they see that this segment of retail will not be as much exposed to e-commerce as some others. Office market, that is a market of two speeds. Here you have to be very selective when looking at the sector. Warsaw, especially Warsaw CBD, is one story. Regional office markets is another. In Warsaw, especially in CBD, it is very difficult to find new space. We have been experiencing supply gap over the last couple of years, which means that finally we see some rental growth in Warsaw CBD. We see the vacancy going down. But there is a completely different story when it comes to regional office markets, so all the cities outside of Warsaw and some areas of Warsaw outside the city center, too. These sectors were dominated by the tenants coming out from the BPOs, so business process outsourcing, shared service centers. This tenant pool is shrinking a bit because of, first of all, development of AI. Second, Poland is not as cheap as it was. Some of those corporate tenants are trying to move out to some cheaper places in the world. And some of them, obviously, are experiencing work from home impact, because a lot of those businesses can be run easily in a hybrid mode, which means that there is less physical demand for office space in places like Kraków, Poznań, Wrocław, or Gdańsk. Which means that after COVID, vacancy rates jumped to nearly 20%, and they are compressing very slowly. On the other hand, the development activity in those cities has gone down to the lowest level in 15 years. Which means that slowly and surely, this vacancy will be absorbed. It is just a matter of time. But that is definitely a different story to what was happening in the center of Warsaw, where every office developer is trying to secure a new site. There is a scarcity, obviously, of proper sites, and there is definitely a landlord market in Warsaw. Industrial. With the slowdown of the activity in retail during the pandemics, the industrial was one of the main beneficiaries. So very quickly, the supply of quality industrial sheds went out to nearly 40 million square meter, which makes us one of the largest industrial markets in Europe. What has happened since then is that the demand has shrunk a bit over the last 24 years, which impacted the construction activity quite substantially. So after a boom in the market where the supply was growing very rapidly, it has slowed down. Currently, we are seeing the slowest pace of delivery of new sheds since 2015. So again, most of the projects which are currently under construction are already pre-let. And we see this as a stabilizing factor for the industrial market. So that is definitely one of the most sought-after sector. I will come to that in a second. The vacancy rate is under control, and there is no really significant speculative development across the country. So that has changed. The supply goes in line with the pre-let pace. So we do not expect the supply of new space to be delivered very quickly, which allows the vacancy to be under control. Investment market, I started with this one. We have had the best second quarter ever in terms of volumes. And we have had quite a jump in the investment volumes overall in the first half of this year, of 93%. Obviously, we had a really slow start last year, but as you can see on the chart here, we are well ahead of where we were historically in the last three years, which is showing a revival in the market. Obviously, it is a factor of several large transactions which have been closed in retail, specifically, but also some large transaction in the living sector. So we will not be able to probably repeat such a record quarter every quarter right now, but there is definitely a visible recovery in the market. The yields have not started to compress yet. So in a lot of the sectors, especially in retail, as I mentioned, but also in secondary offices, in industrial, you can find really attractive buys. Living sector is one of them, too. So the market is definitely recovering after several years of a slowdown. That is an interesting summary to me, showing where the South African capital played a role in the market. So as I mentioned, 2015, 2020, South African investors, especially in retail, were one of the market makers, 14% average share, which has come down to 8%. This is mostly NEPI buying large shopping centers in the last couple of years. This has been offset by a large influx of regional capital. We see more and more investors from Czechia, a jump from 4%, five, six years ago, to 14% currently. They are one of the main investor pools here in Poland. Domestic capital is also being more active. That is a major change in the market, and that is one of the reasons why Polish real estate market is not really catching up with the economy, because it should be much, much bigger and much more active. The thing is that a lot of the Polish institutional investors were either not able or not interested in investing in Polish real estate because of the lack of, say, tax incentives or other infrastructure. There was an interesting situation where there was a lot of regional investors from Czechia, from Slovakia, from Lithuania, Latvia, which were able to invest in Poland. For example, Polish insurance companies were not able to invest directly in real estate, which is quite unusual. We are still waiting for some changes in the legislation which would allow that, because once this capital is unlocked, and we already see some symptoms of, say, high net flow of individuals investing in real estate in Poland, this would change the picture quite substantially. For a lot of foreign capital, we were still perceived as an emerging market. Very quickly, whenever there was a turbulence in the global market, Poland was one of the first places they were leaving and one of the last places they were coming back to. The investors which are here understand that this market is really resilient and there is no reason for cross-border capital to leave it in the times like this. After a record compression of yields, which lasted, say, until 2019, 2020, during the pandemic and after that, on the back of growing interest rates, growing inflation, the yields also bounced back across all the sectors. Right now they have stabilized across basically all the sectors. As you can see, they seem to be the most attractive in retail right now. That is where we see the opportunities right now. We see that the yields have not compressed, as I said, as much previously, and they were bouncing back much more quickly and much more than in other sectors. That is already visible in some transactions. The investors are coming back to retail sector, lured by the fact that the yields have not been compressed as much as elsewhere. Office, again, the market of two speeds, very limited investment activity in the regional markets. Mostly regional buyers are buying there and some Polish buyers. The rest of the investors is very focused on Warsaw. There is a competition for top office towers in Warsaw, but there is very limited activity elsewhere. Industrial, the market has been booming, then the yields decompressed, and right now they are stable, and they should remain like that, just because there was so much industrial being built over the last couple of years, and there is quite a lot of projects for sale right now. Even though there is still a lot of interest in the sector, the fact that there is quite a lot of supply in the market available to be acquired stabilizes the yields. How do we look across the sectors? We are very positive about retail and logistics, living and Warsaw offices too. Although here you have to be a bit more selective in terms of Warsaw, it is predominantly CBD. Outside of the CBD, you have to be careful, and you have to have a clear strategy around ESG asset management. What do you want to do with an older stock outside of the city center? Because the tenants are interested more and more in that, especially with the tight employment market, it is getting more and more difficult for them to bring employees back to the office, which means that the office has to be really attractive. It has to be either centrally located, brand new, or it has to offer some advantages if it is outside of the city center. The living sector, that is a play for investors which are either entering the market through developments or have a strong asset management platform because it is a B2C market in reality, right? You have to be running quite a significant operational part of your business here. It is not for everyone. You cannot be passive investor, obviously, here in living sector. There is a structure under supply of quality living in Poland. With the growth of the economy, with the growth of the real wages, that is a really strong fundament for the sector. I would say very careful with the regional offices. It will come back, but it will not come back very quickly just because of this large vacancy which needs to be absorbed. Last but not least, self-storage. That is a very early stage of this market. We see that there is a really low penetration of the market. There are just really two major platforms, Stokado and Less Mess, and that is it. We see that with the migration, both internal and external, with the new residential stock being built all across Poland, there is a need for quality self-storage, and the market does not really exist to an extent. It is really a niche market, but I think we see it as a good opportunity for the investors. Last slide. Three things I want you to remember. First of all, growth, sustainable growth over the last 20, 25 years. The factors behind the growth, we see them as structural rather than cyclical, so we see them as the ones which will stay with us. Secondly, scale. We are one of the largest markets in Europe. With the lack of domestic investors, it is an opportunity for the international ones to be active and present here. Third piece, we have had the highest volumes in H1 for the last couple of years, best ever Q2. It really shows that the liquidity is coming back even though the financing conditions are still difficult, especially in the local currency. We are still facing quite high interest rates, which means that in our view, the only way is down, but let us see when and how it happens. Thank you. I hope I did not bore you to death and that you did not fall asleep after lunch, after my presentation. If you have any questions, I am happy to take them. Far from it, Kamil. I think far from it, Kamil. More than anything, you have left a lot of us with a lot more insight into the reality of what the Polish economic environment looks like. Some of the data points could only be the envy of us as South Africans, right? When we consider unemployment, as well as the growth prospects that exist there. We will leave it there for today. We have run out of time, just in terms of the questions. Really appreciate the insights that you have shared with us, Kamil. Hopefully, next time you will join us here in South Africa and get a different perspective. I would love that. 100%. For sure. Ladies and gentlemen, Kamil Kowa. Please give him a round of applause for giving us some feedback there. Thank you very much. Have an amazing day. Thank you. I think really for many of us, perhaps we have understood this journey as we have participated with Redefine in getting a better understanding of the fundamentals that support the investment decision to actually enter a market like Poland. It is quite clear that the key levers and metrics that have been working in Redefine's favor, largely in the retail space, are still there. If anything, Kamil's presentation really painted a very clear picture about the opportunities that exist, some considerations we should bear in mind, but of course, an understanding of how this could potentially impact our numbers. Our next two speakers are going to give us a lot more detail into this, and any of your questions can be addressed to them to fully understand how the macroeconomic themes that were described by Kamil actually play out in Redefine's portfolio. We will be joined by two participants representing the EPP team and giving us some context regarding the experience, the investments, some changes and nuances, and of course, key metrics that we all look out for when it comes to the exposure we have within EPP. Please help me warmly welcome, before we do, perhaps let me tell you that we are going to hear from them in a phased approach where we get some clarity and perspective on the portfolio, growth prospects, as well as the strategic objectives that we want to define. From there, we will also have an opportunity to engage in your questions. However, to set the scene, we will take and start with an opening video that will provide some clarity. This video will help us introduce Tomasz Trzósło, who will join us to give us some insight into this conversation and theme, and beyond that, Agata Sekuła, who is also a phenomenal leader with a great level of depth and insight into the retail environment in Poland. They will join us up on stage shortly, but before that, let us turn our attention to the screen to have this introductory video. This is Poland's largest retail real estate portfolio, internally managed and located in the most attractive Polish cities with the strongest consumer demand and growth potential. Every day, EPP's properties welcome hundreds of thousands of people across dozens of cities. Each asset requires continuous decisions on energy, resources, technology, and how it will perform not only next year, but over the next two decades. Lasting asset value depends on management quality today. EPP understands this and has developed an approach that turns it into measurable action, giving every management decision both direction and clear objectives. In the climate area, this approach takes a concrete form, EPP's net zero transition plan, a decision-making framework that translates emissions reduction targets into measurable, financially viable portfolio decisions with a clear pathway to 2050. By focusing on energy, biodiversity, and waste, EPP addresses local operational and