Redefine Properties | Fixed income investor presentation ... · →Eskom load-shedding a major...

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Redefine Properties | Fixed income investor presentation – July 2019

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Our conversation

Section Group overview and strategy

Section Portfolio overview

Section Capital structure and debt

Section DMTN update and funding strategy

1

2

3

4

3


Group overview and strategy

1Section


4


Company overview

We’re not landlords. We’re people.

Redefine is a leading South African based

Real Estate Investment Trust (REIT) comprising of

R92.0 billion internally managed property assets

including a diversified local property portfolio valued

at R72.9 billion and international real estate

investments valued at R19.1 billion

Our purpose is to create and manage

spaces in a way the 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


Source: 2019 Interim Results

5


Strategic approach

It’s not about what we do – it is a matter of being different at what we do

Our strategy which has been tweaked for opportunities and risks remains largely unchanged

There is however a key shift in stakeholder emphasis as we recalibrate to a new normal to be

A source of sustained growth in total returns for investors and funders

− Improving the quality of earnings delivered organically

− Reducing the LTV ratio to levels in keeping with our operating context

An employer of choice for employees

− Adopting a self-disruption approach by focusing on skills and roles to meet new challenges

− Entrenching accountability to ensure everyone delivers to their best potential

A differentiated provider of relevant space to tenants

− Consistently upholding our brand promise to every tenant

− Introducing a tenant experience management programme

A preferred business partner for brokers and suppliers

− Ensuring our spaces remain relevant to users’ needs

− Demanding that all suppliers (including all our business partners) are aligned with our values

A responsible community participant

− Having a collective responsibility to ensure impactful and meaningful contributions to communities

− Adding value sustainably to each community through meaningful engagement



6


Portfolio overview

2Section

Portfolio overview

7


Rm

Property portfolio 100.0% R68.5bn

Retail R28.0bn

Office R26.0bn

Industrial R13.7bn

Specialised R0.8bn

Loans receivable 100.0% R1.9bn

Student accommodation R2.5bn

R72.9bn

33

50

80

830

1 017

2 250

55 Empire Road

JD Rosslyn (50%)

Torre Modderfontein

Working capital

EPP shares

Development activities and capex

24%

20%

17%

17%

12%

5%5%

European Logistics Platform

Retail

Office

AUS student accommodation

Industrial

Local student accommodation

Residential

Redefine’s diversified property asset platform

Portfolio valued at R92.0 billion

Direct local property portfolio Direct international properties International listed securities

EPP N.V. 44.4% R7.5bn

RDI REIT PLC 29.4% R3.4bn

Cromwell Property Group 2.7% R0.7bn

GRIT Real Estate Income Group 3.6% R0.2bn

R11.8bn

Europe Logistic platform 95.0% R4.1bn

Journal Student Accommodation Fund 90.0% R1.6bn

Chariot Top Group BV 25.0% R1.0bn

Oando Wings Development Limited 39.9% R0.6bn

R7.3bn

Capital deployed of R4.3 billion Capital allocated to developments and capex

79%

2%

1%

4%

14%

South Africa

Australia

Africa

UK

Poland

Geographic spread by value

Carried at fair value

Equity accounted

Rm

Respublica 53.6% R1.3bn

Directly held R1.2bn

Portfolio overview


8


Local portfolio profile

Carrying value

R72.9bn(FY18 | R72.4bn)

73% located

in Gauteng(FY18 | 73%)

18% located in

Western Cape (FY18 | 17%)

Retail 39%(FY18 | 40%)

Office 37%

(FY18 | 37%)

Industrial 19%(FY18 | 19%)

Portfolio overview


10 903 10 093 11 09612 870

14 382 15 581 270

333312 327 315 314

0

50

100

150

200

250

300

350

0

5 000

10 000

15 000

20 000

FY14 FY15 FY16 FY17 FY18 HY19

Impact of portfolio restructure

Average value per m² (R) Number of properties (#)

#R

9


Local portfolio highlights

Active portfolio capital

growth of 2.1%

(FY18 | 5.5%)

Developments in

progress total R944m

Disposals totaling

R548m at yield of 9.8%

(FY18 | R2.7bn at 8.4%)

Total letting at

456 717m2

(FY18 | 493 995m2)

Avg. value per property

of R226m

(FY18 | R222m)

