Q1-3 RESULTS November 2012 COMPETENCE IN SWISS REAL ESTATE

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1 Q1-3 RESULTS November 2012 COMPETENCE IN SWISS REAL ESTATE

2 AGENDA Key Facts and Figures 3 Portfolio and Vacancy Rate 10 Financial Results Q Capital Structure 22 Development Sites 25 Subsequent Events 34 Outlook 36 Annex 38 PSP Swiss Property I Page 2

3 CURRENT MARKET ENVIRONMENT Swiss market environment Generally stable office rents, continuously strong interest in high street retail space Growing supply in Zurich will intensify competition and potentially increase vacancy rates Outskirts of main cities, peripheral regions and smaller agglomerations: pressure on rents for suboptimal properties Yields for prime sites continue to fall due to strong investors demand (Swiss institutionals) Economic outlook for Switzerland 2012E 2013E GDP 1.0% 1.3% Inflation - 0.6% Unemployment 3.0% Source: Consensus forecast The Economist, 10 November PSP Swiss Property I Page 3

4 MAIN DEVELOPMENTS Real estate portfolio Portfolio value CHF 6.1 bn (+ 2.4% compared with December 2011) Stable rents across the portfolio Vacancy and rental situation Vacancy rate of 9.2%, of which 2.0%-points due to renovation Of the 2012 maturities (CHF 36.3 m), 84% renewed Expected vacancy rate end of 2012: < 8.5% Financing Average interest rate on 30 September 2012 of 2.16% Low leverage with a LTV of 29.6% No bank lines maturing until 2015 PSP Swiss Property I Page 4

PROPERTY PORTFOLIO (SEPTEMBER 2012) 1. Zurich 63.4% 3.870 2. Geneva 13.4% 0.816 3. Basel 5.9% 0.363 4. Bern 3.5% 0.211 5. Lausanne 4.6% 0.281 Other locations 4.7% 0.

5 PROPERTY PORTFOLIO (SEPTEMBER 2012) 1. Zurich 63.4% Geneva 13.4% Basel 5.9% Bern 3.5% Lausanne 4.6% Other locations 4.7% Sites & development properties 4.5% In total, PSP owns and manages 164 properties and 7 sites and 3 projects (money values in CHF bn). PSP Swiss Property I Page 5

6 KEY FIGURES CONSOLIDATED, in CHF m Q Q EBITDA excl. -RE % Net income excl. -RE % Net income % ROE (net income) 8.7% 9.7% 13.0% 10.4% 8.4% PER SHARE, in CHF Q Q EPS % EPS excl. -RE % NAV % 1 NAV before deferred taxes % 1 Distribution Compared to year-end Paid on 12 April 2012 (cash payment from capital contribution reserves). PSP Swiss Property I Page 6

7 PER SHARE DISTRIBUTION (IN CHF) For business year * Y-t-y growth 25.0% 20.0% 10.0% 20.0% 6.1% 4.8% 9.1% 4.2% 8.0% 3.7% 7.1% Payout ratio** 45.5% 52.1% 57.0% 53.6% 71.2% 76.9% 78.0% 86.3% 85.0% 82.7% 84.8% 86.5% Payout yield*** 2.6% 3.3% 4.0% 3.8% 4.0% 3.7% 3.1% 4.2% 4.7% 4.6% 3.7% 3.8% * Paid on 12 April ** Payout / EPS excl. -RE. *** Payout / share-price year-end. PSP Swiss Property I Page 7

8 SHARE PRICE ( ) Source: Bloomberg, 9 November PSP Swiss Property I Page 8 Performance since PSP SPI EPRA 125.4% 26.5% 48.4% Mrz 00 Jul 00 Nov 00 Mrz 01 Jul 01 Nov 01 Mrz 02 Jul 02 Nov 02 Mrz 03 Jul 03 Nov 03 Mrz 04 Jul 04 Nov 04 Mrz 05 Jul 05 Nov 05 Mrz 06 Jul 06 Nov 06 Mrz 07 Jul 07 Nov 07 Mrz 08 Kurs (CHF) Jul 08 Nov 08 Mrz 09 Nov 09 Mrz 10 Jul 10 Nov 10 Mrz 11 Jul 11 Nov 11 Mrz 12 Jul 12 Nov 12 Jul 09 PSP SPI (angeglichen) EPRA (angeglichen)

