Our conversation Welcome ESG overview Closing Supplementary - - PowerPoint PPT Presentation

Our conversation

Welcome ESG overview

Governance Social Environmental

Closing Supplementary information

Environmental Welcome ESG overview Governance Social Closing Supplementary information

Welcome

Presented by Andrew König, Chief executive officer

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Environmental Welcome ESG overview Governance Social Closing Supplementary information

The essence of who we are

Our purpose drives us to add value to the lives of our stakeholders

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Our purpose is to create and manage spaces in a way that changes lives Our vision is to be the best South African REIT Our mission is to create sustained value for all our stakeholders Our primary goal is to grow and improve cash flow

Our values are what connect us

Exploring possibilities, rising to every challenge Doing what’s right, and caring Growing our understanding and contributing value Building our relationships, being accountable and true

We’re not landlords. We’re people.

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Embedding sustainable ESG interventions

COVID-19 has galvanised our efforts on ESG

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Redefine’s mission

As a matter of priority, ESG factors must be integrated into our business strategy and day-to-day operations We aim to become an ESG leader in the South African real estate sector We aim to align ourselves with local and international best practice around ESG, including the UN Global Compact and SASB Our ESG strategy will be geared towards creating sustained value for all our stakeholders, particularly in light of COVID-19 and the government lockdown Our commitment to the 2030 UN Sustainable Development Goals will lead to the creation of a more inclusive, sustainable and resilient operating world – a new normal far better than the one before

Redefine’s ‘new normal’

While we have developed our ESG strategy

• ver the past few years, the COVID-19

pandemic has emphasised the importance of embedding ESG considerations in our business strategy to ensure sustainability, and it has prompted us to accelerate the execution thereof More than ever, we must measure our ESG risks (both ‘black swan’ and ‘grey rhino’ risk events) and manage them accordingly We introduced a multidisciplinary task force to coordinate our operational response to COVID-19

Environmental Welcome ESG overview Governance Social Closing Supplementary information

Environmental Welcome ESG overview Governance Social Closing Supplementary information

ESG and COVID-19

Our approach is to manage for sustainability and liquidity, not for profit

Our strategy is twofold: our immediate focus is to deal with the consequences of the lockdown and the exit from it, and our longer-term focus is to position ourselves for the recovery phase to ensure our continued relevance and sustainability. We have complied with all relevant laws aimed at protecting the health and safety of our stakeholders 5

Stakeholder emphasis to position Redefine for business continuity

Investors and funders § Collaborating with investors and funders to ensure that Redefine is provided the space to take the requisite actions to weather the challenging financial conditions that will arise during and post the lockdown Employees § Reinforcing our purpose and values, so that everyone has clarity and is empowered to make commercially defendable decisions on their own and quickly, whilst remaining accountable for their actions is a priority during remote working § None of our employees have been retrenched since the beginning of the government lockdown Tenants § Offering unique value to affected tenants through relief and assistance packages to support their liquidity needs whilst restrictive measures are in place Brokers and suppliers § Supporting and working closely with our suppliers and service providers to ensure their businesses survive this period and position us to receive improved levels of service Communities § Using this crisis as an opportunity to deepen our purpose by ensuring that we remain focused to create and manage our spaces in ways that play supportive roles to those more vulnerable than us

Environmental Welcome ESG overview Governance Social Closing Supplementary information

ESG overview

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Presented by Anelisa Keke, Head of ESG

Environmental Welcome ESG overview Governance Social Closing Supplementary information

We are serious about ESG

Our ESG performance has a real financial impact, and future-proofs our business

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Investors are sharpening their focus and basing their investment decisions on ESG performance Rating agencies are increasingly integrating ESG factors into their credit-rating analysis Proactively adapting to climate change provides funding and investment opportunities Strong ESG performance attracts sustainable tenants Employees want to work for responsible companies – the retention and motivation of a company’s workforce depends on employees’ connection to its purpose and meaning A strong governance framework helps avoid corporate failures Managing ESG-related risks mitigates reputational harm ESG is not necessarily costly – it often hinges on influencing sustainable behaviours in our value chain

How does ESG benefit us?