regulatory risks that have a direct impact on the value and competitiveness of its assets. High energy intensity is one of the most significant challenges for a portfolio of this scale. EPP manages it methodically, from audits and modernization through to AI-supported monitoring and optimization. King Cross Marcelin brings this approach to life. Here, a deep energy retrofit proves that a mature, fully operating asset can be transformed without ever closing its doors, and that same model is now being rolled out across the M1 shopping centers. Renewable energy is the second pillar of EPP's energy transition, sourced through a combination of PV installations, power purchase agreements, and guarantees of origin, reducing exposure to energy price volatility. Climate resilience goes beyond energy. Biodiversity is how EPP manages climate-related risk at asset level. Green spaces around EPP's properties strengthen resilience to extreme weather, reduce operating costs, and enhance visitor comfort. Galeria Solna shows what this looks like in practice. Waste is a shared responsibility and a shared opportunity. Waste Tracker gives EPP the data to manage it precisely, turning recycling targets into measurable outcomes across the portfolio. Energy, biodiversity, and waste. Three areas, one answer to the same fundamental question. How to manage a portfolio that preserves its value over the long term? EPP does this through data, technology, and operational discipline. The result is lower costs, better risk control, and assets that are ready to meet the demands of the market, regulators, and financing requirements today and for decades to come. EPP. Good afternoon, everyone. I am very happy that Agata agreed to come over this time and join me on the stage. My knowledge of retail is a small percentage of what Agata knows, and actually 100% of it comes from Agata. Agata will share with you her insights about retail, and then I will add a little bit thereafter. Okay, good afternoon. As Kamil already stated in his presentation, Poland has very strong market fundamentals and also very strong perspectives for growth. As you can see here, the retail sales are actually forecast to grow by 2.8% per annum until 2030 in Poland, which is by far more than in Western European countries and in the Eurozone. On top of that, if we look at our EPP Core portfolio, we have assets in the cities that have very high spending power, much higher than the Polish average. In Wrocław it is 29%, in Poznań 21%, Szczecin 14%, and Kielce 8%. In this Core portfolio, we have over quarter of a million square meters under management, which has led to 660 tenants. Putting our Polish operations more into perspective, just to add a couple of things to what Kamil has said. Basically, looking from September last year to June 2026, retail sales grown in Poland between 1.3% - 8.7% every month, and at the same time, our e-commerce share stood at a very low level of 9%. I think importantly, this share of e-commerce continues to be the same for the last four years. There are no signs or forecasts that it is going to change in the future. In terms of actually the market itself, we see a lot of national brands such as HalfPrice, ShockPrice, CentrumRowerowe.pl, which is a bike center, Worldbox, Boardriders, that are actually developing across Poland, together with also a number of international brands. We have Søstrene Grene, we have Rituals, dm-drogerie, MR.DIY, these brands that are opening many new stores every year. In addition, we have newcomers, like this year, Lululemon, XIMIVOGUE or Lonas, and on top of that, Taco Bell, who will be actually returning to Poland. These brands either already opened or announced that they will open their first stores by the year-end, the calendar year. What Kamil said is that, and I will just reiterate, that there are no new shopping centers under construction. We can only see some expansions of the existing centers and only one shopping center under construction in the city of Nowy Targ that we do not have any holdings. The retail parks continue their expansions indeed, but there is still a very, very long list of retailers that want to be present only in the shopping centers. Now, following the market overview, just a quick operational update on us. The figures go from September 2025 to July 2026. Across our overall portfolio, the footfall grew by 1%, and that was followed very closely by the like-for-like turnovers that precisely grew by 0.9%. However, I would like to highlight here that we have made a lot of changes to our portfolio, introducing plenty of new retailers that have not been yet included in the figures as we are looking at like for like. Their operations, and we are introducing strong tenants, will be seen in the turnovers in the months to come. In terms of the rent collection, this is something that we are very proud of. It is at the level of 99.3%, breaking down to 99.2% in retail, 99.5% in offices. In terms of occupancy, also, we are very happy to announce that it grew from 98.2% - 98.6% in retail and stood at the same level of 84.1% in offices. Last but not least, our rent to sales ratio of 7.7% and occupancy cost at 11% are at very, very healthy levels, and these decreased from 8.2% and 11.5%, respectively, for the last financial year. Very briefly on ESG, you have seen this also in the movie. I am very happy that we have been included. Andrew has been mentioning this in this ESG ranking for responsible management at the position number nine. This is country-wide. It is all the banks, for instance. One of the latest winners was Santander Group and mBank. We are competing not only with real estate, but generally across the country. The short message from me is we are consistently, for the last couple of years, putting a lot of effort into ESG. We have longer-term plans. We do it in full alignment with Redefine. We will continue to be very active and one of the market leaders in this field. Let us go on. Coming back to our EPP Core portfolio, just a couple of messages about our leasing update. We have either prolonged or signed new leases for over 30,000 square meter of GLA, which represents over 12% of our portfolio. Just to mention a couple of names, like in just one of new retailers per each. That was Fabryka Formy, which is a fitness operator and new function for King Cross Marcelin. We signed Worldbox both in Galaxy and in Galeria Echo. We signed Sports Direct in Pasaż Grunwaldzki, as well as Gap, who is returning to the Polish market in Outlet Park. Also we prolonged very important major leases like MediaMarkt in King Cross, Komfort in Galeria Echo, Media Expert in Outlet, RTV Euro AGD in Galaxy or Pepco in Pasaż. Looking at our operational statistics for EPP Core, everything looks very, very positive. Occupancy grew from 99.4% - 99.6%, which actually is fair to say that any vacancy in this portfolio is actually of a frictional or temporary character only. We have positive renewal reversions of +0.9. We have the positive footfall 0.2. We have a very strong, healthy rent to sales ratio of 8.6%, which decreased from 9%. Last but not least, actually, our weighted average unexpired lease term is 3.8 years. Actually, I would like to bring to your attention the fact that it was the same at the end of financial year of 2025, which means that we kept the same years of the unexpired lease term, despite the fact that 11 months have passed. Couple of statistics on our JVs, lots of numbers here. Just looking at in all our retail JVs, we have quite healthy occupancy levels of between 97.3% - 98.2% in these portfolios. Actually, in each JV, this occupancy increased. You may see it slightly different on the Horse Group, that it is slight drop, but this is driven by the fact that we are redeveloping, rebuilding one of the assets, M1, in Poznań, and we have added extra 800 sq m of GLA that it is in the process of redevelopment and leasing. If we excluded that, it will be 98.4%. The occupancy is growing. Our unexpired lease term is at least minimum 3.1 years, and in each case it is either the same or slightly extended or even in the case of Horse Group, when it is slightly shorter, it is not shorter, but this equivalent of 11 months. So we have 4.2 years. Our rent to sales ratio is very healthy, 6.9% - 8.4%. In each and every case, this decreased from the end of last financial year. Tomasz? I would only add as well to this last slide that we are also improving in the office market. You may recall Kamil, who said obviously situation for Warsaw CBD is better. Regional markets struggle, but we are able to increase our occupancy there, as well. That is also good. Couple of other slides quickly to cover. We are doing a lot of work behind the scenes to improve the operations of EPP. One thing that we have done a lot in the last 24 months is the structure optimization, including some recent changes. Agata, for instance, agreed and is now running not only the leasing but also the property management. We consolidated this into enlarged asset management function to optimize decision-making there. We have done some other changes, and we have also achieved significant cost savings in that field. The same happens with the general administrative costs. We do continuously keep a very tight cost control approach, and that is going to continue. On ESG, you have seen the movie. I will not dwell onto that, but we are doing a lot, especially with some initiatives like biodiversity, or the waste management. We are rolling this across the entire portfolio with some very encouraging results. Energy consumption is a big thing here in South Africa. It is equally big in Poland, and I am very happy with our, so far, strategy. We are increasing the, renewing the carport system in one of the M1s in Częstochowa. We are doing a lot of works there, but we are also having PPA over the solars. We are also buying the certificates of origin, and we plan to increase this further. One of the most important things that U.S. investors will see, and obviously Redefine as our parent company, is the work we have done in the debt finance, in the debt funding. In the last year, we have done a lot. EPP Core, this is EUR 230 million refinancing, big deal in a country perspective. Importantly, we did convert it into NOAMO. We just completed the same for one of the tranches of M1, tranche 2 for properties. We also have NOAMO. Andrew has been mentioning this. We have big plans now to also roll out some other debt in the next 12 months. That includes community JV, that includes some balancing properties at M1. We have very strong market interest from the banks, and that is something we will conclude in the next months to come. That improves our structure. I will say a few things about this in a second. In terms of sale efficiency, Agata has not mentioned this, but we are doing a lot of work as well over the traditional rental income in our properties. Predominantly, this is alternative revenue, and we are looking wherever possible to add some additional revenue. Last but not least, business digitalization, we are doing a lot in new systems. One of the things I want to mention is we have developed a CapEx management dashboard, which makes our life much easier in terms of managing CapEx. This has been an issue in the past in terms of how close to the forecast we can be. Some of the bigger bulk numbers, I believe we have improved significantly in that field. Maybe on this blue point here, I will just relate one thing to what Kamil has said. My point is that retail is now really coming up in investor sentiment. We will yet see this in transactions, but even when you look at the transactional evidence recently, retail is really on the way up. The reason is very simple. It is the stability of revenue. In offices, you lose a big tenant, it takes months to replace, big fees, big incentives. Retail, sometimes it is not easy, you have to negotiate the rents. Agata knows a lot about that with her team. But you have the pool. If you have the good centers, if you have the knowledge, you can manage this, and investors will only be able to appreciate this even more. What are we doing to translate these sub-market opportunities and country opportunities into the growth? I have mentioned about alternative income, but we are also expanding where possible. We have done extensions. Recent one is in one of community properties, JV, in Kłodzko. We have added small retail park. We have signed the lease with TK Maxx. We plan actually to include this property on the investor tour to happen next calendar year. We are very happy with the outcome. This is actually located close to the Czech border. We see a lot of clients coming also through the border from Czech Republic there. We will continue to look at these kind of opportunities wherever feasible. In M1 portfolio, Agata can talk long hours on this. We are doing a lot of work. We haven't finished yet. We are really improving long-term. We are very happy with the work so far, but we still have a lot of ambition for improving M1 some more. Obviously, we are starting after the years of Metro One, this structure was what it was. We have started actively managing this since mid-2024. We have done a lot. There is more to come, and we are very happy with increasing footfall and the results we are seeing. Office portfolio, again, I can relate to what John Jack was saying on Joburg market and Cape Town, and what Andrew was saying, that, yes, we could maybe write it down and get rid of it. My view is we need to be a bit patient, but this value will be released in the future. What is the point in flipping this for zero? I would rather be a bit patient. Yes, it has an impact on total equity return, but I am really sure and positive we can release value to investors if we are a bit patient, because the market will improve there. There is no development. I could relate to what John Jack was saying about South African market. It will take longer in Poland because there is still a couple of active big office development groups, so they will keep disturbing the market for a while. The same trend will happen