9 AGENDA Key Facts and Figures 3 Portfolio and Vacancy Rate 10 Financial Results Q Capital Structure 22 Development Sites 25 Subsequent Events 34 Outlook 36 Annex 38 PSP Swiss Property I Page 9

10 PORTFOLIO AND VACANCY RATE 6 9.2% 10% 5 7.5% 8.5% 8.3% 8.5% 9% 8% 4 7% 6% % 4% 2 3% 1 2% 1% H Q Real estate portfolio value in CHF bn Vacancy rate in % (CHF) 0% PSP Swiss Property I Page 10

11 VACANCY RATE (SEPTEMBER 2012) Total: 9.2% Total: CHF 5.8 bn 9% ~ 0.2bn 8% 7% 2.0% Thereof 0.6% Carouge, Rte. des Acacias 0.5% Berne, Laupenstr. 18/18a 0.4% Biel, Aarbergstr. 94 ~ 0.9 bn 6% 5% 4% 3% 3.9% Thereof 0.6% Förrlibuckstr. 60/62 0.6% Hardturmstr. 181,183, % Hardturmstr. 131,133, % Bernerstr.Süd 167/ % Businesspark Wallisellen ~ 4.7 bn (81% of value, vacancy 4.3%) 2% 1% 3.3% Thereof 2.0% Zurich 0.2% Geneva 0% Vacancy Value (CHF m) Zurich West / Businesspark Wallisellen Due to renovation Renovation objects: of the 2.0% vacancy, 1.2%-points are already pre-let at completion date. PSP Swiss Property I Page 11

12 EXPIRY PROFILE OF LEASES (SEPT. 2012) (Legal termination option by tenants) 20% 20% 16% 17% 15% 11% 10% 9% 9% 8% 5% 3% 3% 2% 1% 1% 0% NL 69% of the Q maturities (CHF 8.7 m) are renewed; Of all 2012 maturities (CHF 36.3 m), 84% are renewed as per end of September % open NL: Contracts not limited in time, but subject to notice PSP Swiss Property I Page 12

13 AGENDA Key Facts and Figures 3 Portfolio and Vacancy Rate 10 Financial Results Q Capital Structure 22 Development Sites 25 Subsequent Events 34 Outlook 36 Annex 38 PSP Swiss Property I Page 13

14 CONSOLIDATED INCOME (CHF 1 000) Q Q Rental income % 1 Valuation gains Property sales (inventories) Property sales (portfolio) Income from ass. companies Capitalised own services Other income Total operating income % 1 EPRA like-for-like rental growth was 1.8%. 2 Relates to property sales reported under subsequent event in H1 12. Gain has been booked as revaluation gain. 3 Of which CHF 4.9 m VAT-opting-in effect. 4 Of which CHF 6.3 m VAT-opting-in effect. 5 Of which CHF 2.9 m VAT-opting-in effect. PSP Swiss Property I Page 14

15 CONSOLIDATED EXPENSES (CHF 1 000) Q Q Properties opex % Properties maintenance/renov % Personnel expenses % Fees to subcontractors General and admin. expenses % Impairment properties Depreciation Total operating expenses % PSP Swiss Property I Page 15

16 CONSOLIDATED RESULTS (CHF 1 000) Q Q Profit before fin. expenses % Net financial expenses % Profit before taxes % Taxes % Net income cont. operations % Net income disc. operations Net income % Net income excl. -RE % PSP Swiss Property I Page 16

17 CHANGES IN FAIR VALUE (H1 2012) (CHF m) H Existing portfolio Acquisitions / first-time valuation Total net changes in fair value Of which CHF 10.6 m from the DL 3 office building and CHF 1.3 m from the acquisition of a single property (Gwatt, Eisenbahnstrasse 95). 2 Of which CHF 0.5 m from the acquisition of a single property (Aarau, Bahnhofstrasse 29) and CHF 3.5 m from the transfer Zurich, Brandschenkestrasse 150 from own use to investment property. 3 From the acquisition of a single property (Zurich, Seestrasse 353). 4 From the acquisition of a single property (Locarno, Via Respini 7/9, spa development project). PSP Swiss Property I Page 17