The World Economic Forum COVID-19 Risks Outlook identified a prolonged recession of the global economy as the most likely fallout for the

• world. This has far-reaching environmental,

societal and technological implications

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Integrating ESG considerations into every aspect of what we do

Our approach to integrating ESG presents multiple opportunities and poses some challenges

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Aligning our public disclosure to international best practice improves stakeholder grasp of our ESG performance Raising ESG awareness upstream (suppliers) and downstream (tenants, communities) in our value chain intensifies our impact Strengthening our internal governance protocols improves the proficiency of our operations Detecting and mitigating ESG-related risks helps future-proof our business and avoid controversies Measuring and tracking our impact in order to

• bjectively assess our ESG performance promotes

continuous development Assessing the impact of ESG on our ability to attract equity and debt funding improves strategic forecasting Time, resources and systems are needed to conduct certain ESG initiatives, e.g. impact assessments, due diligence Multiple reporting mechanisms (UNGRI, TCFD, SASB) can complicate sustainability reporting COVID-19 has delayed financial and sustainability reporting Inconsistency in the approach to ESG among investors (local and international), ratings agencies, and proxy advisors Acceleration of harmful effects of climate change

• ver the next 30 years

Opportunities Challenges

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ESG at an operational level: our journey so far

Our ESG objectives stimulate innovation and support our strategic objectives

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Green buildings developed and managed in line with GBCSA guidelines Energy efficiency projects implemented, e.g. rollout of Solar PV Various technologies implemented, e.g. online monitoring and leak detection, smart shut-off valves and sensors Green Leasing and Green Tenant guidelines implemented Corporate Social Investment initiatives and community engagement broadened with the launch of The Challenge Convention Level 3 BBBEE rating maintained Employee engagement (87%) and ethics scores (AA)

• utperformed benchmarks

Employee wellness and training initiatives implemented Health and safety protocols applied to our key stakeholders Independent non-executive chairperson appointed Independence of 100% of non- executive directors achieved, with 60% female and 60 % Black board Combined assurance framework established Enterprise risk management, IT and data governance protection systems implemented Internal conflict of interest, gift declaration and procurement policies updated and relaunched Whistleblower and grievance mechanisms implemented

Environmental Social Governance

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ESG at a strategic level: where we are headed

Our ESG strategy will be developed to create sustain value for all stakeholders

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Expand green building programme in our office portfolio, and explore certifications for industrial and retail properties Introduce environmental management system Introduce climate change policy (incl. science-based targets) and risk management strategy Adopt responsible investment approach Improve our performance across all elements of our B-BBEE scorecard Adopt formal human rights framework (incl. due diligence assessments) Implement supplier code

• f conduct incorporating

ESG factors Further improve integrated stakeholder engagement strategy to increase ESG awareness amongst key stakeholders Continue to observe equal pay for work of equal value Ensure business continuity management, including long-term ESG-related risks Implement anti-bribery and anti-corruption framework Conduct external board evaluation in FY2020 to further strengthen board governance Review and refresh internal governance structures Ensure ESG reporting is in line with international standards

Environmental Social Governance

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ESG in health and safety

Protecting the health and ensuring the safety of all our stakeholders is our highest priority

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Our stakeholders Health and safety

Employees § Employee wellness initiatives help support the physical, financial and emotional well-being of

• ur workforce

Tenants § Health and safety training has been implemented for all building managers, facilities managers, and property management teams § Annual independent health and safety audits are conducted on all our properties Suppliers § We engaged in continuous communication with our suppliers, including raising awareness on the pandemic and safety protocols. Suppliers working on our properties are required to wear personal protective equipment (PPE) Shoppers, visitors and communities § Signage and social media posts are used to drive awareness and ensure that shoppers and visitors to our properties are aware of (i) COVID-19 symptoms and (ii) rules around social distancing, hand washing, use of hand sanitisers and wearing masks upon entry, etc.

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ESG in allocating capital

Positioning the asset platform to remain relevant to our stakeholders needs

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Governance: Support ESG management through a strong stakeholder engagement framework Transactions: Make divestments that strengthen our balance sheet and that are supported by due diligence processes Asset and property management: Incorporate ESG clauses in existing leases, identify controversial tenants in properties to be acquired, and measure tenant satisfaction. Continue to improve environmental efficiency of existing well-located properties Development: Formalise sustainability standards for developments and refurbishments Valuation: Monetise the impact of ESG considerations in asset valuations Reporting: Improve and deepen our sustainability reporting Board oversight: Investment committee has committed to incorporating sustainability guidelines and procedures in