Completed new

developments totaling

R1.7bn

Total active vacancy of

5.7%(FY18 | 4.5%)

Tenant retention by GLA

96.6%(FY18 | 90.4%)

3% 4%

13% 13%15%

8%

37%

7%

0%

10%

20%

30%

40%

Monthly 2019 2020 2021 2022 2023 Beyond2023

Vacancy

Lease expiry profile by GLA

8.6%

8.6%

9.2%

9.6%

11.0%

0% 5% 10% 15%

Retail

Office

Industrial

Specialised

Student accommodation

Exit cap rate per sector

Portfolio overview


10


Retail portfolio

Value

R28.0bn

(FY18 | 27.8bn)


96.7%

(FY18 | 90/7%)

Sales growth

4.5%

(FY18 | 3.7%)

Rent to turnover

8%

(FY18 | 7.9%)

GLA

1.4million m2

(FY18 | 1.4 million m2)

Completed new

developments of R117m

at yield of 11.0%

Trading density of

1.6%

(FY18 | 3.3%)

Footfall

4.1%*

(FY18 | -2.0%)

Portfolio overview


*Based on the 19 top shopping centres

Market → Continued pressure on total cost of occupation driving down rent and escalations

→ Retailers continue to focus on ‘right sizing’

→ Excess retail space impacting centre footfall and sales

→ Fashion retailers appearing in convenience centres

→ Entertainment and food are key drivers of footfall and spend

Activity → No acquisitions during period

→ Disposals R315 million at 10.0% yield

→ Concluded development of Centurion Lifestyle Walk and Park Meadows Builders Express

→ Increased food and restaurant offering at larger malls

→ Edcon exposure contained:

− Equity contribution R54.6 million

− Rental from profitable stores totalling 56 788 m² to be received in full

− Rental reduction on expiring leases or where Redefine has right to take back space total 21

972 m²

− Rental reduction over two-year period amounts to R14 million

Priorities → Occupancy management

→ Completion of Centurion Mall (July) and Leroy Merlin, Little Falls (August)

→ Extension to Maponya Mall - 10 000 m²

→ Conclusion of agreements and further reduction of space with Edcon

→ Driving sales growth to support rental levels

→ Portfolio negotiations with national retailers and focus on underperforming stores

→ Continued focus on underperforming assets

− Kyalami Corner: increased fashion offering and introduction of Dis-Chem

− Matlosana Mall: completion of N12 link road and reduction of vacancy

− Cradlestone Mall: free parking and renewal of fashion tenant leases

11


Office portfolio

Value

R26.0bn

(FY18 | 25.9bn)

Completed new

development of R1.4bn

at yield of 8.3%

Disposals R75m

at yield of 9.0%

Renewal reversion

-5.5%

(FY18 | -3.1%)

GLA

1.3 million m2


Redevelopment in

progress of R247m

at yield of 6.4%

Active vacancy of

12.1%

(FY18 | 9.5%)


95.8%(FY18 | 87.7%)

Portfolio overview


Market → Lack of confidence impacting leasing decisions

→ Continued increase in vacancy levels compounded by nodal development

→ Continued pressure on rentals and escalations

→ Increases in rates and cost of electricity

→ Demand is driven by consolidation, densification, public transport and parking

→ Lease break clauses are more prevalent

→ Back-up power supply more important than ever

→ Flexible work trend driving expansion of coworking accommodation

Activity → Completed development of Rosebank Link and The Advocates

→ Conclusion of two leases with WeWork over 23 000 m²

→ Renewed leases over 79 044 m² with rent reversion of -5.5%

→ Rejuvenation of Bryanston and Midrand properties

→ Continued focus on deepening tenant and broker relationships

→ Consistent customer service

Priorities → Tenant retention and reducing vacancies

→ Constant trade-off between renewal rentals and longer leases

→ Sale of nine government tenanted properties for R1.16 billion at 12.6% yield

→ Sale of Durban office portfolio for R100 million at 14.8% yield

→ Completion of 155 West street redevelopment

→ Continued refreshing of properties for best and highest use

→ Management and potential expansion of coworking business

→ Remodel accommodation to allow greater densification and building efficiency

→ Optimise parking particularly for coworking businesses

→ Management of operating costs

→ Sustainability initiatives such as water efficiency and waste management

12


Industrial portfolio

Value

R13.7bn

(FY18 | 13.1bn)