18 CHANGES IN FAIR VALUE (H1 2012) (CHF m) % % 1% 50% % 23% 26% FY 2011 HY 2012 Asset and property management (leasing-up, rent reversion, opex) Market conditions (appraisal of market rents and vacancy rate) Discount rate Acquisitions/first time valuation Valuation gain from sold but not transferred properties PSP Swiss Property I Page 18

19 CHANGES IN FAIR VALUE (H1 2012) (CHF m) % 13% % 33% 13% 54% FY 2011 HY 2012 Zurich area Geneva area Other PSP Swiss Property I Page 19

20 CHANGES IN FAIR VALUE: DISCOUNT RATES (H1 2012) Nominal Discount Rate Area Minimum Maximum Weighted Ø Zurich 4.3% 6.3% 5.2% Geneva 4.6% 5.6% 5.1% Basel, Bern 4.6% 5.6% 5.3% Lausanne 4.8% 6.7% 5.4% Other locations 5.0% 6.1% 5.6% All areas 4.3% 6.7% 5.2%* H Weighted Ø discount rate 5.86%* 5.66%* 5.54%* 5.74%** 5.72%** 5.44%* 5.25%* 5.19%* * Nominal discount rate includes 1.0% annual inflation. ** Nominal discount rate includes 1.2% annual inflation. Valuation done by Wüest & Partner PSP Swiss Property I Page 20

21 AGENDA Key Facts and Figures 3 Portfolio and Vacancy Rate 10 Financial Results Q Capital Structure 22 Development Sites 25 Subsequent Events 34 Outlook 36 Annex 38 PSP Swiss Property I Page 21

22 DEBT Very diversified and stable lender portfolio 8 domestic banks 1 syndicated loan with 16 Swiss Cantonal banks High visibility on debt maturity profile No bank lines maturing until 2015 All loan agreements based on multi-year committed credit lines with rollover clauses CHF 510 m unused committed credit lines as per today Rating: A-, Stable outlook Fitch Ratings affirmed (March 2012) PSP s Senior Unsecured Rating at A- with stable outlook PSP Swiss Property I Page 22

23 CAPITAL STRUCTURE Money values in CHF m Q Shareholders equity % - % of total assets 49.1% 51.7% 52.7% 54.0% 57.2% Deferred tax liabilities (net) % of total assets 8.1% 8.6% 9.2% 9.9% 10.2% Interest-bearing debt % - % of total assets 40.5% 37.2% 35.7% 32.2% 29.6% - Loans, unsecured Bonds % long-term 87.3% 96.2% 97.5% 83.8% 91.8% Net financial expenses Ø interest rate 2.75% 2.54% 2.58% 2.56% 2.46% 1 Interest coverage ratio 3.9 x 4.5 x 4.8 x 5.3 x 6.3 x Fixed interest rate > 1 year 74.2% 77.7% 92.0% 82.0% 84.7% Ø fixed-interest period in years Reflects average interest rate for the period; as per 30 September 2012, the rate was 2.16%. PSP Swiss Property I Page 23

24 AGENDA Key Facts and Figures 3 Portfolio and Vacancy Rate 10 Financial Results Q Capital Structure 22 Development Sites 25 Subsequent Events 34 Outlook 36 Annex 38 PSP Swiss Property I Page 24

64 000 m 2 In construction since October 2011 Conversion of Kesselhaus Approx.

25 HÜRLIMANN SITE, ZURICH Overview Project with mixed use (office, retail, seniors residence, residential, restaurant, thermal bath, boutique hotel) Overall area surface approx m 2 In construction since October 2011 Conversion of Kesselhaus Approx. 700 m 2 office space Investment sum approx. CHF 5 m (excl. land and infrastructure) 100% pre-let Completion end of 2012 PSP Swiss Property I Page 25

31 200 m 2 (11 600 m 2 for 58 free-hold apartments, 10 200 m 2 for office, 9 400 m 2 for art space/galleries/museums) Investment sum

26 LÖWENBRAU SITE, ZURICH In construction since autumn 2010 Conversion of existing site and new buildings, stepwise completion within 2013 Floor space approx m 2 ( m 2 for 58 free-hold apartments, m 2 for office, m 2 for art space/galleries/museums) Investment sum approx. CHF 133 m (excl. land and infrastructure) As per 30 September 2012: 45 free-hold apartments sold (78% of total units); office space: 25% pre-let Arts space (galleries and museums): sold and transfer of ownership on 1 June 2012 PSP Swiss Property I Page 26

99 free-hold apartments and 2 studios; office and services 50%) Investment sum approx. CHF 93 m (excl.