• ur investment strategy

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ESG in investment processes

Our approach to responsible investment will be formalised in the coming year

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ESG must be considered in relation to: § Acquisitions or development projects § Routine maintenance § Refurbishments § Retrofitting of existing properties by taking into account: § Extreme weather and water scarcity § On-site health and safety of suppliers and contractors § Incoming employees § Needs of communities surrounding our buildings which can be measured and managed by: § Identifying ESG issues during screening, due diligence and planning refurbishments or retrofits § Conducting life-cycle assessments § Conducting impact assessments on health, environment and the community § Conducting stakeholder analysis which can reap multiple benefits: § Tenants prefer buildings with higher ESG performance § Satisfied tenants are more likely to renew leases § Higher rents can be charged for green buildings

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You can’t manage what you can’t measure

We benchmark our ESG performance against local and international best practice standards

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Ratings agency Redefine ESG score Redefine comparative ranking Sustainalytics 24.2 / 100 exposure score 13th percentile (1st = lowest risk) in REIT sub-industry ISS C- (from D- to A+) 2 (Decile ranking relative to industry group) MSCI AA (from CCC to AAA) Top 26% (MSCI ACWI Index Real Estate Management & Services constituents) Moody’s 60% reporting rate 46% reporting rate in real estate emerging markets sector

We participate in the following indices: § FTSE4Good Emerging Index § Dow Jones Sustainability Index/SAM Corporate Sustainability Assessment § GRESB Index § MSCI Index When measuring our environmental impact, we also participate in the following standards/indices: § Greenhouse Gas Protocol § CDP Climate Change § CDP Water

We manage our ESG-related risks as part of our enterprise risk management framework

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Closing

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Environmental Welcome ESG overview Governance Social Closing Supplementary information

Questions for you

We want to better understand and align to your ESG needs and priorities

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To what extent is carbon-neutrality factored into your investment analysis? Which sustainability reporting standard do you expect companies to adhere to (e.g. SASB, UNGRI)? Which ESG indices (e.g. DJSI/SAM, GRESB) and ratings agencies (e.g. Sustainalytics, MSCI) do you predominantly rely on? What are your expectations around 2020 integrated reporting that incorporates COVID-19 considerations? In your view, how should the board demonstrate its leadership in respect of ESG? What changes do you expect to see made to executive key performance indicators/variable pay incentives in light of the COVID-19 pandemic? Do you regularly conduct ESG due diligence on REITs in your portfolio, and what does this typically cover? What ESG-related risks would you expect us to measure and publicly disclose, and in what format? What are your expectations around responsible investment in the South African real estate sector?

1 2 3 4 5 6 7 8 9

Please share your responses with us through our one-on-one engagements with you. Alternatively, please complete the online survey that will be sent to all attendees

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Supplementary information

Environmental Welcome ESG overview Governance Social Closing Supplementary information

UN Sustainable Development Goals

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§ Encouraging responsible tenant consumption patterns § Introducing and implementing a human rights policy § Guaranteeing freedom of association, collective bargaining, and prohibiting unfair discrimination § Focusing on enterprise and supplier development § Research and development to providing energy efficiency and innovation in our buildings § Promoting sustainable transport § Responsible investment approach to developments and investment decisions § Engaging with our stakeholders regarding the environmental and social impact of our business activities and developments § Natural and climate-related disaster management (as part of our business continuity programme) § Improving the energy efficiency of our buildings § Climate change policy and climate-related risk management framework § Develop science-based targets § Prioritising supporting small-to-medium enterprises with sustainable technologies § Waste and water efficiency projects § Tracking and disclosing Greenhouse Gas emissions

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Environmental

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Environmental Welcome ESG overview Governance Social Closing Supplementary information

Key themes to support an environmentally sustainable

• perating environment

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Align with recognised frameworks Introduce a compliant environmental management system Review environmental policies and strategies

Green addendums Energy Waste Water

Continuous improvement

• f GHG emission

measurement (carbon footprint)

Biodiversity Resilience

Align reporting and disclosure to international standards Business strategy integration Align and set targets using recognised frameworks (e.g. science- based targets) Internal and external stakeholder engagement (i.e. property management; tenants; suppliers)

Key themes

Management and strategy Climate change risks and opportunities Emissions Green buildings

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Energy strategy

The use of solar PV at buildings in our portfolio significantly reduces our overall carbon emissions – in 2019, we achieved a saving of 34 575 tCO2e 21

Cost of sales

(grid supply)

Scope 2 consumption

(common areas)

Scope 3 consumption

(tenants)

Alternative energy Energy efficiency Influence and engagement Measurement

Energy framework

28 426 868

Scope 2 like-for-like energy consumption

45 042 638 kWh*

2019 2018

*Excludes extrapolated data, acquisitions, disposals and developments.

