Investment Foundations: Quality and Security for your Pensions.

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1 Investment Foundations: Quality and Security for your Pensions. Performance comparison

2 Table of contents Part 1: Performance comparison main investment groups 1 Swiss Franc Bonds 1 Foreign Currency Bonds 3 Swiss Equities 6 Foreign Equities 7 Balanced Funds 10 Real Estate 14 Part 2: Performance comparison minor investment groups 16 Money Market 16 Equities Switzerland Small&Mid Caps 17 Equities Japan 18 Equities Emerging Markets 19 Foreign Real Estate 20 Hedge Funds (hedged into CHF) 21 Part 3: Performance comparison other investment groups CSA 23 CSA Avant Investment Foundation Part 4: Appendix 29 Total Asset Size 29 Index providers (Abbreviations) 30 Members of KGAST / Contact information 31 Explanatory Note 32 Performance comparison KGAST

3 Part 1: Performance comparison main investment groups CHF Bonds Domestic CHF Bonds 2) SBI (r) Swiss Bonds in CHF Swiss Bonds SBI Domestic Swiss Bond Index (SBI) CHF Bonds SBI Domestic CSA CHF Bonds Domestic 2) SBI Domestic Swiss Bonds SBI Domestic Swiss Bonds i) SBI Domestic Domestic Swiss Francs Bonds 2) SBI Domestic CHF Bonds SBI Domestic Swiss Life CHF Bonds Domestic SBI Domestic - BBB CHF Bonds Domestic 2) SBI Domestic, - BBB (TR) Swiss Bonds SBI Domestic (TR) Average

4 CHF Bonds Foreign CSA Foreign Bonds in CHF CHF Bonds Foreign 2) CHF Bonds Foreign SBI Foreign SBI Foreign SBI Foreign Swiss Life Foreign Swiss Francs Bonds 2) CHF Bonds Foreign CHF Bonds Foreign CHF Bonds Foreign 2) CHF Bonds Foreign SBI Foreign SBI Foreign SBI Foreign - BBB SBI Foreign, - BBB (TR) SBI Foreign (TR) Average

5 Foreign Currency Bonds CSA International Bonds 2) Foreign Currency Bonds Gobal Bonds Foreign Bonds FC For. Currency Bonds 2) Foreign Currency Bonds Citi WGBI Citi Non-CHF WGBI Citigroup WGBI ex CHF TR Citi WGBI JPM Global Traded Cust. Index Global Bonds i) Cust. Index Swiss Life Internat. Bonds ex CHF 2) For. Currency Bonds 2) For. Currency Bonds Global For. Currency Bonds Global 2) Citi WGBI ex CHF Cust. Index Citi WGBI ex CHF JPM Global Traded Average Strategic Currency Allocation USD Euro GBP Yen Other CSA Swiss Life % 21.5% % % % 38.2% % % 32.8% % % 57.4% 40.9% % % % 8.6% 5.4%

6 Euro Bonds CSA Bonds EUR 2) Governo Euro Plus JPM EMU Bondindex JPM Europe Swiss Life Bonds Europe Top Cust. Index Bonds EUR JPM GBI EMU Euro Bonds JPM GBI EMU (TR) Average

7 USD Bonds CSA Bonds USD 2) Governo USD Plus JPM USD Traded JPM USD Traded Swiss Life Bonds Dollar Top Cust. Index Bonds USD JPM US GBI USD Bonds JPM GBI USD (TR) Average

8 Swiss Equities Swiss Equities Multi 2) SPI Swiss Equities SPI Equities Switzerland i) SMI (r) Swiss Equities SPI CSA Swiss Equities 2) Swiss Equities SMI indexed i) Swiss Equities i) Swiss Equities 2) Swiss Equities 2) SPI SMI (r) SPI SPI SPI Swiss Equities SPI Swiss Life Equities Switzerland Swiss Equities 2) SPI SPI (TR) Swiss Equities SPI (TR) Average