27 GURTEN SITE, WABERN NEAR BERN In construction since July 2011 Conversion of existing site and new buildings; mixed use: approx m 2 (residential 50% resp. 99 free-hold apartments and 2 studios; office and services 50%) Investment sum approx. CHF 93 m (excl. land and infrastructure) As per 30 September 2012: 68 freehold apartments and 2 studios sold, 2 freehold apartments reserved Stepwise completion until beginning of 2014 PSP Swiss Property I Page 27

SALMEN-PARK SITE, RHEINFELDEN In planning Mixed use (59 000 m 2 for residential, office,

land and infrastructure) Legal acceptance of design plan given; building application for stage

28 SALMEN-PARK SITE, RHEINFELDEN In planning Mixed use ( m 2 for residential, office, commerce, seniors residence and hotel) Investment sum approx. CHF 214 m (excl. land and infrastructure) Legal acceptance of design plan given; building application for stage 1 submitted in autumn 2011 Construction start: n.a. Stepwise completion: 8 years after start PSP Swiss Property I Page 28

and 770 m 2 for retail Investment sum approx. CHF 65 m (excl.

29 PARADISO SITE, LUGANO In planning Project with 65 free-hold apartments, office and retail space Floor space: m 2 for free-hold apartments, m 2 for office and 770 m 2 for retail Investment sum approx. CHF 65 m (excl. land and infrastructure) Construction start: n.a. (completion: 2 years after start) PSP Swiss Property I Page 29

lease) Planned investment sum approx. CHF 26 m (excl.

30 HEALTH SPA LIDO LOCARNO, LOCARNO In construction since January 2012 Conversion of existing site and new buildings (building lease) Planned investment sum approx. CHF 26 m (excl. infrastructure) 100% pre-let Completion by mid-2013 PSP Swiss Property I Page 30

GROSSPETER TOWER, BASEL In planning Mixed use (18 000 m 2 office and

land and infrastructure) Building application submitted in December 2011

31 GROSSPETER TOWER, BASEL In planning Mixed use ( m 2 office and business-hotel) Investment sum approx. CHF 100 m (excl. land and infrastructure) Building application submitted in December 2011 Construction start subject to building permission and pre-letting Stepwise completion: 2 years after start PSP Swiss Property I Page 31

32 CAPEX OVERVIEW Expected (CHF m) Hürlimann site - Kesselhaus, Zurich Löwenbräu site, Zurich Paradiso site, Lugano Locarno, Lido Gurten site, Wabern/Bern Salmen-Park, Rheinfelden Grosspeter Tower, Basel Total development sites thereof committed Total investment portfolio n.a. n.a. 1 In construction. 2 In planning. PSP Swiss Property I Page 32

33 AGENDA Key Facts and Figures 3 Portfolio and Vacancy Rate 10 Financial Results Q Capital Structure 22 Development Sites 25 Subsequent Events 34 Outlook 36 Annex 38 PSP Swiss Property I Page 33

34 SUBSEQUENT EVENTS Disposal of one investment property The investment property on Chemin du Rionzi 52 in Lausanne is already notarised for sale. Transfer of ownership will take place in the fourth quarter According to IFRS regulations, the income from the sale was recognised as gain from net changes in fair value of real estate investments as per 30 June 2012, as the sales had been contractually agreed at that time. PSP Swiss Property I Page 34

35 AGENDA Key Facts and Figures 3 Portfolio and Vacancy Rate 10 Financial Results Q Capital Structure 22 Development Sites 25 Subsequent Events 34 Outlook 36 Annex 38 PSP Swiss Property I Page 35

36 OUTLOOK 2012 Consolidated EBITDA excl. -RE ~ CHF 235 m Vacancy rate portfolio (year-end) < 8.5% PSP Swiss Property I Page 36