maybe two, three years later. So we are monitoring this. In the meantime, we are really cutting down the CapEx spend. We are pushing most of that through OpEx. We are very careful with the spend. We also have converted our leasing strategy. We are offering lower rents, but much lower CapEx just to manage the cash flows in the best possible way in this weight strategy. Debt structure I have related to, we have more to come. I believe a lot of value will be released from that. In terms of JV operating profit margin, yes, we are moving there. I just would like to flag one specific thing. The methodology we are using is we are taking EPP Core, so we have employees in EPP Core. We are recharging some of the services we are doing out of EPP Core to the JVs. If we consolidated this all with the revenues that we are getting from the JVs, our operating profit margin is at 80% today. The methodology produces a 75% margin, because we are not able to recharge every single cost we are incurring from EPP headquarters to the JVs, but our aggregate consolidated margin is already much better. So if at one point of time, Andrew would agree, and the equity market would be good to raise equity and buy our partners out, our operating profit margin would immediately jump by a minimum of 5%. Regardless of that, and notwithstanding, we are doing the work to improve, also the net operating profit margin in the current methodology. We are continuing disposing non-core assets. We have just closed, at a very good price, Power Park Kielce. We are about to close another power park. It is at advanced stage. We continue doing that, and we will continue to review this. Obviously, what we would like to do is to tackle the good market. We do not want to sell at any price. That is what is holding us up on some of these, but we are keeping a close eye on the market. I have mentioned operating, the alternative income. I am just conscious of time, just to try and save a little bit here. I will only mention on AI, we are doing a lot. We have started using this also in energy sector. We need to allow a bit of time, because this is machine learning, so the systems are also learning from the data collected. I am being told we need one to two years to really start seeing the outcome, but we are doing this already for quite some time, and we will not stop. It is our avatars here. It is not us. Very advanced with AI. We are now also fully digital in our invoicing. Everything goes through electronic system. This was a lot of work, but we have done it. The Waste Tracker, we are rolling over the project. The initial results have been very encouraging. That is my last slide. Summing up, and maybe some of the pre-close information. We have an ambition to improve operating profit margin, not by changing methodology, but just moving this higher. Our current number is around 75%. We will be continuing working towards 80%, which is the goal set by Redefine Properties. We are working on simplifying the JVs. Andrew has mentioned this. We are advanced with some processes there, and it will be reported at the right timing. Very important is the debt funding, and you will see some further important additional contribution from that end. The market is good, and we will definitely use this in the next months to come. Last but not least, distributable income in cash to Redefine. We all remember how bad it was in COVID times and shortly after COVID. We are already moving. We are in the high 70%s now. Next year, I am absolutely positive we will go way above 80%. The question today is how much above 80%. We are moving in the right direction. I hope you appreciate the work that we have done in the last couple of years, and this is not a done work. We continue to be very busy in trying to make an EPP even better business. The market is supportive, but we are also doing a lot internally within EPP to make sure we are not relying on the market. We are doing and taking care of every single aspect that can help us being a better business. Thank you. Thank you so much, Agata and Tomasz. Please do join me and have a seat. My colleagues will just assist in removing the lectern to make sure that we can engage. In the interest of time, though, we are going to keep the conversation and the questions quite punchy. I thought I would practice my Polish and say, "Dziękuję? [Foreign language]. [Foreign language]. Is that thank you? No. No. [Foreign language]. [Foreign language]. There we go. So we practiced it yesterday. [Foreign language] is good day. Got you. So we practiced it yesterday, and then for the life of me, as I am sitting next to Andrew, I just could not remember it. But here we are, dziękuję, and it is certainly a word that many of us will remember. There are already quite a few questions that have come through, but I think firstly, just to get your perspective, Agata, before we talk about groceries that has seemed to underperform in certain markets, let us talk about renewal success, right, of lettable area. That has decreased slightly. Maybe give us some context firstly as to what is driving that. But more so, what sustainable levels would be? Yeah, so, basically with the actual EPP Core, I presume you are referring to our. Yes Our success, renewal success dropped, but at the same time, our occupancy increased. It is not that there are tenants that are leaving us, and we have a problem. It is actually, we take very educated decisions, and on the terminations of the existing lease agreements, we take the opportunity to replace tenants. In retail, actually, the attractiveness of tenant mix is an absolute key. It is our decision to replace some tenants with the newcomers, with the more attractive ones. As I said, it would be a worrying symptom if we had the low success rate and at the same time drop in occupancy. This is the other way around. I would see it as a positive. Maybe I could build up and actually reflect on a question asked by two analysts, Ridwan and Mweishö, talking about groceries in particular. Let us start there. Why are EPP's retail sales for groceries down by 2%? Maybe if you can give us context there, what is driving that and is it likely to reoccur? Basically, the groceries decrease is the factor of that this market is actually developing particularly quickly, and there is a rapid expansion of those discount stores like Biedronka, Lidl, Kaufland. We have plenty of them almost everywhere. I would say that this would apply to any competitor on the market, that it is just a function of the number of stores that is being developed. Does this mean anything for your tenant mix and how you view some of the grocery retailers? Yes, actually, in many cases already in M1s, we have decreased the hypermarkets, to make them actually better for today's markets. We believe that the food function is important. It is not crucial anymore, so I can imagine a shopping center without food, even without any food function. But actually, it could very well work on a much smaller space. Got you. within the shopping center. Perfect. Another question that actually speaks to footfall at Młociny? Młociny Młociny, thank you. Continues to lag peers. The mall has been operational for years now, but where is the asset falling short? Concerns around footfall actually not being competitive. Yes. Basically, in Młociny, as was mentioned already today, we are still working on the asset. We are still improving and adding new functions, adding new retailers. At the same time, we have had some issues with the exit from the car parking that we had to face, and we were working with the road authorities to improve it. So we had some small drop in the footfall, but this is not something really of a big magnitude. We are working on it, and already it is all on a stable footfall, but the footfall that actually spends money. Got you. Tomasz, maybe this is where you can add some insight, if this is one of the JVs that you might be keen to exit, and if so, what would make that attractive? Just building up on one of the themes that you highlighted in your slide. Yeah. I think Andrew has mentioned this as well, that at the same time, we are both a buyer, if the price from our JV partner is attractive enough, or a seller, if we get the price from the market at the right level. My personal view is we are moving in the right direction. Agata and the team are doing a lot. We are also, through different team, spending quite a lot of time with local authorities. There is going to be street improvements. There is going to be public investment into the infrastructure with an overpass right next to us. So there is going to be significant improvement in communication that Agata mentioned. It is not going to happen overnight, but I believe if we are patient with this center, we will see significant improvement of the results. I know we are saying this already for quite some time. We are disappointed with the tempo of that, but please be assured that we are doing a lot of work and we are moving slowly, but we are moving in the right direction. Got you. This might be a more generic question on the economic themes, specifically after we came out of Kamil's presentation. It asks, Germany appears to be running into major challenges in terms of economic growth. Given that the support Poland has provided to the German industry in terms of manufacturing and growth, do you believe that the retail market in Poland will suffer? I don't believe it translates to retail market. One of the slides that Kamil showed was the diversification of GDP. It's not a manufacturing-dependent country. Yes, there's still a lot of smaller businesses, especially in western Poland, that have been working a lot with Germany, but these companies are converting and looking for other markets to sell their goods. So they learned the knowhow, and they are trying to come out of that. So there will be some impact. Obviously, Poland and Germany. Germany is the biggest economic partner of Poland. No doubt, but I don't believe it will translate directly into retail. Retail mostly depends now on internal consumption. Kamil has been mentioning the defense spend. There's a lot of money from European on the defense through the loans now that are going to be spent locally. The government now is really pushing on the local content, are spending this money with the local manufacturing production companies. That will only benefit us in the next years to come. Perfect. I'm going to try and squeeze in just one more question if there is one from the floor live. We're happy to move a mic. We'll take your question, sir. Thanks. Just to give us a bit of assurance here. Your turnover growth is 1%. You are saying that your rent-to-sales ratio is- Turnover statistics, we do not take into account those retailers that have not been in our shopping centers for the full two years period to compare on a like-for-like basis. We include those retailers into the rent-to-sales and occupancy costs statistics. Basically, if I may explain it this way, those statistics are actually exceeding a little bit what is happening or show the true perspective nowadays, which I couldn't yet show in the figures of the turnovers. I mean that when we look into the turnovers next year, I believe that the growth will be much stronger than what we've seen today. Overall NOI, we grow. Perfect. Awesome. We'll wrap it. This is methodology driven. Yes. Overall, Perfect we do increase. That's a parting shot for us to remember. Okay, perfect. We'll wrap it up there, just in terms of the interest of time. But of course, both representatives are present. Agata and Tomasz will be present to actually engage you further on some of your questions. Maybe you'll share how the experience is different. It's not your first time in South Africa for either one of you, but I can imagine there's a lot of nuggets and nuances that you pick up in terms of the different environments and how that translates into the numbers. We'll talk about that during the tea break. Definitely. But Agata and of course, Tomasz, [Foreign language]. Dziękuję. Dziękuję. Perfect. There we go. Thank you. Thank you so much. A round of applause for them, please. Dziękuję. Thank you. A lot more perspective. The full details and outcomes in terms of these numbers will continue to be available in the handout that has been shared with you. The presentations will also be shared as you will be able to receive them online. Lots of detail, lots of insight, but very critical for us to understand how this does speak to the strategy, partnership, and growth of the business going forward. We are going to shift gears, but we keep our eye and our focus now on Central Europe. Understanding the opportunities that do continue to exist, specifically from a logistics platform. The outcomes and the economic overview has been shared, and we understand that opportunity still does exist. What are we seeing specifically when it comes to the various operations that do exist in the Redefine portfolio in that market? Again, a familiar face is going to join us up on stage. We are happy to take your questions, so please do keep them coming through the platform, or we will give you the live mic for you to address your question. From there, we will be able to engage to get more insight. I am hoping that we are going to have an energetic round of applause, and I am going to ask that we actually all stand up just to make sure that the blood flows a little bit more. Please indulge me, ladies and gentlemen. We are almost at the tea break, but as we welcome Pieter Prinsloo, please can we be upstanding as we give him a round of applause. Pieter, it is yours. Thank you for the introduction, and good day, everyone. It is very nice to be back here in South Africa, and at least the weather is nice now to enjoy. I will be covering logistics this afternoon as well as self-storage. I will start with logistics and maybe just a bit of overview here. This platform was started in 2018. We started with a small portfolio of properties. Those original properties, I think they have all been sold now. Over the years, we have built up a portfolio