9 Foreign Equities World Equities Multi 2) Foreign Equities Global Stocks Foreign equities active CSA 2 Foreign Equities Foreign Equities MSCI World MSCI World ex CH MSCI World AC ex CH (r) MSCI World ex CH (r) MSCI World ex CH (r) MSCI World ex CH (nd) Global Equities i) Cust. Index Equities Worldwide 2) Sust. internat. Equities ex CH Foreign Equities 2) Avant Foreign Equities 2) Swiss Life Foreign Equities 2 Global Equities AST 2 Global Equities (ex CH) 2) MSCI World MSCI World ex CH (nd) MSCI World ex CH (nd) MSCI World ex CH (nd) MSCI World ex CH MSCI World ex CH (nd) MSCI World ex CH (nd) Average

10 European Equities European Equities Multi 2) MSCI Europe Equities Europe, indexed i) MSCI Europe ex CH CSA Equities Europe 2) Europe Index i) MSCI Europe ex CH (r) MSCI Europe ex CH (nd) Equities Europe 2) Europ. Equities ex CH 2) Equities Europe 2) MSCI Europe (g) MSCI Europe ex CH (nd) MSCI Europe ex CH Swiss Life Equities Europe, indexed i) 2) European Equities MSCI Europe ex CH (nd) MSCI Europe ex CH (TR) Average

11 US / North American Equities US Equities Multi 2) Equities USA, indexed i) MSCI USA MSCI USA CSA 2 Equities USA S&P 500 (r) America Index i) MSCI North America (nd) Equities USA 2) MSCI USA (g) Avant North American Equities 2) Equities America 2) MSCI North America (nd) MSCI North America Swiss Life US Equities MSCI USA (nd) AST 2 US Equ. Passive i) 2) MSCI USA (gross div. reinv.) US Equities MSCI USA (TR) Average

12 Balanced Funds (10-19% Equities) CSA LOB-Mix 15 Plus 2) Mixta Optima 15 2) Cust. Index Cust. Index LOB-Yield 2) Cust. Index LOB Profil 2) Cust. Index Avant LOB Profil 2) Cust. Index Swiss Life LOB-Mix 15 2) Cust. Index LOB-Income 2) Cust. Index Profil Defensive 2) Cust. Index Average Strategic Asset Allocation Swiss Foreign Cash Bonds CHF Bonds FC Equities Equities Real Estate Other 65% CSA 6 65% 59% Avant 59% Swiss Life 55% 83% 0.5% 55% % 16% 5% 5% 9% 1 8% 7% 1 8% 8% 8% 7% 8% 5% 1 15% 5% 2% 2% 15% 15% 7% 5% 25% %

13 Balanced Funds (20-3 Equities) LOB-25 2) Cust. Index LOB Andante 2) Cust. Index (r) LOB-Mix 25 Plus 2) Cust. Index CSA 2 Mixta-LOB 25 2) Cust. Index Mixta Optima 25 2) Pictet LOB LOB-Mix i) 2) Cust. Index LOB-Income 2) Pictet LOB LOB Universal 2) Avant LOB Universal 2) Cust. Index Cust. Index Swiss Life LOB-Mix 25 2) Cust. Index LOB-Growth 2) Pictet LOB LOB Yield 2) Cust. Index Average Strategic Asset Allocation Swiss Foreign Cash Bonds CHF Bonds FC Equities Equities Real Estate Other 68% 55% 55% CSA % % 48% Avant 48% Swiss Life 67% 68% 66% 7% 1 1 5% 1 1 7% 16% 16% 8% 7% 9% 15% 15% 15% 15% 15% 15% % 1 5% 15% 15% 1 21% 5% 1 21% 5% 1 13% 12% 15% 11% 14% 11%

