Reflective of investor feedback, our Task Force on Climate-related Financial Disclosures Strategy is divided into three separable chapters to be commissioned over three years; Stage 1. Identify Key Material Risk. Stage 2. Assess climate change scenarios of key material risks. Stage 3. Define and disclose financial valuations associated to those risks. In FY18, Management completed Stage 1, and is now proceeding to Stage 2. Investa is pleased to work with the UN Environmental Programme Finance Initiative working group on establishing Task Force on Climate-related Financial Disclosures best practice reporting models. It is our intention to continue to gather investor and best practice feedback in Task Force on Climate-related Financial Disclosures reporting on an ongoing basis.