37% decrease

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Like-for-like comparison*

Water strategy

Responsible management of the water resources under our care is a crucial concern for Redefine 22

Water framework

Security and safety of supply Water use optimisation Measurement Water harvesting, recycling and storage Influence and engagement Groundwater and waste water treatment facilities Green Star SA certifications Water efficiency interventions

Smart management § Leak detection § Automatic shutdown valves § Targeted equipment replacement

2 783 306 3 041 915

kl

0.69 0.75

kl/GLA

3 058 878 3 054 878

Kilolitre (kl)

Total municipal water withdrawal

*Excludes extrapolated data, acquisitions, disposals and developments.

2019 2018 9% decrease

Rolling out smart bulk metering and leak-detection systems

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Waste management strategy

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Internal waste management Increase recycling Measure and categorise Influence behaviour Reduce production 2017

First full waste footprint (inclusion in carbon footprint) Internally managed 23% of waste 38% (2 289 tonnes of waste recycled)

2018

Internally managed 24% of waste 43% (2 305 tonnes of waste recycled)

2019

Internally managed 30% of waste 35% (2 702 tonnes of waste recycled)

Opportunities § Engaging stakeholders to build awareness and drive the efforts of both tenants and visitors § Leveraging waste re-use opportunities § Developing initiatives with incentives Challenges § Internal waste management increases tenant

• perating costs

§ No direct financial return on investment for Redefine

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The business case for green buildings

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2018 2019

Net income growth

3.8% 3.5% 2.4% 2.4%

Net income per sqm per month

156 144 133 155

Vacancy rate

5.0% 10.1% 11.8% 6.4%

2019 MSCI index

Green Star-certified prime and A-grade offices Non-Green Star-certified and A-grade offices

Investors § Sustainable investment § Risk management § Long-term value Owners § Risk management § Long-term asset value § Ability to secure finance Tenants § Lower operating costs § Health and productivity § Environmental compliance/performance Communities § Spaces that connect people § Resource conservation § Healthier environment Employees § Productivity § Health and well-being § Influence behaviour Suppliers § Sustainable investment § Agents for change § Economic growth

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10 design certifications 4 as-built certifications 58 existing building certifications 1 interior certification 1 custom industrial certification 45% office GLA

The business case for green buildings

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74

Green Star SA certifications

(2018: 44)

1

x

2 stars

x

3 stars

11

x

5 stars

5

x

6 stars

4

4 stars

53

x

Number of Green Star SA certifications

An additional 26 existing building certifications to be completed in FY2020

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Technical potential

1

Achievable potential

1

Finish

Energy efficiency Plugs and processes Renewable energy Envelope energy Imported sources Offsite/ Offset Financial Buy-in Regulatory Technology Regulatory Technology Financial Buy-in

Checkpoint

Start

Net-zero carbon/energy

How to get there

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Environmental Welcome ESG overview Governance Social Closing Supplementary information

Technology

The road to carbon neutrality

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Tenants § Tenant fit-outs must be cognisant of resource efficiency and designed with

• n-site sources in mind

§ Leasing frameworks must enable, guide and promote resource efficiency Regulatory Financial § Investment metrics must consider the future relevance and long-term sustainability of carbon reduction projects, and not only immediate financial return § Embedded generation licensing restrictions must be reviewed § Wheeling arrangements and access to the electricity grid must be permitted to enable carbon offset schemes § Create enabling environments § Technology advancements will drive the cost of technology and implementation § Integration and interoperability of technologies and systems must enable small-scale energy ecosystems to function optimally § Precise equipment compliance requirements and standards must be set

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Renewable energy efforts

28 Number of properties 28 Total size MWp 25.9 Total kWh generated (2019) 32 244 748 Total tCO2e savings (2019) 34 575 Total tCO2e savings (2018) 18 885 % of consumption generated by solar Approximate 5%

Scope 2 emissions

31 494 45 744 11 169 2019 46 546 59 994 41 109 2018 46 761 53 473 46 261 2017 49 301 53 976 49 301 2016 32 696 36 592 32 696 2015

tCO2e without solar Including solar PV reduction absorbed in Scope 3 tCO2e

60 000 50 000 40 000 30 000 20 000 10 000

During 2020 we have increased our total installed capacity to 25.9MWp at 28 properties