of brand-new developments. About two years ago, we decided with the other investors, Andrew mentioned this morning, that we are actually going to look to split this portfolio in two internally and Redefine took control of its own portfolio now. The numbers you see now here on the screen, this is our portfolio. The current value is around ZAR 9.7 billion, just over 513,000 square meter of GLA. Well-diverse tenant base from single occupied tenants to last-mile logistics. Then also location by value. Most of those properties are located in the major logistics hubs. If I can move on then to the next one. The market overview, Kamil covered all these points, so I am not going to say much apart from maybe just shortly that the logistics market in Poland is now one of the biggest in Europe, is substantial. We see that developers are much more cautious these days in bringing new supply to the market. Leasing activity has done very well this year. Lots of leasing activity across the country and the sector. Vacancies have been falling. Also high investment volume this year. We see the return of investor confidence and portfolio transactions, which is good news for us. Looking at our own portfolio, just briefly, in addition to that GLA I mentioned, we also have 32,000 square meter undeveloped land. It is two pieces of land that is located adjacent to two of our existing properties, and that gives us the opportunity for extensions there. Our vacancy has come down nicely to 1.9% in July. Actually, it is a good number if we take into account two years ago, we were still over the 9%. Lease renewals, fairly active year so far. It was dominated by one large renewal we did in Warsaw, where we renewed with a tenant for 15 years. We can see here overall the rental levels are above EUR 5 per sq m. We are achieving positive rental growth. Generally, the position is quite positive. The same with our ESG, our green rating. We now have 100% of our portfolio rated. Nearly 71% obtained certification of Very Good or Excellent. Then maybe the other point is energy performance certificates. We have got all of those in place, ranging from A to C. If we can go on to the next one. In terms of looking at our priorities and maybe just to complete the trading stats here. I spoke about the occupancy, the renewal reversions. What is also good is we see the tenant retention and renewal success rate, much improvement from last year. The rent indexation, that is basically following inflation. Then we can see our WALE increase to 5.8 years, and that is on the back of that renewal that we did in Warsaw. In terms of our priorities, we continue to pursue any asset management opportunities that comes across our way. We are looking to secure the pre-letting on that undeveloped land. If not, we can also look at selling the land. We have identified two non-core properties for disposal, one in Warsaw and Kraków, and we are looking to see if we can get attractive offers in the market. All of these initiatives, as Andrew mentioned this morning, is looking at ways to improve a dividend yield to 6%. Moving on, looking at what we have done already is the cost savings there at the bottom is we reduced some of our admin fees and also we have obtained cheaper bank funding. Just some of the other opportunities mainly involves around leasing and renewals. We try to renew early where we can proactively in order to retain our tenants and not to sit with any void and outlets. Space, no rental we have in Zapsro. Moving on, looking at Sorry, I went the wrong way. Okay. Looking at building a durable logistics platform. Portfolio, as you can see, is focused, stabilized. It has got a proven track record that it has been able to convert developments into strong operating leases. It is internally managed. Market overview is also mentioned by Kamil. The market is set to grow further, supported by infrastructure investment. We still see these relocations to Poland that gives operators, logistics tenants cost advantages, and also a lot of cross-border e-commerce with neighboring countries. Because there is ongoing pipeline of developments coming on market, we do not foresee significant growth in the market rent. For us, what does success look like? It is stable and growing distributions from the portfolio. is to realize some investment gains through disposals, to look as Andrew mentioned, look at diverse investment exposure to higher income-yielding logistics formats like the mini logistics. Also focusing on AI and opportunities that we can implement. These are mainly internal things that we are looking at, like rent roll analysis in order to improve our leasing strategy and enhance our income. Internal knowledge agent, that is really to look at all the investment information, internal knowledge we have built up over the time and see how we can help us with better decision-making. Lastly, automated modeling is just running those internal systems to see how we can reduce errors and be more consistent and accurate in our forecasting. If we can move on to the self-storage portfolio. Maybe, again, a bit of background here. We started this portfolio three years ago. Initially, we bought this Stokado business, where we got the name from. That consisted mainly of smaller self-storage facilities, mainly spread on the western, southern part of Poland. Thereafter, we bought a newly developed asset in Warsaw towards the north, and that formed the basis of our portfolio. Since then, our focus has now shifted completely to new developments. Maybe just some of the numbers here. Our carrying value is around ZAR 1.3 billion. Active income-producing NLA at the moment is just over 34,000 sq m. Our occupied NLA is close to 24,000 square meter. We have developed three developments over the last 12 months. The first one opened August last year. Currently we are progressing with four developments in our portfolio, and that will add another 20,000 square meter. Again, on market overview, as you heard from Kamil, is that Poland remains significantly underserved when you compare to the rest of Europe. Even when you compare to the U.K. and the U.S., which are basically very matured markets by now, there is still an early adoption of self-storage in Poland. Not that many institutional quality offering. That is driving the demand for these residents to make use of storage facilities. In addition to that, we also see further growth in e-commerce coming through. A lot of SMEs, entrepreneurs in the Polish market, and they also seeking self-storage solutions for their business. The other leg to this is this growing adoption of online booking, making use of digital management systems. It is not only the booking, but also making use of mobile app and ease of access to your facility. That is a big part of what making self-storage a success. Maybe just a bit on operating update. We have got our technology platform now in place with all our software working. We have got a very good executive team in place, and their task is now to drive this tenant acquisition and improve on the performance. The leasing performance at our three buildings that we opened over the last 12 months are on track, and we see steady growth in the occupancy there. Also, we continually looking at how we can optimize the performance of the portfolio. During this last financial year, we have disposed of three smaller sites. That is really part of our business, or our shift to focus on the more larger and more successful sites. I spoke about the NLA in the portfolio. This is currently split around just over 13,000 in containers and around 21,000 square meter in internal units. Average occupancy as now in July is close to 69%, but we must take that into account, that includes the three facilities we opened over the last year. If we were to exclude those, on the internal units, we are at 85%, which is close to the sustainable level, and the containers is around 74%. Again, on ESG, we get very good ratings. We have our BREEAM rating in place. These are extremely energy-efficient buildings. In our developments, we also deployed all those energy-efficient solutions. Maybe just a few words on our developments here. I spoke about developments we recently completed. In this financial year, we did two. The one opened in February and the other one in April, and that is located in Warsaw and Kraków. Two developments currently under construction. They are well advanced. They should be opening in October this year, located in Warsaw and Wrocław. That is a combined NLA of 10,600 square meter. Individually, those two will be our largest facilities that we have developed to date. Also another two currently under planning. Well advanced. We are just waiting for the final approvals to come through. Those two will have an NLA of close to 9,700 sq m. Again, how do we unlock income growth and how do we improve the overall performance? We have a few ideas here that I mentioned. First of all, cost-effective marketing, and we have put a few benchmarks there. Online marketing is very important for this business. We make a lot use of Google. This marketing can also be very expensive. For us is to find that best ratio where we get the best cost benefit in terms of the online marketing. We do have some dedicated campaigns we are doing, and we focus on the B2B clients, the entrepreneurs, the SMEs, because it is a service, especially at our new developments, that competition cannot always offer. Also it is a very good, stable source of income for us. I spoke earlier about portfolio optimization. We are planning to dispose of another two smaller sites. These are mainly container sites. In some instances, we can also relocate these containers to more productive, better performing sites. Improve sales efficiency, again, is to give the team that sales support tools that they can use. This is all using technology and software to see how we can improve that customer journey from the first click, first search on a website until they sign the lease, and they can get access to their storage facility. That is quite an important process and something we focus on. Some of the other points here, cost control also very important. We have put all our services and overhead costs into one SPV, so we can have a good oversight and a tight control over these costs. I think the one benefit is a lot of work has been done in this portfolio. We have the resources in place. We have a strong base now to grow from. As we open these new developments and we see the occupancy improved, the cost should increase at much lower margins. That will also support to get to that right operating margin we are aiming for. Then just some ancillary revenue growth for us. When we do these developments and we open them, we do not do the 100% of the fit-out. We do about 60% of that. The reason for it is it does take a number of years to complete the lease-up process, so we do not have to incur that cost upfront. That is the first one. But mainly more importantly, it also gives us the flexibility to adapt the product in terms of how we see the demand coming through from our customers. We have already seen that at our new facilities that we are now starting to do the second phase of the fit-outs, that we can adapt the product, the unit size to what the customers are looking for. But while that space has not been fitted out, we do rent it out as bulk storage, and that provides us with income as well. Then just lastly, looking at specific improvement in performance, and that is at our Warsaw Modlińska site. Even though the revenue has been growing steadily and nicely over the last year, we still want to improve the occupancy at that premises, and we have got some plans that we are implementing there. How do we build scale and how do we create this institutional-grade self-storage platform? We are busy deploying our capital, and we are deploying that into our new developments. A lot of that has already been deployed. We focus on our lease-up targets, and that is really the key here, is to reach that stabilized occupancy of between 85% and 90% in our new developments. We have got our capital sources secured. We have got two bank facilities in place. We are looking to introduce now a minority passive shareholder that will invest a further EUR 10 million into our platform, and that will enable us to do another three developments. Then the ultimate goal is to secure that institutional investor for us. At the same time, also important, and that is to support the Redefine strategy and the goals that they set, and that is to achieve those investment returns. We are looking at the capital growth through the valuation uplift once these assets are completed, and we get them to stabilize. That is the one thing. The second thing is also to get that income yield that is supported by a strong, stabilized income. Then, how does our portfolio now look like if we want to achieve this scale and institutional quality? The current target is to get to an NLA of around 75,000 square meters. That will be spread over 11 institutional quality buildings. Then the aim is to reach that portfolio value of around EUR 200 million in five years' time. Then just also some ideas on how to use AI and technology. Obviously, this platform uses technology extensively, but there is always ways that we can do further improvements and implement some ideas here that I mentioned, two ideas in using AI. One is to help with automate outbound calls. That is to really assist us with the rent collection. A lot of that is just normal, basic functions, and just reminders to follow up with the customers. The impact here is just to reduce our cost of debt collection through this process. The other one is AI agent for inbound call center. We do have a call center, but we want to enhance and improve on its function. As the portfolio gets bigger, there is a lot of volume business that needs to be handled. In this way, we want to introduce or make use of AI. As you know, these facilities operate 24/7, so a lot of the inquiries we are getting from customers are after hours or weekends, when we do not always have staff