Completed new

development of R209m

at yield of 8.7%

Active vacancy of

1.8%

(FY18 | 1.0%)

Renewal reversion

-17.3%

(FY18 | 2.9%)

GLA

1.8 million m2


New developments in

progress of R173m

at yield of 9.4%

Acquisitions of R130m

at an average yield

of 9.4%


96.9%(FY18 | 91.8%)

Portfolio overview


Market → Logistics (especially third party) tenants demanding shorter leases linked to their service contract

duration

→ Eskom load-shedding a major concern

→ Rental growth remains under pressure notwithstanding low vacancy

→ Local authority infrastructure deterioration affecting established nodes

→ Development yields under pressure due to competitive deal terms

→ Lease negotiations taking longer to conclude

→ Floor to eave height minimum 13 metres

Activity → Portfolio vacancy increased to 1.8% - still below national average of 3.3%

→ Proceeds of land sales amount to R90 million

→ Hirt & Carter development completed at Cornubia at 8.5% initial yield

→ Constant trade-off between renewal rentals and longer leases

→ Continued refreshing of properties for best use

→ Leases renewed over 60 417 m² (3.4% of portfolio) with rental reversion of -17.3%

Priorities → Tenant retention

→ Sale of Atlantic Hills land

→ National retailer development at Brackengate 2 over 52 500 m²

→ S&J Industrial Estate development (speculative building 18 568 m²) and land sales

→ Selective acquisitions to improve the quality of the portfolio

→ Management of operating costs

→ Disposal of non-core properties

13


International portfolio profile

18%

13%66%

3%Geographic spread by value

United Kingdom

Australia

Poland

Africa

59%

17%

14%

4%

6%Sectoral spread

Retail

Offices

Industrial

Student accommodation

Hotels

*Including Redefine’s foreign borrowings

**Including local assets and borrowings net of cash

Carrying value

R19.1bn(FY18 | R18,9bn)

Proportional share of

assets R35.5bn(FY18 | R32.6bn)

Proportional share of

debt* R32.5bn(FY18 | R29.9bn)

Listed securities

R11.8bn

(FY18 | R11.9bn)

Direct properties

R7.3bn

(FY18 | R7.0bn)

Redefine see-through

LTV** 50%

(FY18 | 46.1%)

Portfolio overview


14


International portfolio highlights

Market → The UK commercial market continues to experience shocks and headwinds→ Demand for student accommodation in Melbourne massively outstrips

supply→ Continued growth in consumer spending in Poland sustains retail sales

growth→ Poland’s strategic location in central Europe, supply chain reconfiguration,

e-commerce and an expanding manufacturing sector poses opportunities for logistics in Poland

Activity → Leicester street occupancy at 78% for first semester

→ Value uplift post development of Leicester street amounts to AUD51 million

→ Europe Logistics Platform activity and priorities covered separately

Priorities → Provide ongoing strategic and financial support to our local partners

→ Options to stem value destruction by RDI being explored

→ Establish Leicester street as premier student accommodation facility

→ Complete Swanston street development for second semester 2020

→ Bring equity investor on board to expand logistics platform in Poland

Invested R1.5bn

into Poland

Acquired 44.3m EPP

shares for EUR64.9m

Chariot portfolio

underpinned by Metro

AG lease to 2024

RDI impaired by

R194.0m

Expansion of logistics

through 221 337m²

development

EPP NAV per share

EUR1.35

Leicester street

occupancy at 78%

EUR150m

exchangeable bond

refinance

Portfolio overview


15


European Logistics Platform

Activity → Completed developments: Strykow→ Developments in progress:

→ Bielsko Biala Phase I→ Lublin II Phase I

→ Land acquired for development: Warsaw Airport VI

Priorities → Tenant retention

→ Filling vacancies on new developments

→ Replacing the vacating tenant at Lodz III

→ Increasing weighted average lease expiry profile

→ Improving portfolio quality through new developments

→ Completing the developments of Bielsko Biala Phase I, Lublin II Phase I andWarsaw Airport VI Phase I