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Sustainability measurements

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Recommendations/Challenges § Target setting through Science Based Targets (SBT) § Alignment with the TCFD recommended § Climate-related scenario analysis § Value chain engagement Context § Only South African company included in the 2019 Supplier Engagement Leaderboard § Disclosure of Scope 3 emissions an identified strength § Target setting an identified weakness Recommendations/Challenges § Separate measurement and account for all water sources § Alignment with the TCFD recommended § Water quality measurements must be undertaken annually at all buildings § Water discharges have to be measured and not calculated as is commonly done § Water recycling initiatives must be implemented and measured (i.e. wastewater as a source)

2019: B

[2018: B]

CDP – Climate

2019: B

[2018: B–]

CDP – Water CDP Supplier Engagement Rating

2019: A

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Social

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Approach to stakeholder engagement

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Value means something different to each stakeholder. Therefore, we: Based on this, we formulate engagement strategies through a process of: § Identify our key stakeholders (considering the impact Redefine has on them and, in return, the impact they have on us) § Analyse our key stakeholders’ needs (and determine and anticipate their future needs) § Consider how those needs and future needs impact

• ur business activities, and how best to react to

them and remain relevant § Analysing key stakeholder needs/expectations and the impact they have on our business (now, but also in the future) § Devising strategies to address and exceed those needs and expectations § Engaging and communicating effectively and consistently § Engaging to not only meet stakeholder expectations, but to ensure the sustainability of what we offer and how we deliver value, and ultimately to ensure the sustainability and future-proofing of

• ur business

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Formulate Marketing and communication plan Formulate a strategic response, including social interventions, to: § improve value creation § meet expectations § achieve our goals § amend engagement plans Evaluate findings and issues raised, and measure: § our expectations (value for us) § their expectations (value for them) § risks and opportunities Evaluate findings and issues raised Formulate a strategic response Why we engage How we engage Issues and concerns raised

Stakeholder engagement methodology

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§ Platform/channels § Messaging § Frequency § Research and surveys

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Social interventions

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The Challenge Convention The Mentorship Challenge (and related internal programmes) The Innovation Challenge Tenant experience programme (ESTOW) Learnership programme Broker reward and recognition programme (REACH)

1 4 5 2 6 3 1 2 3 4 5 6

Future programmes

§ Employee CSI/Volunteering programme § Employee and tenant sustainability awareness campaigns § Tenant improvement programme

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Heads up is about knowledge: strategy, objectives and goals Hearts in is about our employees’ passion: our values and how we behave Hands on is a strong call-to-action: it’s in our employees’ hands

Redefine’s people plan

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Human capital delivering sustained value for stakeholders

Delivering on our purpose: To create and manage spaces in a way that changes lives

§ Our employees are the driving force of our success, leaving lasting impressions through the connections they make § We therefore strive at all times to ensure that our people are engaged and aligned with our people-centric brand promise and are deeply connected through our values § Our human capital strategy focuses on strengthening the capability, energy and integrity our people bring to their roles which, in turn, contributes to the success of the business and maximises our stakeholder value Our people game plan is underpinned by our employee engagement ethos

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Looking ahead as the ‘new normal’ unfolds

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Our priority in our response to the pandemic has been to ensure the health and safety of

• ur employees

As we begin to plan for the return-to-work phase, we are focusing on the next set

• f challenges

The biggest challenges we are likely to face are how we rethink work, our workforce and the workplace, and how we adapt to a ‘new normal’ We are inherently a people-centric organisation, and our approach to the post-COVID-19 recovery will focus on three core attributes (as identified in the ‘COVID-19 Workforce Strategies for Post- COVID-19 Recovery’ publication by Deloitte) These are:

Purpose Potential Perspective

Embed well-being and meaning into every aspect of work every day,

• ptimising the power of individuals by

harnessing employees’ collective and complementary strengths to achieve a common goal Harness what our employees are capable of achieving as individuals and teams View uncertainty as offering possibilities rather than threats, so that we may move boldly into the future

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Reflect on how have we responded, what has worked and what have we learned during this time Reboot and realign the HR functions and people operations with the most pressing business and workforce priorities Rethink and leverage the experience of the COVID-19 response and the

• pportunity to accelerate

the future of work Recommit to our employees’ well-being and purpose, by focusing on physical, psychological and financial concerns – at home and in the workplace Re-engage and review our workforce to optimise the contribution and potential for rapidly evolving

• rganisational priorities

Critical actions we will implement to bridge to the ‘new normal’

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Reboot Reflect Recommit Re-engage Rethink