on site. On an average facility of 4,000 - 5,000 sq m, we only got two staff members on that site. They do not work. They have got limited working hours, so they are not always available. That is where this call center comes in, which is very important for us that they can handle. Again, a lot of it is just basic calls, service-related calls, questions about how to access and how to use the premises. A lot of that, we also see if we can automate that and makes it more efficient and give our customers a better service. Lastly, Andrew mentioned this here, is exciting expansion and a diversifying of the self-storage platform, and that is where we are looking at these mini unit warehouses, typically 5,000 - 6,000 sq m. Unit sizes ranges from 40 - 150 sq m. I have visited some of these facilities in Poland, and what you actually see is, I think the most at where we see the highest demand of these unit sizes, probably around the 50 - 70 sq m, where we will see that probably the majority of the unit sizes will be. Again, there are not a lot of these modern facilities available in Poland. At the moment, there is basically only one operator there. We had a look at his offering, and there is certainly scope in the market to do these kind of developments. For us, it is a bit of an extension of what we have got because a lot of the resources, the knowledge, and the basic systems we already have placed in Stokado, and this is, again, to provide this 24/7 service to the customers, where we put a lot of control in the customer's hand, where they can do it through their mobile app. They can control the access, they can control the electricity in the building, climate control, and all of that. We do see that as an exciting expansion and something that can work for us. In terms of the returns, also quite attractive. If we look to roll out about EUR 50 million, the entry yield on cost is around 10%. I think one of the biggest benefits we see here compared to self-storage is these facilities have got. It is single level, fairly simple construction and specification. Building process can be quite short, between 9 - 12 months. Also the take-up, the leasing process can be very short, also between 6 - 12 months before you can get to a 90% let-up. As you can see, the overall returns are attractive, and the investment horizon here, what we are aiming for is around 5 years. Good. That is all from me on logistics and self-storage. Are there questions? But I know you had a slide to present there, Andrew. Not yet Yeah, before we I can. Got you. No problem. No problem. Let's perhaps get to some of the questions, Pieter, because there are quite a few that have come through on the platform. If there are any as well in the room, more than happy for us to address them. If you have questions, please raise your hands. The roving mic will be able to make its way to you. Let's perhaps reflect, though, whilst the mic does move around, taking a look at occupancies. That did see a change in terms of the occupancy seeing improvement for a credible path. But perhaps enlighten us as to what the target is, how do we find ourselves getting there sustainably? I take it you talk about self-storage. Yes, that's correct. Self-storage. Yes, let me start there. Because the other one has got good occupancy. Self-storage, I think when you open a new facility, you basically start from zero, and you have to then just work the market and get that occupancy improve over time. It does take a number of years before it's stabilized. But I think, if we see the progress we're making on our existing portfolio, and we're well on track to reach that target, I think we'll see those occupancies as we open each facility. That facility will go through its maturity profile, and we'll get to that sustainable levels of 85%-90% that we are aiming for. We are opening quite a few developments in a very short period. So it will start off a low base, but it will improve over time, and we'll get to that level. Then if we still do some developments later on, it will become a smaller part of a bigger portfolio. So I think the impact will reduce over time. Any particular time frames? I think we said between three to four years. Got you. before, as a portfolio, we get to that stabilized level. Yeah. Got you. Seems like the market is fine with that. Two questions from Nazeem as well as Ridwan. Let's start off with a question from Ridwan. ELI dividends, dividend yields targeted at 6%. What's the time frame, and how can this be achieved given vacancy, which has been significantly reduced? Yes. If we are able to dispose of the assets we currently at the two non-core, because they are low yielding. If we are able to dispose on those in a short time frame, then certainly we will be able to improve the dividend yield there. If it takes a bit longer, we still see some revenue growth coming through, not only on indexation, but there is a bit of uplift on renewals to market rentals as well. The aim is that we are trying to get to it in the next 12 months. But as I said, part of it depends on disposing of those lower yield properties. 100%. The earlier presentations did allude to the minimal rental growth within Polish logistics. The question here asks, ELI portfolio is trading at low yields. Why not be more aggressive recycling this portfolio into growth assets? There's only two assets that are currently held for sale. Yeah. Maybe to that point, first of all, you saw that investment volumes did pick up this year. A lot of our trading is still happening at fairly soft yields. You heard what Kamil say. You saw a lot of transactions being done, but there is also a lot of properties on the market. I think the idea is, or the thing is, if you were to sell such a big portfolio and you try to sell it in a short time, you are probably not going to realize your full value that we are looking for. Operationally, the portfolio is doing quite well. It is very stable, gives us a strong base income. I think we need to look at and track what is happening in the market. As we see some of those development investment deals starting to improve, I think that could open up opportunities for us. Got you. Speaking of opportunities, I am going to wrap up with Refiloe's question. It is quite a loaded one, especially taking a look at the opportunity related to self-storage in Poland. If the growth opportunity in Polish self-storage is as attractive as presented, what has prevented larger pools of institutional capital from scaling into the sector already? Is the opportunity primarily driven by genuine structural supply challenges, or does it reflect operational and execution barriers that limit new entrants? Yeah. I think a lot of that comes into play. Part of it is finding the right land and the right locations. You need the zoned land. You cannot overpay for your land. You need to optimize it to it full to make the feasibility work. As I said, we have been going on for three years, but I would say the first two years, we spent a lot of time and effort finding the right locations. the right site at the right price to make the feasibility work, and that is not so easy. A lot of the institutional investors do not want to go through a period of development. They would rather look at a complete institutional portfolio, where they would rather co-invest or look to acquire. That is very similar to what we have seen in other European countries like in France and Italy, for instance. They also went through a development period, and now we see some consolidation taking place in the market, and we see more portfolio transactions happening there. But you need to go through that first phase yet, and a lot of institutional investors is not willing to go through that period. Mm-hmm. Got you. Okay, seems like there is quite a bit of time for us to actually evaluate what that will look like going forward. Pieter, we have run out of time. I see. I went over time there, but we will leave it there. Thank you so much again for your insight. I imagine you are still available to interact with the peers and colleagues in the room. Definitely. Please give Pieter Prinsloo a round of applause. Thank you. Thank you, Pieter. So far we really have our minds clued up around the exposure and, of course, understanding of what's happening within the Central European as well as Polish market. It is about 10 minutes now to 3:00. Andrew's keen to share some points, but this is with regard to the closing remarks, right, Andrew? Not with regards to Poland or for the program? No. We're just going to close off the capital allocation section. Got you. with our three key priorities. This does not mean we only have three tasks ahead. There are many, many more, but these are the three key ones. As you can see throughout the presentation by all the speakers on the section, refining and expanding the portfolio mix is an ongoing process. Simplifying the offshore JVs, a huge priority for us. Lastly, an evergreen one, responding to users' evolving needs. That concludes the capital allocation section. Before I release you for some tea, I just want to invite you on an early warning basis, for those of you who want to travel, that in May next year, we are doing a property tour to Poland. For those who've been before, we are not going to visit the sites that you've seen. We're actually going to show you some different cities, smaller cities, but also ones where there's been a lot of redevelopment activity. If you have your diary and you are keen, just put it in as a marker, but there will be invitations to follow in due course. Thank you. Thank you so much, Andrew. Thank you, Andrew. Appreciate that one because it does underscore and support many of the questions that have been asked so far in terms of the themes. Get your passports ready, get the date secure. I think it's quite clear that there's an appointment to be had in Poland. I'm aware that we're running slightly over with the program, so we will do our best to make sure that we do keep time to track a 4:00 P.M. close, or at least within a 20-minute allowance regarding that. We're going to break now for a tea break. Please get some refreshments, stretch your legs. We do kindly request that you be back in the room by five minutes after 3:00 P.M. From there, we'll understand more about the group capital allocation, and of course, get your closing remarks and feedback. Please enjoy tea and coffee. We'll see you in about 10 minutes time. Ladies and gents, thank you so much for making your time back. You're welcome to bring your refreshments with you. A quick charge of sugar or caffeine to definitely get the day going as we have the wrap-up of the remainder of our program. As promised, throughout the course of the day, we've heard from various executives, right? Who've given us a better idea of where we stand in terms of the strategy, the capital layout, and of course, active themes that are underlying much of the progress that we do see within Redefine's business and across its asset classes. We're about to shift gears now with a critical theme that we are going to build up on, which is essentially understanding capital allocation. What that does look like and what it does mean, but more so how we are competitively positioned in comparison to well over two, three, even four years ago, where our balance sheet needed some work. Today, we are going to be joined by Ntobeko Nyawo, who is the Chief Financial Officer at Redefine Properties. Over the next 20 - 25 minutes, we will get a better understanding of not just only the positioning of the balance sheet, but all these themes around technology, adequate and very quick adoption of AI will also be interlinked into these themes to understand how they form part of the fundamental structures of the business and its strategy. Please warmly welcome to the front of the stage, and maybe warmly, because now we are energized. There is some sugar and some coffee. We have stretched our legs. Mr. Ntobeko Nyawo, the CFO of Redefine Properties. Two years ago, in our last Capital Markets Day that we shared with you, we shared a very important focus in our business that we wanted to restore our balance sheet. In the 2026 edition of our Capital Markets Day, I am very pleased. It really gives me great pleasure to share with you that we have fixed our balance sheet. We have restored our balance sheet strength. It is something that we are very proud of. What I will also share with you today, more on a going forward basis, is really to frame some of our focus areas. That is going to give you a very clear view of how we intend to continue efficiently sourcing capital so that we can continue to drive our long-term growth in the business. If we take a snapshot of some of the things that we have delivered over the short while. Time flies when you are at Redefine Properties. We have reduced our see-through LTV ratio to 45%, if you take a base in 2023. We are very proud of what we have restored in terms of our interest cover ratio to 2.3 x. We quoted the bottom side of the interest rate cover ratio at 2.1x in 2024. You have heard right through the day how we have recycled capital. If you put it all together, that is ZAR 3.4 billion over the past three years of capital that we have recycled in our portfolio. We are very active in terms of how we manage our debt. We had ZAR 26 billion of maturing debt, and we refinanced, and also by raising new debt. We refinanced, plus new debt of ZAR 28 billion. Out of that, I think you have heard some of my colleagues earlier, some of the highlights out of those refinances. In EPP Core, which is our directly held portfolio in Poland, we early refinanced ZAR 6 billion of debt in rand terms. That achieved a 56 basis point margin compression in that business, which is quite pleasing for us. In South Africa, we also in our ZAR-denominated debt, we have also there reduced the debt margins by 50 basis points over the last three years. That, if you work it out from an impact into our earnings or annualized savings, is about close to ZAR 150 million of what per annum we have managed to achieve. We are very proud that