Our Task Force on Climate-related Financial Disclosures Strategy is divided into three distinct chapters to be commissioned over a three-year period, reflecting investor feedback. Stage 1. Identify Key Material Risk. Stage 2. Evaluate climate change scenarios of key material risks. Stage 3. Define and disclose financial valuations associated with those risks. Management finished Stage 1 and is now proceeding to Stage 2 in FY18. Investa is pleased to work with the Un Environmental Programme Finance Initiative working group to establish best practice reporting models. It is our wish to continue to gather investor feedback in this initiative.