37 AGENDA Key Facts and Figures 3 Portfolio and Vacancy Rate 10 Financial Results Q Capital Structure 22 Development Sites 25 Subsequent Events 34 Outlook 36 Annex 38 PSP Swiss Property I Page 37

38 BOARD OF DIRECTORS AND EXEC. BOARD Board of Directors Günther Gose, 1944, Chairman Luciano Gabriel, 1953, Delegate and CEO Peter Forstmoser, 1943, Member Nathan Hetz, 1952, Member Gino Pfister, 1942, Member Josef Stadler, 1963, Member Aviram Wertheim, 1958, Member Executive Board Luciano Gabriel, 1953, CEO Giacomo Balzarini, 1968, CFO Ludwig Reinsperger, 1961, CIO PSP Swiss Property I Page 38

39 GROUP OVERVIEW (SEPTEMBER 2012) EXECUTIVE BOARD (3) Legal unit (4) HR/Services (5) Secretarial (1) REAL ESTATE INVESTMENTS PROPERTY MANAGEMENT FINANCE/ADMINISTRATION Asset Management (6) Zurich Office (15) Accounting (13) New Lettings (2) Olten Office (7) Communications (2) Analysis/Reporting (2) Geneva Office (8) Treasury (1) Construction Services (12) IT (4) Total number of employees: 85 (FTE: 79) PSP Swiss Property I Page 39

40 PSP STRATEGY Strategy Switzerland only Acquisitions to be justified by price and operational logic Risk-conscious financing policy Priority Stabilisation of vacancies; long-term: further reduction Value enhancing investments / corporate deals Screening of acquisitions opportunities PSP Swiss Property I Page 40

41 WHY INVESTING IN PSP? Company Premium portfolio with limited downside risk Transparent business model Pure Swiss play Properties with further optimisation potential Financial flexibility to take advantage of market opportunities Acquisition/integration experience Sustainability oriented (ecological, economic, social) Share Liquid stock Attractive payout yield Broadly diversified shareholder structure PSP Swiss Property I Page 41

42 SHAREHOLDER BASE Largest shareholders (30 September 2012) Alony Hetz: 14.36% Two Nominees: 6.15% resp. 3.48% BlackRock, Inc.: 3.10% [ shares and CFD] 1 Non-registered 32% CH 37% Other 5% Rest of Europe 1% France/BeNeLux 3% Number of registered shareholders: UK 8% - Individuals: (11.2% of registered shares) - Legal entities: 637 (88.8% of registered shares) Israel 14% 1 As per notification 13 September PSP Swiss Property I Page 42

43 EBITDA % 80.3% 81.5% 81.9% 81.7% 90% 80% 70% % % 40% 30% % 10% Q Q % EBITDA excl. -RE in CHF m EBITDA margin in % PSP Swiss Property I Page 43

44 NET INCOME COMPONENTS Q Q Net income excl. -RE in CHF m Contribution of -RE in CHF m PSP Swiss Property I Page 44

45 EPS Q Q EPS in CHF EPS excl. -RE in CHF PSP Swiss Property I Page 45

46 NAV + CUMULATIVE DIVIDEND PER SHARE /2012 6/2012 9/2012 NAV per share in CHF Payout in CHF, cumulative (allocation according to payment date) PSP Swiss Property I Page 46

47 NAV VS. SHARE PRICE /2012 6/2012 9/2012 NAV per share in CHF Share price in CHF PSP Swiss Property I Page 47

48 EPRA PERFORMANCE MEASURES In CHF or % 2011 H H EPRA PSP EPRA PSP EPRA PSP A. EPS B. NAV C. NNNAV D. Net yield 4.3% 4.2% 4.5% 4.4% 4.4% 4.1% E. Vacancy rate 7.6% 8.3% 8.4% 8.9% 8.0% 8.5% F. Like-for-like rental growth 2.0% n.a. 2.8% n.a. 2.1% n.a. PSP Swiss Property I Page 48

49 POSITIVE SPREAD (IN %) CHF 5y swap rate Av. interest rate Net yield Spread PSP portfolio net yield vs. debt financing costs (all figures in %) Net yield Av. int. rate Spread PSP Swiss Property I Page 49