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Human capital priorities

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§ Fast-track remote and flexible workforce

policies and best practice

§ Build a resilient workforce (shifting away

from rigid routines and structures)

§ Sustain employee engagement and

employee performance

§ Prepare leadership to instill trust, and

position them to optimally navigate the ‘new normal’

§ Rethink talent management processes § Accelerate transformation to create an

environment that embraces diversity and inclusivity

§ Evaluate our remuneration governance

practices to ensure that we uphold the principle of fair and responsible remuneration

• 3. Outputs

§ Leadership capability § Workforce capability § Workforce performance § Diversity and inclusivity § Engagement and well-being

• 4. Outcomes

§ Innovation, agility and resilience § Organisational culture and values § Productivity § Organisational performance

Creating value through our people

• 1. Inputs

§ Workforce composition § Pay and benefits § Skill, qualifications and competencies § Regulatory compliance

• 2. Activities

§ Recruitment and retention § Performance management § Learning and competency development § Organisational development and design § Reward and recognition § Workforce and succession planning § Employee engagement § Employee wellness

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Satisfying employees’ needs for inclusion, belonging, ongoing learning, personal growth and purpose

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The recovery phase

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Anticipated

• utcome

§ Keep staff engaged and motivated § Improve transformation across all levels § Position management for the ‘new normal’ The lockdown exit Anticipated

• utcome

§ Move away from linear thinking and embrace change § Be adaptable to a fluid working environment and working in an agile way § Embed inclusive decision-making and a culture of trust and transparency § Instill a culture of innovation and learning § Accelerate transformation § Refresh organisational structure § Build a resilient workforce § Fast-track flexible workforce policies § Embed diversity into the culture

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Governance

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Environmental Welcome ESG overview Governance Social Closing Supplementary information

Governance – ESG leadership

§ The board takes responsibility for ethical leadership within the Group § Our board, supported by its subcommittees, takes collective responsibility for our ESG performance § The social, ethics and transformation committee is the custodian of the ESG strategy, and reports back to shareholders in this regard through the integrated reporting suite § Management ensures that the board has sufficient oversight of ESG-related matters, by regularly reporting back to the board committees regarding our performance from an E, S and G perspective

40 Audit committee Risk, compliance and technology committee Remuneration committee Nomination and governance committee Social, ethics and transformation committee Investment committee

Committees

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Governance – execution of ESG priorities

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Group governance

§ The executive committee acts through the delegation of authority from the board of directors § The executive committee and committees reporting into it ensure group-wide governance, and manage the internal policy framework of the company § Management takes responsibility for enforcing this code of conduct among employees § Ethical practices throughout our supply chain are managed by various mechanisms, such as procurement policies

ESG governance

§ Each employee has a role to play in ensuring good governance practices § Various business leaders take responsibility for driving the different aspects of ESG within the company § We have appointed a head of ESG to drive the integration of sustainability in our

• rganisational structures

§ The governance structure below board level will be reviewed in FY2020/21 to take into account (i) changes in our operating model, and (ii) the impact that COVID-19 (and the resulting economic changes) will have on our workforce

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Business continuity management

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§ Our combined assurance approach is a further building block to strengthen corporate governance § We strive to embed enabling and sustainable solutions into our culture to attain effective risk management § Risk management involves achieving an appropriate balance between identifying opportunities and minimising adverse impacts or risk that reduce value § Our strategic responses to the key risks identified in our enterprise risk management framework have been adjusted to take into account COVID-19 and the resulting lockdown § We have developed a tactical response guide and updated the relevant parts of our internal policy framework in order to specifically deal with the business’s response to COVID-19 § We have factored the ongoing impact of COVID-19 into our 2021 board strategy § We continue to maintain contact with our employees, tenants, investors, and suppliers regarding the measures to manage the impact of COVID-19 and the lockdown

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Remuneration

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§ Fair and responsible remuneration is more critical than ever during the COVID-19 pandemic § Our top priority is to maintain jobs during the pandemic § If salary cuts become necessary, these will be implemented at the top of the organisation (i.e. executive management and senior management), and will not impact the most junior employees § Our annual increases will also take into account the need to manage costs in light of the economic impact of COVID-19

• n our key stakeholders

§ The members of the Redefine board have committed to donating a third of the fourth quarter’s fees or salaries, received from Redefine in their personal capacity, to the Solidarity Fund

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Contact us

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Please contact us at investorenquiries@redefine.co.za if you would like to know more about

• ur ESG journey