→ Increasing weighting of the portfolio in primary logistics nodes

Value of income

producing assets

EUR232m

GLA under construction

143 664m2

Weighted average

unexpired lease term

3.9 years

Under constriction

EUR98.8m

at yield of 6.8%

Active GLA

391 184m2

Active vacancy

6.8%

Completed new

development of

EUR35.6m

at yield of 6.3%

Portfolio overview


41%

12%

15%

4%

17%

4%

7%Tenant type by GLA

Retail distribution

Automtive

Third party logistics

Logistics services

e-commerce

Other

Vacant

16


Financial highlights

52.8 56.268.7 72.4 72.8

11.016.5

15.418.9 19.2

19.3 18.7 23.6 20.8 21.6

4.2 9.311.1 15.7 17.3

0

20

40

60

80

100

120

Local property assets

Local debt (net of cash)

International property assets

International debt

2015 2016 2017 2018 2019

LTV%

Rbn63.8

23.5

72.7

28.0

84.1

34.7

91.3

36.5

92.0

39.3

Analysis of property assets and debt

36.8% 36.5% 41.1% 40.0% 42.3%

H1 distribution up 4% to

49.2 cents

(HY18 | 5.5%bn)

Distributable income up

by 4.8% to R2.7bn(HY18 | 8.6%)

Operating margin

maintained at

82.2%

Total assets now

R99.2bn up R500m (FY18 | R98.7bn)

International income

contribution of 25.4%(FY18 | 25.3%)

Moody’s investment

grade rating

reaffirmed

Interest rates on 78.2%

of debt hedged(FY18 | 81.2%)

Market capitalisation at

R57bn(FY18 | R56.2bn)

Portfolio overview


17


Simplified distributable income statement

HY 2019Rm

Hy 2018Rm

change%

NOI from investment properties 2 561 2 532 1.1%

Sundry income 39 19 105.3%

Total South African income 2 600 2 551 1.9%

Administration costs (133) (113) 17.7%

Net operating profit 2 467 2 438 1.2%

Net finance charges (484) (542) -10.7%

South African distributable income 1 983 1 896 4.6%

International distributable income 675 640 5.5%

Distributable income 2 658 2 536 4.8%

RmCents per

ShareY-O-Y

Change %

2018 H1 distributable income 2 536 47.3

Less H1 2018 non-recurring income (116) (2.2)

2018 H1 recurring distributable income 2 420 45.1

Less dilution arising from new shares (0.4)