50 PORTFOLIO KEY FIGURES Number of Rental income Revaluation Value Net yield Vacancy properties in CHF m in CHF m in CHF m in % in % Zurich Q FY Geneva Q FY Basel Q FY Bern Q FY Lausanne Q FY Other Q FY Sites Q n.a. n.a. FY n.a. n.a. Total Q FY PSP Swiss Property I Page 50

51 PORTFOLIO VALUE BY AREA Other locations 5% Lausanne 5% Sites and development properties 5% Bern 4% Basel 6% Geneva 13% Zurich 63% PSP Swiss Property I Page 51

52 RENT BY USE Gastronomy 4% Parking 6% Other 9% Retail 15% Office 66% PSP Swiss Property I Page 52

53 RENT BY TYPE OF TENANTS Other 17% Retail 21% Gastronomy 6% Government 7% Services 16% Technology 10% Financial Services 11% Telecommunication 12% PSP Swiss Property I Page 53

54 LARGEST TENANTS Swisscom 9% Google 4% Swiss Post 3% Bär & Karrer 2% Bally 2% Next five largest 9% Other 71% PSP Swiss Property I Page 54

55 SUSTAINABILITY Ecological sustainability Energy consumption (kwh) Water consumption (m 3 ) CO 2 (heating and electricity) output (t resp. kg) Economic sustainability Long-term oriented business and investment policy Quality- and value-oriented portfolio management Long-term oriented and balanced financing policy Social sustainability (main stakeholders) Employees Clients and suppliers Public PSP Swiss Property I Page 55

56 ECOLOGICAL SUSTAINABILITY Organisation Operational responsibility: 2 employees (asset management and construction services) Implementation: construction services, property management, facility management Environmental key figures (specific figure/m 2 ) in 2011 (2010) Heating in kwh: 80.3 (90.0) Electricity in kwh: 27.8 (29.2) Water consumption in m 3 : 0.6 (0.5) CO 2 output (heating and electricity) kg: 17.4 (19.3) Recent examples of CO 2 output reduction Wallisellen, Richtistrasse 5 and 7: approx. 20% (160 tons) Zürich, Altstetterstrasse 124/Herligsrasse 21: approx. 17% (65 tons) Zürich, Brandschenkestrasse 152a: approx. 30% (10 tons) Zürich, Gartenstrasse 32: approx. 20% (11 tons) PSP Swiss Property I Page 56

57 PORTFOLIO GRID Source: Wüest & Partner, June PSP Swiss Property I Page 57

58 SELECTED PROPERTIES ZURICH Zurich, Bahnhofplatz 1 Zurich, Bahnhofquai 9, 11, 15 Zurich, B hofstr. 28a/Waagg. 6 Zurich, Bahnhofstr. 66 rentable area: m 2 rentable area: m 2 rentable area: m 2 rentable area: m 2 Zurich, B hofstr. 81/Schw.g. 2/4 Zurich, Binzring 15/17 Zurich, Brandschenkestr. 110 Zurich, Förrlibuckstr. 181 rentable area: m 2 rentable area: m 2 rentable area: m 2 rentable area: m 2 Zurich, Schaffhauserstr. 611 Zurich, Uraniastr. 9 Zurich, Waisenhausstr. 2/4 Wallisellen, Richtistr. 3 rentable area: m 2 rentable area: m 2 rentable area: m 2 rentable area: m 2 PSP Swiss Property I Page 58

59 SELECTED PROPERTIES GENEVA Carouge-GE, Rte d. Acacias rentable area: m 2 Carouge-GE, Rue de la Gabelle 6 rentable area: m 2 Geneva, Cours de Rive 13, 15 rentable area: m 2 Geneva, Place du Molard 7 rentable area: m 2 Geneva, Rue d. Bains 31bis,33,35 rentable area: m2 Geneva, Rue de Berne 6 rentable area: m 2 Geneva, Rue de la Corraterie rentable area: m 2 Geneva, Rue de la Fontaine 5 rentable area: m 2 Geneva, Rue du Marché 40 rentable area: m 2 Geneva, Rue F. Bonivard 12 rentable area: m 2 Geneva, Rue Richard-Wagner 6 rentable area: m 2 Lancy, Avenue des Morgines 8-10 rentable area: m 2 PSP Swiss Property I Page 59