ZAR 15 billion of our funding is green in our debt stack in the group. That makes about 38% of our debt stack. The last point here in terms of the impacts, it is really something that we are proud of, and I think we have got some of our partners here in the South African banks that have partnered with Redefine into its offshore strategy. We have exported ZAR 6.2 billion of South African funding debt, in-country debt of EPP into Poland, which all came from our partners from the South African banks. Very proud of that. It has helped us to shape that market. Some of the outcomes that you are hearing from that market of better debt terms is coming of this increased demand that we have created by partnering with banks. Of course, it is very important, and we have kept our local and regional banks as well, also in the play so that we drive healthy competition in terms of our margins going forward. What really we have been clear about and consistent is our prudent risk management. The point that we really wanted to showcase to you is that if you take a step back at the peak of our see-through LTV, it peaked at 54.5% in 2020. The work that we said to you over the years, we will do debt amortization, we will recycle assets, asset values will stabilize, all of the good things that you have heard about today. If you look at the way it is coming out now, in the third quarter is at 45.1%. That is a massive 9.4% improvement in our see-through LTV over the period. That commitment still remains because that is what is our balance sheet strength. That is what we want to build so that our balance sheet can withstand cyclical events and enable us, which is very exciting for us, to drive sustainable long-term growth. The story is really, in terms of our focus, is that we have to close the gap. We do appreciate we have to close the gap between the LTV and the see-through LTV. You have heard a lot today about the simplification of the joint venture. That is really one of the really catalyst of what will close that gap in our view. Secondary to that, we do retain capital because we have got a consistent payout ratio, which is between 80%-90%. At the moment, that payout ratio is really on the higher end of that. It works out to 87.5%, and we intend on keeping it at those levels. I think also, very importantly, is that our asset base, if we hear the income assumption that support our valuations, we also expect that to support stable valuation uplift, and that is one of the mechanisms for us to actually manage the balance sheet strength over time. What excite us out of all of this journey, I think, is the ticket this has bought our business. Yes, we will recycle capital into higher quality yielding assets as part of our active asset management, both here and South Africa, is that this is our ticket to growth. Now we can start really chasing and pursuing growth as opposed to be on the back foot and just fixing the balance sheet. It is starting to give us the license to actually drive exciting things in the business. We are quite excited about that. Then maybe just to give you a path towards the end of the financial year. Last year, when we ended our LTV in August 2025 at 41.2%. Strong cash generation, you can see how that brings down the LTV. Then also, in terms of the asset valuation that came through at 0.8%. Then the one aspect as well, it's our FX, which is the Forex, which also as the ZAR strengthen, that is positive for our LTV. Then of course, we distribute, then that's how in the third quarter of the financial year, we had an LTV of 39%. If we roll that forward to the end of the year, just basically only taking two key movements there is the cash that we've got to generate till the end of the year, as well as the second half distribution that will come. We think we'll be printing an LTV below 40%. I think it's quite important that that is without the two key assumptions. So that below 40% print is, as you know, we value our asset twice a year. So in the second half of the year, at the moment, we're busy with our valuations. The increase or decrease of our property values, both in SA and Poland, is not in that roll forward, as well as the ZAR impact in terms of what is done in the last six months. So it's very fairly a conservative print that we expect. But what we do share with you, which is something that we share in all our pre-close as well, is just around the sensitivities then, in terms of those key assumptions that are not in that roll forward number. Our SA property values, a movement of 1% in our valuation has got a 0.3% impact on the LTV. So you can work out the sensitivity in that. Similarly, we also share the Poland values, which a movement in 1% will have a 0.1% impact on LTV. The number that really we watch also quite closely at the bottom of this is around the ZAR volatility in terms of its exchange impact to the EUR. That will have, if it moves by 5%, as you've seen how volatile the ZAR has been over the last couple of months, that has got a 0.1% impact in our LTV. So I think one thing that I would like to reemphasize on this point around our hedging is that we hedge for certainty. We never try to time the markets. Where our focus is at the moment, is really around extending the tenor of our hedges so that we can reduce the near-term earning sensitivity to the changes. We all can settle on the fact that the interest rate environment is so unpredictable, is quite volatile, is largely driven by the oil price shock in the one day. The following day, we've got some bit of secondary inflation impacts that are in SA, either through primary sectors like agriculture that feeds into food. So it's quite volatile. So in terms of dealing with that, we're quite proactive that we want to extend our hedging tenor, but we'll do it so responsibly. So our guiding policy is very clear, is that earning certainty is very central to how we hedge. What we try to achieve over a rolling three-year period is that 75% of our group debt will be hedged. In all that we will do, that will be the outcome that we measure what we have done. We have shared with you, I think, some of our year to date activities in terms of the swaps that have matured. We had ZAR 7.25 billion of interest rate swaps that matured at a fixed rate of 7.36%. We entered into new swaps at ZAR 7.5 billion at an average fixed rate of 6.75%. What is more important for us there is that we extended tenor and took that out for two years out. Where the curve is sitting at about 7.3%, that is where you could expect us to refire the swaps that are coming up, and that is what we will continue to do. In terms of the cross currencies swaps, we have not increased our cross currency swaps, as we have communicated to you. We have just kept them flat. We had EUR 237.5 million of cross currency swaps that matured at an average fixed rate of 4.2%. We have entered into EUR 205 million of cross currency swaps that we fixed at 4.3%. Similarly, we also took a two-year tenure there. In EPP, when we did the EPP Core refire debt, we had a huge volatility in the Euribor. What we did, when we did that refire, we entered into a 259, where we sold the floor at 2% and then put the cap at 3% over the five year. It gives us that floor and cap of 2% and 3% in terms of the Euribor interest rates in the EPP Core debt. If you look at where we are, just on the two graphs quickly, in terms of where our weighted average where we have hedged, if you look at the bar at 7.1%, that is our swaps here in South Africa. In EPP, that is where it is coming out at 3%, and then the cross currencies, we are averaging 4.2%. On a one-year basis looking forward, our hedge is at 81%. That is really what we mean when we say we have got to build that on a rolling three-year period. That is our big focus, and we are happy that we have got ability to do that. If I just look, one thing that is pleasing in our ability to source capital efficiently is that the debt margins have continued to improve, and I think if you look, I will just highlight, let us break it up in terms of the South African debt. The South African debt in FY 2024, the debt margin was sitting at 1.8%. In third quarter of 2026, that 1.8% had improved to 1.6%. It is really telling a very short story. If you take that back historically, that number used to sit in about 2% level that we have brought down to 1.6%. Where we always felt we had an opportunity was in our EPP debt margins. That also were historically at 2.5%. That has improved with the latest refire to 2.1% in the third quarter, and we expect that number to stabilize around those levels. Then if you take that and work out our weighted average cost of debt analysis, is that at a group level, we coming out at a weighted average cost of debt at 7%. The part that is important for us that I wanted to highlight is that what drives our weighted average cost of debt through the cycle, 80% is what happens in the base rate in the jurisdiction that we operate in, and about 18.3% gets driven by the debt margins, which is really the variable that is within our control. I think we'll be very focusing in terms of broadening our funding sources. We'll make sure there's no concentration risk. We've got a very healthy presence in the debt capital markets in South Africa. We'll continue to leverage that. We're seeing a lot of liquidity. We're seeing a lot of margin tightening there, but we have to be responsible about how we put it in our total debt stack. Lastly, I think we'll diversify funding sources through cross-jurisdiction financing initiatives between South Africa and Poland while preserving balance sheet ring-fencing. So there will be no recourse between that and our main balance sheet here in SA. We've got a very healthy debt maturity profile. I think if you look, we've always said internally to ourselves that in any given year, we don't want to have a maturity of more than 25%. I think it's really flat. The concentration that you have in 2029, that's largely the bank facilities that we're very comfortable that we'll be able to refinance those. If you look at how we've diversified our funding sources, you can clearly see no concentration risk more than 15% per counter in terms of the exposure. During the period, we've done some of the refinances. I think the one that's worth the recall, we settled some of the debt because we keep a healthy liquidity where it makes sense from a margin enhancement. We settled 170 million of bonds that had a margin of 1.8. The two big deals we've spoken about, which is the EPP refinance, and the last one is the deal also my colleagues touched on, is our M1 Tranche 2 refinance coming out at a margin of 2.1. So even in the underlying JVs that are in our Polish JVs, we are focusing on debt margins, and we want to get that right. If I were to summarize our focus areas in terms of this part of our business, in terms of efficiently sourcing capital through market cycles, it's fundamental to our long-term value creation. We want to broaden our funding sources. We committed to reducing our seed through gearing. We'll recycle asset where it makes sense in Poland. I think lastly, is that we'll have to continue building out our hedging profile by tailoring our hedging strategy to reduce any sensitivity to interest rate movements that we expect over the next medium term. So that is the first part of my presentation. I would like now to share with you an AI AV, but with my colleagues, we decided that the best way to share with you how seriously we embrace AI is to get AI to tell you a story. So enjoy the video. When people hear artificial intelligence, they imagine futuristic technology. AI helps us turn information into action faster than ever before. None of that happens by accident. The Redefine Properties data platform brings information together from right across the business, creating a single source of truth that is trusted, governed, and ready for analysis. Because when your data works together, everything else can too. Imagine talking to our integrated report instead of searching hundreds of pages. AI understands what every stakeholder is looking for. Financial, operational, and ESG information becomes easier to access. Our marketing and leasing teams are already using AI-powered content creation tools to produce campaigns in hours instead of days. That means lower production costs, faster turnaround times, and quicker responses to prospective tenants. In the past 12 months alone, AI-supported marketing has helped generate more than 220 highly qualified leads with a 5% conversion rate. For shoppers, safety remains non-negotiable. AI-enabled security helps monitor environments continuously. Creating shopping centers that are safer, smarter, and more responsive. Our biggest investment isn't technology, it's our people. In finance, AI is already automating repetitive transactional work, giving our team more time for analysis and high-value thinking. As for our other departments, automation and summary tools like Microsoft Copilot empower our teams. Our utilities optimization initiatives use AI to identify unusual consumption patterns before they become costly problems. Governance AI strengthens visibility, compliance monitoring, and risk management. Behind the scenes, AI helps detect threats faster and strengthen business continuity, keeping our digital future secure. Because AI isn't here to replace people. It's here to amplify human potential, ensuring that you are right where you need to be. Thank you. I tried to get the AI to give you the financial outlook. It refused. I'll cover it briefly. I think my two colleagues, Doug and Obey, they are also in the mix here. Please spend time with them. They're also happy to share with you some of the exciting things we're doing with technology in the business. Our positive organic growth is really what is driving our medium-term earnings performance. Maybe just a quick recap on a three-year review. We've really endured elevated inflation levels, steep finance cost, which have since eased, but they've remained volatile. That's probably the single biggest unknown is the volatility around