Organic growth 124 2.3

2019 H1 recurring distributable income 2 544 47.1 4.4%

Add 2019 H1 non-recurring income 114 2.1

2019 H1 distributable income 2 658 49.2 4.0%

Portfolio overview


18


Local active portfolio revenue growth Portfolio overview


Office Retail Industrial Specialised Total

Active portfolio average rental escalation 7.6% 6.9% 7.7% 9.0% 7.3%

Renewal plus new lets net of expiries -2.1% -2.7% -1.0% -0.1% -2.1%

Growth in rental income 5.5% 4.2% 6.7% 8.9% 5.2%

Growth in other income -0.2% -0.2% 0.2% 0.0% -0.1%

Growth in 2019 property revenue 5.3% 4.0% 6.9% 8.9% 5.1%

Active portfolio NOI growth 3.8% 3.2% 5.2% 9.0% 3.9%

Total vacancy August 2018 % 16.0% 5.8% 1.2% 3.0% 6.9%

Total vacancy February 2019 % 15.6% 4.6% 1.8% 6.4% 6.6%

Vacant properties under redevelopment 1.9% 0.0% 0.0% 0.0% 0.5%

Vacant properties held-for-sale 1.6% 0.0% 0.0% 0.0% 0.4%

Active vacancy February 2019 12.1% 4.6% 1.8% 6.4% 5.7%

Net letting activity post February 2019 -1.6% -0.5% 0.0% 0.0% -0.4%

Current vacancy 10.5% 4.1% 1.8% 6.4% 5.3%

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Capital structure and debt

3Section


20


R’000Feb 2019

UnauditedFeb 2018

UnauditedAug 2018Audited

ASSETS

Non-current assets 95 994 497 87 288 727 95 843 287

Investment properties 75 614 607 65 910 557 74 395 956

- Fair value of investment properties 68 734 414 59 514 237 66 271 904

- Straight-line rental income accrual 2 351 720 1 944 111 2 197 947

- Properties under development 4 528 473 4 452 209 5 926 105

Listed securities 1 284 349 1 196 341 1 935 843

Goodwill and intangible assets 5 714 777 5 777 633 5 746 203

Investment in associates and joint ventures 11 307 432 11 429 435 11 508 630

Derivative assets 109 095 126 373 34 754

Loans receivable 1 430 437 2 638 095 1 930 342

Other financial assets 318 844 131 059 218 890

Property, plant and equipment 214 956 79 234 72 669

Current assets 2 721 249 1 816 024 2 300 847

Properties held-for-trading 523 759 122 294 28 943

Trade and other receivables 879 886 949 881 1 076 079

Loans receivable 891 539 41 711 767 806

Other financial assets - 253 875 -

Derivative assets 44 162 124 822 6 041

Taxation receivable 1 311 - -

Cash and cash equivalents 380 592 323 441 421 978

Non-current assets held-for-sale 455 408 4 304 959 549 089

Total assets 99 171 154 93 409 710 98 693 223

Balance sheet view


R’000Feb 2019

UnauditedFeb 2018

UnauditedAug 2018Audited

EQUITY AND LIABILITIES

Equity 56 900 378 55 684 140 58 149 200

Shareholders' interest 56 404 502 55 265 885 57 677 363

Stated capital 44 329 101 43 411 827 44 329 101

Accumulated profit 12 293 025 13 328 202 12 617 787

Other reserves (217 624) (1 474 144) 730 475

Non-controlling interests 495 876 418 255 471 837

Non-current liabilities 35 599 730 26 094 697 35 513 831

Interest-bearing borrowings 31 716 141 22 930 662 31 151 253

Interest-bearing borrowings at fair value 2 355 961 2 079 117 2 502 753

Derivative liabilities 627 306 272 059 907 687

Other financial liabilities 82 492 11 638 86 167

Deferred taxation 817 830 801 221 865 971

Current liabilities 6 671 046 11 630 873 5 030 192

Trade and other payables 1 550 764 1 300 759 2 278 322

Interest-bearing borrowings 4 806 572 9 673 156 2 469 899

Interest accrual on interest-bearing borrowings 270 251 382 800 262 081

Derivative liabilities 31 149 19 112 13 852

Other financial liabilities 12 310 253 875 -

Taxation payable - 1 171 6 038

Total equity and liabilities 99 171 154 93 409 710 98 693 223

Number of shares in issue ^ ('000) 5 404 403 5 321 701 5 404 403

Net asset value per share¹ 1 058.81 1 053.56 1 083.25

Net tangible asset value per share² 953 944.99 976.93

^ Net of 361 396 896 (HY18 and FY18: 361 396 896) treasury shares

1 (excluding deferred tax and NCI) (cents)

2 (excluding deferred tax, NCI and goodwill and intangible assets) (cents)