60 SELECTED PROPERTIES BASEL/BERN Basel, Barfüsserplatz 10 rentable area: m 2 Basel, Falknerstrasse 31 rentable area: m 2 Basel, Freie Strasse 38 rentable area: m 2 Basel, Grosspeterstrasse 18, 20 rentable area: m 2 Basel, Kirschgartenstrasse rentable area: m 2 Basel, St. Alban-Anlage 46 rentable area: m 2 Bern, Bollwerk 15 rentable area: m 2 Bern, Eigerstrasse 2 rentable area: m 2 Bern, Laupenstrasse 18/18a rentable area: m 2 Bern, Seilerstrasse 8 rentable area: m 2 Bern, Spitalgasse 9 rentable area: m 2 Bern, Zeughausgasse 26/28 rentable area: m 2 PSP Swiss Property I Page 60

61 SELECTED PROPERTIES LAUSANNE/OTHERS Lausanne, Place St-François 5 rentable area: m 2 Lausanne, Rue du Sébeillon 1, 3, 5 rentable area: m 2 Lausanne, Rue du Grand-Chêne 2 Lausanne, Rue du Pont 22 rentable area: m 2 rentable area: m 2 Lausanne, Saint-Martin 7 rentable area: m 2 Aarau, Bahnhofstrasse 29/33 rentable area: m 2 Fribourg, Av. de Beauregard 1 rentable area: m 2 Fribourg, Rte des Arsenaux 41 rentable area: m 2 Luzern, Maihofstrasse 1 rentable area: m 2 Winterthur, Marktgasse 74 rentable area: m 2 Winterthur, Untertor 34 rentable area: 764 m 2 Zug, Kolinplatz 2 rentable area: m 2 PSP Swiss Property I Page 61

62 ZURICH AREA Bahnhofplatz 9 Bahnhofplatz 1 Bahnhofstr. 81 Bahnhofquai 9, 11, 15 Bahnhofstr. 66 Uraniastr. 9 Bahnhofstr. 39 Bahnhofstr. 28a Bahnhofplatz 2 PSP Swiss Property I Page 62

63 GENEVA AREA Rue Richard-Wagner 6 Palace du Molard 7 Rue des Bains 31-33/35 Cours de Rive 13/15 Av. des Morgines 8-10 Rue de la Fontaine 5 Rue de la Gabelle 6 Rue de la Corraterie 24/26 PSP Swiss Property I Page 63

64 BASEL AREA Marktplatz 30/30a Freie Strasse 38 Barfüsserplatz 10 St. Alban-Anlage 46 Steinentorberg 8/12 Grosspeterstr. 18/20 Kirschgartenstr Dornacherstr. 210 PSP Swiss Property I Page 64

65 BERN AREA Bollwerk 15 Zeughausgasse 26/28 Laupenstrasse 18/18a Kramgasse 49 Seilerstrasse 8 Kramgasse 78 Eigerstrasse 2 Spitalgasse 9 PSP Swiss Property I Page 65

66 LAUSANNE AREA Rue de Sébeillon 2 Rue du Pont 22 Avenue de Sévelin 54 Rue Saint Martin 7 Avenue de Sévelin 40 Place Saint-François 5 Avenue de Cour 135 Place Saint-François 15 PSP Swiss Property I Page 66

67 CONTACTS Luciano Gabriel CEO Phone +41 (0) Mobile +41 (0) Fax +41 (0) Giacomo Balzarini CFO Phone +41 (0) Mobile +41 (0) Fax +41 (0) Vasco Cecchini CCO Phone +41 (0) Mobile +41 (0) Fax +41 (0) PSP Swiss Property I Page 67

68 DISCLAIMER None of the information in this presentation constitutes an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. None of the securities of the Company referred to in this presentation have been or will be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or under the applicable securities laws of any state or other jurisdiction of the United States. PSP Swiss Property I Page 68

ANNUAL RESULTS 28 February 2014

ANNUAL RESULTS 28 February 2014 Agenda Key Facts and Figures 3 Portfolio and Vacancy Rate 10 Financial Results 2013 14 Capital Structure 22 Development Sites 25 Subsequent Events 37 Outlook 39 Annex 41