our interest rates. If you look at what we've done on a three-year reflection point, we've restored distributable income to ZAR 3.9 billion. We're very proud of where our net group operating profit margin is sitting at 77.2%. It's trending. The direction of travel is right. It's towards our medium-term internal set target of 80%. I think the pleasing part as well, we restructured EPP in 2022, and that is a stat that captures that for us, that EPP now is a restored asset. It's yielding. If you look at our international business contribution to our group distributable income, it has improved to 28%. That number, we would like it to get closer to the 30s, because if you look at the asset base, that's where it is. It has really improved, and we're very proud of that. We're proud of our solar rollout, which I think Leon and my colleagues have touched on earlier. Also here in SA, our digital ratio, that has improved to 35.5%. Lastly, I think it's really around the growth that we've seen in our NAV, which is sitting at $815 per share, and that is quite pleasing as well. Let's touch on the margins a bit. I think we are seeing a stability in our operating margins. It's been a journey, I think. If you look on the left of that graph, we start with the group where it was three years ago at 75.1% and the 77.2% that we speak about today, it's a significant improvement. To move our group net operating profit margin by 50 basis points, you need more than close to ZAR 200 million of movement in revenue without increase in cost. It is quite an ask in terms of that we're pleased about, and we committed to moving that towards the 80 over the medium term. In SA, similarly, a pleasing journey that is far much more closer today. South Africa is one of our operating segments that is closer to our target. It is sitting at 79.5%. EPP Core, Tomasz explained earlier the issue of the fees that we charge on the JVs. On the basis that, the if-fees basis, we want to get that number closer to 75% and then build it from 75% closer to 80% as well. The split, if you look at the asset base between South Africa and international, that is 67%. If you look at the distributable income, it is 72%. That is why we were saying to you earlier that 28% we would like it to also be reflective of the asset base over time. The one aspect that we are pleased about, it is our earnings quality. Absolutely have eliminated all the earnings that we are speaking to you about are recurring earnings largely, which basically talks to the strength and the quality of the underlying portfolio. Our focus here will be on improving our net operating profit margin towards its 80% target. Yes, I think I will touch on some of this in the slide that is going to come. I think that is our biggest part of our focus is getting the margin right in the next 36 months or so. I just want to deal a bit with our organic growth profile that also continues to improve. If you look what we have done over the past few years, we have really focused on variables under our control. It has enabled an innovation that has offset some of the operating headwinds, both in South Africa as well as in Poland. More importantly, it has delivered what we believe is durable growth. Let us start with, it was a question earlier in terms of how much is solar savings contributing to our distributable income. In 2023, that was 2.1%, and we printed about 3.5 billion of distributable income. That 2.1% works out to ZAR 74 million in 2023. If you fast-forward to half year, that number, the 5.7%, relates to. It is at February 2026 at our half year reporting, it was at 5.7%, and we printed at half year ZAR 1.9 billion of distributable income. That number was ZAR 108 million at half year. If you analyze it, that number is about ZAR 200 million. If you look at ZAR 200 million and where we started, it is almost a threefold growth and improving contribution that comes from our solar savings. What is important to us is that our organic growth profile is principally rooted in sound property fundamentals. You have heard about that for most of the day. Dynamic capital allocation and continued innovation around our business model. I think if you look at our SA retail, we are seeing positive growth. Industrial, we are seeing positive growth. Our office in SA, Scott touched on it. There is opportunity there. In the short term, I think from an earnings growth point of view, it has got to be muted. EPP Core, pleasing that we are seeing growth in that part. In the JVs, we also expect a bit of muted growth, but that is going to improve post some of the leasing activity that the guys from EPP were chatting about earlier. European Logistics Investment, very positive. And then in self-storage, which is our capital play, as Pieter explained, it has really got to be muted while we are developing, and then it stabilizes, and then the big part of its return will be driven by its capital uplift. If we just cover our NAV total return. Over time, what we have seen is that it correlates to what the shareholder experience in the market in the long run. What we mean by that is that the NAV, the basis of the NAV is really driven by the accounting earnings, the valuations, and then you work out the earnings over the capital movement, and then you get the two components, which is income and capital. And then that, if you can see the impacts, that was just the recovery post the pandemic, and then it is very stable because that is driven by the accounting earnings. I think that is the point we like to make, is that over time, if you look at the Net Worth from a total shareholder return point of view, you will experience based on the share price movement and the dividends, it kind of tracks each other over time. But the point is that happens over time. I think the point earlier is that NAV total return, because of its stability, that is why we believe that, a hurdle rate to measure that, it is a long point yield in South Africa plus the 1.5%. And then here it is sentiment, it is all the things that are not within the management team control. I think, on AI, there is a lot of things that were covered in the video. I would not dwell on this. Those are some of our focus areas in terms of the thing that these are the tools I think Leon touched on earlier. Hopefully they can support some of the key functions in the business. They can drive certain insights to manage certain parts of our business better. But what we do is that while we are accelerating AI, it is very important that we do it in a safe manner. That is why cybersecurity is quite vital in terms of this thing. What we shared with you over the years, you can see how we have progressed in building our digital ratio, which takes into account key components like how much we invest in tech, adoption in the business, some process that we have re-engineered because of technology. But our Microsoft security score, which is a cybersecurity score, has equally improved because we are focusing on also strengthening that. There is some of the impacts, some of it was captured in the video, but I really would like to share with you three principles that guide our AI adoption in the business. Yes, of course, we will do it in line with our values. We will deploy it at scale in a responsible manner, ethically, and in a well-governed manner. But from a business point of view, we say it must generate meaningful business value. It has to enhance human talent productivity profile. More importantly, if we all add it up, we are very aspirational on this, and Leon touched on it. We have not found it, but we really want to transform how tenants experience our business over time. That is the guiding principles, and then these are some of the exciting impacts that we are happy to chat with a bit more as well. I think if I just look at, since September 2025, AI-enabled and secured payment transactions of 47,263. We want to scale that up. Those are the things that repetitive from a human nature, technology can help you with, which is really how we've deployed that so far. Let's look a bit forward in terms of our trading update for FY 2026. I think the improving property fundamentals are playing through despite the volatile macroeconomic environment. We're quite pleased that we are on the upper end of our guidance. A guidance of 6.5%-7% growth in distributable income per share, which is just tightening the guidance that we had shared with you earlier, and that is quite pleasing on our side. Positive organic growth on a like-for-like out of S.A., you've heard from the team earlier. That is quite important driver in that. Yes, we are in uncertain and volatile times, but I think the impact that really we think it makes a big unknown is that geopolitical uncertainty is distorting inflation and interest rate cycles across the globe. If you look at most central banks at the moment, they are adopting a very measured approach, data measured, but I think it just introduced monetary policy uncertainty, and that is a big component, given how much debt, as I touched on earlier, impacts the earnings in our business. On the forecast, I think my colleagues have touched on, we're very committed on simplifying our joint ventures offshore. Yes, I think the local government elections that are coming up in November here in South Africa, it's more about their impact on the stability of the government of national unity, and which in consequence we think might have impact on the pace of the structural reforms that we've seen, which are so needed as an economic growth enabler in our country. We'll have to watch that quite a bit. I think what within our control is sticking to disciplined capital allocation, which has been a theme right through most of the day-to-day, where our proactive asset management will continue to drive sustainable growth in our business. If I sum up in my last concluding slide, from a financial outlook point of view, it's pleasing for us that our positive organic growth is what is driving our earnings, which is what we like. The guidance that we give you in percentages of 6.5%-7% works out to ZAR 0.558 and ZAR 0.561 on a distributable income per share basis. We've been very consistent around our payout policy. The lower end of the policy is 80%, the upper end is 90%. That's our mechanism. These are the factors that we normally factor to work out that ratio. I think we've been consistently paying on the upper end at 87.5. If we look at all the factors in terms of CapEx that's required to keep our properties fresh, liquidity through the market cycles, preserving shareholder value from a tax leakage. LTV, I think we've talked about that. We're quite comfortable that it's now firmly back into our range. Also, we've rebuilt ICR to, we expect this year to be closer to 2.3x-2.4x. Our desired level is that over the next 18 months - 24 months, we want to get that back to 2.5 x. We will maintain that payout policy. Then I think lastly, from focus areas, I think firstly for us, operational excellence, innovation, that is translating into durable growth. We want to improve our net operating profit margin towards our 80% medium-term target. We want to drive distributable income growth, because that is what enables us to drive dividends back to our shareholders. Then lastly, I think our commitment to technology, so that we can continue to find and enhance operational efficiencies across our business. Thank you. The AI man who brings the money to the table and gives us a lot more perspective, right, around just how we are positioned. Ntobeko Nyawo, really refreshing to see the numbers, how they've shifted, become a lot more defensive in terms of your balance sheet. There are a few questions that I do want us to take, maybe perhaps even a few live, but there are some that have come through on the platform. Perhaps, the DIPS guidance, right? Yeah. Distributable income per share. Give us some context there, just in terms of the quality of the earnings, because it is quite a tight environment, and the range, if I'm not mistaken, 6.5%-7%. Eleka, I think we're pleased with that guidance because it's on the upper end of guidance. So from a quality point of view, and I did share with you that almost all of those earnings, it's only 0.2 that is non-recurring. Visually, all of it is recurring earnings, which basically that from a quality point of view, is driven by the very sound positive operational training metrics that are coming out of our portfolio, both here in South Africa as well as in Poland. So we're quite happy with it, and we want to keep it in that trajectory. Got you. There is a question that came through from Mweishö specifically related to currency crosses, right? Are you concerned about the EUR-ZAR exchange rate? Earlier I saw it 18.60 odd is where we are today, but of course, there is a lot that can happen to change that. If so, is Redefine willing to take up upfront costs to maintain favorable exchange rates for offshore income? More hedging. Yeah. It is more on the FECs, on our hedging. So, what we do there is that we, on a rolling basis, the way we think about it, is that at least 60% of what we expect as our offshore dividends, we actually hedge that currency risk out. At the moment, we are sitting quite comfortably. We have actually hedged all of our 2026 EPP and ELI dividends, and then we have an opportunity. I think where you are quoting the 18 level to the euro, we would like to strike FECs around that rate. If the rand pulls back, maybe closer to 19 and 20, we will then use that opportunity to fill the 27 and 28 FEC buckets. We will always hedge what we expect as earnings from our offshore businesses. Mm-hmm. Given the volatility, though, in the currency crosses, is there a specific range at which you pitch that right now for hedging? Eleka, I think at about 20%. We think it is attractive at about 20%. Okay. Yeah. But it's sitting at about 18%. Yeah. Which it has been quite volatile. Yeah. It has been driven by a number of factors that are largely linked to interest rates linked to what's happening in the geopolitical space. Definitely. One more as well, specifically