21


Accessing capital

Funding snapshot

HY2019

Rbn

FY2018

Rbn

Bank borrowings 13.2 12.4

Listed bonds and commercial paper 7.1 5.5

Foreign-listed bonds 2.4 2.5

Unlisted bonds 16.2 15.7

Total debt 38.9 36.1

Loan-to-value ratio 42.2% 40.00%

Average term of debt 3.5 years 3.6 years

% of debt secured 67.1% 70.40%

% of asset secured 67.7% 67.20%

Weighted average cost of ZAR debt 9.2% 9.3%

Weighted average cost of FX debt 1.6% 2.30%

Weighted average cost of total debt 6.2% 6.3%

% of ZAR debt hedged 79.2% 81.9%

% of FX debt hedged 76.5% 79.8%

% of total debt hedged 78.2% 81.2%

Average term of hedges 2.9 years 2.8 years

Undrawn facilities (Rbn) 6.2 3.8

Interest cover ratio 4.6x 4.3x

381

558

3 321

0 1 000 2 000 3 000 4 000

Vendor loan repaid

Recycling of capital

Debt raised

Sources of capital of R4.3 billion

Rm

7.0%

8.0%

9.0%

10.0%

11.0%

12.0%

Ma

y 1

8

Jun

18

Jul 1

8

Au

g 1

8

Sep 1

8

Oct 1

8

No

v 1

8

De

c 1

8

Jan

19

Fe

b 1

9

Ma

r 1

9

Ap

r 1

9

Ma

y 1

9

Drivers of the cost of capital

Redefine forward yield R186 yield 5 year swap rate



22


Debt funding profile

0

2

4

6

8

10

2019 2020 2021 2022 2023 2024 2025 2026

Maturity of South African debt

Debt Hedges

0

1

2

3

4

5

2020 2021 2022 2023 2024 2025

Maturity of foreign debt

Debt Hedges

Rbn

73% 71%

58%

68% 70% 67%68%60%

53%

63%67% 68%

0%

20%

40%

60%

80%

Aug 2014 Aug 2015 Aug 2016 Aug 2017 Aug 2018 Feb 2019

Secured debt / secured assets

Secured debt Secured assets

%

36.6

47.1

56.460.4

65.9 66.5

0

10

20

30

40

50

60

70

Aug2014

Aug2015

Aug2016

Aug2017

Aug2018

Feb2019

Equity headroom for the unsecured lender

27%33% 35% 36% 35%

43%

0%

10%

20%

30%

40%

50%

Aug2014

Aug2015

Aug2016

Aug2017

Aug2018

Feb2019

Unsecured debt / unencumbered assets

%

Rbn

Rbn

7%

2%

4%

5%

3%

6%

6%

0%

12%

8%

12%

35%

6%

2%

3%

3%

4%

5%

5%

5%

8%

11%

15%

33%

Others

Liberty

ING Bank

Nedbank

Investec

Exchangeable bond

Standard Chartered

Standard bank IOM

Standard Bank

Absa

Listed bonds

Unlisted bonds

Sources of debt (%)

HY19

FY18



23


Currency analysis of property assets and borrowings

* Net of cash and cash deposits on cross currency swaps

** The over exposure to GBP debt is due to the impairment of RDI

The debt has no recourse to the GBP assets, therefore it does not create liquidity risk but only NAV risk

HY 2019 FY 2018

Currency

Property assetsRbn

DebtRbn

LTV%

Weighted average cost %

Property assetsRbn

DebtRbn

LTV%

Weighted average cost %

Net ZAR* 72.9 21.5 29.5% 9.2% 72.4 20.9 28.9% 9.3%

AUD 2.3 1.8 78.3% 4.4% 2.1 1.4 66.7% 4.1%

EUR 12.6 10.9 86.5% 1.6% 11.9 9.4 79.0% 1.6%

GBP** 3.4 4.1 120.6% 3.1% 4.0 4.2 105.0% 3.0%

USD 0.8 0.6 75.0% 4.9% 0.9 0.6 66.7% 4.1%

Total 92.0 38.9 42.3% 6.2% 91.3 36.5 40.0% 6.3%



24


DMTN update and funding strategy

4Section


25


Funding strategy

Issuance and roadshow update


Source: DMTN Program Memorandum, H1 Interim Results

37% 37% 39% 41% 40% 42%

50% 50% 50% 50% 50% 50%

0%

10%

20%

30%

40%

50%

60%

70%

0%

10%

20%

30%

40%

50%

60%

70%

FY14 FY15 FY16 FY17 FY18 HY19

Redefine covenant performance

LTV (%) LTV Covenant (%)

100

200

100

700

501

284

500 500 500

0

100

200

300

400

500

600

700

800

Jul '19 Aug '19 Sept '19 Oct '19 Nov '19 Dec '19 Jan '20 Feb '20 Mar '20 Apr '20

Issuance update (Rmn)

CP Bonds New Issuances

Closed

period

Closed

period

26


Disclaimer

This brochure/document/material/report/communication/commentary (this commentary) has been prepared by the corporate and investment banking division of Absa Bank Limited – a registered bank in the

Republic of South Africa with company registration number 1986/004794/06 and with its registered office at Absa Towers West, 15 Troye Street, Johannesburg, Republic of South Africa (Absa). Absa is

regulated by the South African Reserve Bank. Absa has issued this commentary for information purposes only and You must not regard this as a prospectus for any security or financial Product or

transaction. Absa does not expressly, tacitly or by implication represent, recommend or propose that the securities and/or financial or investment Products or services (the Products) referred to in this

commentary are appropriate and/or suitable for Your particular investment objectives or financial situation or needs. This commentary is not, nor is it intended to be, advice as defined and/or contemplated

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whatsoever (advice). You have to obtain Your own advice prior to making any decision or taking any action whatsoever based hereon and Absa disclaims any liability for any direct, indirect or consequential

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