related to your JVs from Nazeem. Can you explain how the simplification of JVs will reduce see-through loan to value that you referenced in slide 97? Nazeem, what we'll do there is that if we actually if you look, there's a graph that was earlier in terms of the see-through LTV. Horse, for example, has got close to 2% impact on the see-through gearing. If we restructure that or dispose that's what we mean by some of that. Or if you put it out and fix the gearing, that's another alternative depending on the capital that's available. Content with that response. Just happy to gauge if there's one more question. Any question from the floor live, if there are any hands? Okay. Seems as though we're good to go. But I do want you to perhaps just reflect on an initial theme that was highlighted earlier this morning. Oh, there we go. Mweishö, you do have your hand up. And perhaps it actually ties into a question that you had asked Andrew earlier on. If we could get the mic to Mweishö. But essentially, your balance sheet is firm, fighting fit. You're not looking to raise capital, but there's a reason why it's important to show this to the market. Remind us of that before Mweishö goes ahead with his question. No, look, I think if you look at where we were with our balance sheet five years ago, it was quite restrictive because we had a see-through gearing that peaked at 54%, and we had our LTV sitting at 50%. It had no ability, even if we wanted to, it really had no ability to even fund any attractive opportunities that we might identify. What is exciting for us now is that the levels of where our balance sheet is sitting at from a strength point of view, it's now showing that it's at the phases where it can start carrying or attracting or being able to execute on some of opportunities that we might find. As Andrew said, we are an active asset manager. If we find something, now we've got a currency to actually pursue it. Before, we could have found many deals, we had no ability to do anything with them. Got you. Mweishö, let's take your question. Sure. Just two from me, please. I do not know if I saw it correctly, but it looked like on one of your slides you said that you had secured a swap for 6.75%. Is that correct? And what- The average of that. It was about ZAR 7 billion of swaps that we fixed for two years. Yeah at 6.75%. That we had done, I think, Mweishö, in the earlier parts of the year, you had the forward curve dipped, and we took opportunity of it. Okay. At the moment, and I think I did clarify that point, is that at the moment, the forward curve is sitting at about 7.3%. That is where we are expecting to do swaps going forward. Okay. No, that clears that up. Then maybe on that theme then, you guys obviously have access to quite a lot of money right now, either bank funding, bond markets, or the equity markets. How are you guys ranking how to choose where to source your capital? Is it just the cheapest, or you guys need something else to kind of figure out where you get your capital from? It is about a cost of capital that can support our future growth. I think it is a function of the cost of capital that we blend together. So for your point, let us take a practical point. If I went into the DCM market and put a significant stake of our capital raise in there, yes, in the short term, we will look like heroes because we have got to compress the cost of debt. I think our last bond that we did in the market was at 98 basis points margin spread. That is a liquidity-driven market. We are in a long-term asset class. We have to use it responsibly. So that is why we keep it at about a third of our stack, then we blend that with the banks. Then the equities, to Andrew's point, is that at the right time, function of the share price, function of the opportunities in the market, then we can maybe go fire equity in the market. Okay, thanks. Thank you so much, Mweishö. I think we will leave it there for today. You have really given us something to consider and think about, especially as we have deep dived into the numbers, and I am cognizant of managing time to ensure that we are able to wrap up and network and engage as peers and counterparts. So, thank you again. A round of applause, please, ladies and gentlemen, for Ntobeko Nyawo. I think it is quite clear to say we have had an informative day, right? Lots of information that has been absorbed, a lot more clarity that has been underscored and defined, and hopefully, a room full of co-participants and of course, investors, who have a better understanding of just how this journey with Redefine will continue ahead. In a moment, we are going to hear our closing remarks, of course, from Mr. Andrew König, who will wrap it up all for us, but critical for us to remember that it really is underpinned by the three pillars that we discussed just this morning. The themes around ESG are no longer just operating in a silo or perhaps just presumed to be a governance tick box exercise. It is integrated and intertwined into the strategy, business operations, and outcomes of the organization, right down to the employee who is interfacing with customers on the ground. We also understand that AI, the involvement of technology, is not just something that Doug and Obey participate in from time to time, but it really speaks to integrating the systems and enhancing the capacity and assets that we do have. Beyond that as well, this speaks to building trust and confidence. Confidence that allows individuals like yourselves and key stakeholders to fully understand how best it is that we truly are finding the upside to all the circumstances and, of course, the business's positioning. On that note, Andrew's going to close off with us, take us through a few slides, and of course, give us some context before we conclude today's program fully. Another round of applause, please, for Mr. Andrew König. Okay. Well, thanks for sticking it out all day with us. I'm sure you now Redefine as well as we do by now. If not, we can give you some remedial classes later on over a drink. But just in terms of durability, we always make this point that you don't build durability in a crisis. It is revealed in one. I think what you've heard through the course of today is that continuous building. It doesn't stop. It's never ending. We aren't at the end of our road yet. We've got a lot of work to do. But I do think that we always need to remember that structural shifts will always outpace cyclical events. Yes, cyclical events dominate the headlines, but very often, structural events can be subtle, they can be quiet, but over a period of time can be extremely meaningful. I think just one of them that kind of has gone unnoticed over the last while is that Fitch Ratings upgrade. That bodes well for continuous upgrades from other ratings agencies. If we carry on as a country now, we can get our way back. I know it's about a 20-year journey, but we can get back to investment grade, which opens up new doors for us. Because if we are able to secure an international credit rating that is of investment grade, we can start accessing Euro markets. We don't have to do these cross-currency swaps. We don't have to do any exotic funding arrangements because then we can start cost effectively raising debt capital over there. Nonetheless, I'm not going to go through this flywheel, but we all know that the flywheel is still spinning in the right direction despite all of the setbacks we've had this year. I do believe that that flywheel is driven by structural shifts, not by the cyclical headlines that we read on an hourly basis. In terms of our strategy in a nutshell, we have drummed this into you guys, I am not going to over-elaborate on this. Capital allocation, capital sourcing, that is the lifeblood of a REIT. It is the lifeblood of Redefine Properties. You get those two right, you have got a business that is sustainable, that is durable. You get them wrong, and you will have the opposite. I do believe that what you have witnessed today is exactly what we say in the words of building a quality, diversified portfolio, as well as focusing on conservative balance sheet management. Rental growth is a challenge, particularly here in South Africa, but also from a European point of view, given indexation. That is where there is a constant focus on efficiency to get those margins up. Ntobeko mentioned the numbers involved to move a margin by 1%. It is a big ask. Then just lastly, team and culture as well as stakeholders. We have already touched on those points. Just in terms of anticipated outcomes, these are the three key priorities per pillar of investing strategically, et cetera. I will not go through them all. You guys can read through them later. The main one under investing strategically for us is to reposition the portfolio bias to consumer-driven. We are not going to sell all our offices. We are going to keep them. We believe, like John was saying, that the day of offices will come back. What we will do is, through a process of acquisition of retail and industrial assets, we will dilute that exposure to the services-driven aspects of the economy. In terms of optimizing capital, I think importantly, we started the day talking about improving the share price, but we want to improve the equity risk profile. We all know the numbers. You improve your equity risk profile, your yield goes down, and your share price goes up. That is when the magic starts. In terms of operating efficiently, growth, growth is the focus, and it is organic. We cannot buy ourselves into growth. We would love to, but we would rather do it the self-help way. I know it is the long route, but from a preservation of shareholder value, I believe that is the way to go. Engaging talent, you have heard all about it, but deepening that leadership bench is a huge task for us in the years ahead, starting now. Then growing reputation, enhancing our stakeholder and user experiences. This applies to every stakeholder, and it is not just the shopper or the tenant, it is you guys in the room, as well as our staff back at the office. Then just lastly, why Redefine Properties? Why now? I think we have demonstrated today to all of you that we are still building it, but it is well on its way to being a clearer and a more simple company that is Redefine Properties. Be exposing yourselves to the earnings durability of a diversified consumer-led asset platform. In short, our equity story is centered around three points. Improving real estate fundamentals. You have heard it, you have seen it, and we believe that momentum will continue for the dynamics discussed earlier. We've spoken about a simpler portfolio and a simplified balance sheet. It's got some work still to be done. I'd be out of a job if it wasn't done by now, so maybe that's why it's not done yet. Identify internal growth opportunities. I think we all are very tough on ourselves here in South Africa, but if I look at where the growth is going to come from, it is from South Africa. It's from the South African portfolio. It's from improving dynamics. Yes, we've had some tailwinds, but many, many headwinds to contend with. At some point, it has to turn, and I'm sure you'll agree with me that that is why we all are still in this country, working each and every day. Then lastly, disciplined capital deployment. You've heard this 100 times today, but it really is important to keep your compass set on true north and not to be distracted by the noise. Then just lastly, this is not a lesson for any one of you in terms of how a REIT actually makes durable earnings work, but just to remind you that it all starts with the basics. If we get the basics right, the rest looks after itself, and that is where we are focused. With that, thank you very much. I know it's been a long day, and we're happy to continue the conversations with all of you. I just want to say thank you to everybody for your support. Yes, we've been through some tough times, but I think there are even better times to come, because in those tough times, you are being prepared for what's to come. Thank you very much. Thank you so much, Andrew. Thank you. On the back of that, I think Andrew has touched on every theme that needs to be shared. To our peers and media colleagues who have already published articles, like Suren, giving us some context on the commercial environment following today's outcomes. To many of you as investment professionals who continue to play a critical role in how capital is allocated to support REITs in South Africa. Of course, to members of the executive team at Redefine. I guess we all need to remember why we do this in finding our upside, to build communities, to change economies, and most importantly, leave a positive impact in the day-to-day evolution of the environments that we're in. We thank you again, ladies and gentlemen, for your participation and feedback today throughout the course of the day. Thank you, thank you, thank you. A gentle reminder that please do join us for refreshments upstairs on the roof terrace. That is where you can have an opportunity to let your hair down. Woosah. Of course, engage with the team from Redefine. A gentle reminder, as you do make your way out of the parking and the basement, before you get into the elevator, please do scan the QR code that is out in the lobby. There you punch in your vehicle license details together with your email address. This will minimize any traffic or disruptions that will take place as you exit the basement. Please do it. It will frustrate the people behind you. Ask me, because I was the one who was frustrating others yesterday. With that said, thank you again for your time. We appreciate your commentary, your feedback, of course, engagement. A reminder to please ensure that you follow through with the feedback that has been shared on the LinkedIn page by Redefine, of course, receive your handouts in terms of further information and data that you might require. It is 4:05 P.M. Slightly over the program, but I think we made it. Thank you so much for joining us, ladies and gentlemen, for the Capital Markets Day for 2026.