14 Balanced Funds (31-4 Equities) LOB Allegro 2) Cust. Index (r) LOB-Mix 40 Plus 2) Cust. Index CSA 2 Mixta-LOB 35 2) Cust. Index Mixta Optima 35 2) Cust. Index LOB- Growth 2) Cust. Index Swiss Life LOB-Mix 35 2) Cust. Index LOB-Maxima 2) Cust. Index LOB Yield Plus 2) Cust. Index Average Strategic Asset Allocation Swiss Foreign Cash Bonds CHF Bonds FC Equities Equities Real Estate Other 48% 4 CSA 2 5% 46% 45% 6 Swiss Life 58% 52% 58% 7% % 2 25% 7% 18% 8% 23% 7% 2 15% 15% 2 15% 2 15% 2 15% 17% 17% 15% 1 1 4%

15 Balanced Funds (41-5 Equities) LOB Vivace 2) Cust. Index (r) CSA 2 Mixta-LOB 45 2) Cust. Index LOB- Future 2) Cust. Index LOB Cust. Index Diversification 2) Avant LOB Cust. Index Diversification 2) Swiss Life LOB-Mix 45 2) Cust. Index LOB Growth 2) Cust. Index Average Strategic Asset Allocation Swiss Foreign Cash Bonds CHF Bonds FC Equities Equities Real Estate Other 4 CSA 2 5% 42% 55% 25% Avant 25% Swiss Life 49% 5 5% 5% 25% 15% 25% % 25% % 15% 23% 22% 15% 3 15% 15% 6% 5% 26% 19%

16 Real Estate Switzerland - Residential Designation Index Mio. 3) Perf Perf Perf Risk Perf Risk Perf Risk ASSETIMMO W (Wohnliegenschaften) Pensimo Turidomus Casareal Casareal Real Estate Residential CH KGAST Real Estate Index KGAST Real Estate Index KGAST Real Estate Index KGAST Real Estate Index 753 (765) 563 (657) 1884 (2045) 425 (655) Average Testina C 1) ): Net Assets (Total Assets) Real Estate Switzerland - Commercial Designation Index Mio. 3) Perf Perf Perf Risk Perf Risk Perf Risk ASSETIMMO G (Geschäftsliegenschaften) Pensimo Turidomus Proreal Proreal Real Estate - Commercial CH KGAST Real Estate Index KGAST Real Estate Index KGAST Real Estate Index No Benchmark 496 (514) 138 (158) 524 (655) 151 (161) Average ): Net Assets (Total Assets)

17 Real Estate Switzerland - Mixed Designation Index Mio. 3) Perf Perf Perf Risk Perf Risk Perf Risk CSA CSA HIG Imoka Real Estate Switzerland Real Estate CH Dynamic Immobilien Schweiz 1) Immobilien Schweiz Immo Invest 2) Real Estate Real Estate Switzerland Real Estate Traditional CH KGAST Real Estate Index KGAST Real Estate Index No Benchmark KGAST Real Estate Index No Benchmark KGAST Immo- Index No Benchmark KGAST Real Estate Index 2867 (3635) 159 (264) 444 (632) 211 (255) 130 (130) 2856 (2856) 529 (546) 260 (268) Average ): Assets as of ): Net Assets (Total Assets)

18 Part 2: Performance comparison minor investment groups Money Market CSA Swiss Life Money Market Switzerland Money Market CHF 2) Geldmarkt CHF Citibank 3mth CHF Euro Dep. (TR) Citi CHF 3mth Euro Dep. Citi CHF 3mth EurDep Money Market CHF Money Market CHF JPM MM Index CHF Bloomberg EFFAS 3 Mth MM Average

19 Equities Switzerland Small&Mid Caps Equities Switzerland SMC SPI Small & Mid Caps (r) CSA Small & Mid Cap Switzerland 2) Swiss Equities Small&Mid Caps SPI Extra SPI Extra Equities Switzerland Small&Mid Caps SPI Small & Mid Caps Swiss Life Small&Mid Caps Switzerland 2) SPI Extra Average

20 Equities Japan Japanese Equities Multi 2) Equities Japan, indexed i) MSCI Japan MSCI Japan CSA Nippon enhanced MSCI Japan (r) Equities Japan 2) MSCI Japan (g) Swiss Life Equities Japan indexed i) 2) MSCI Japan (nd) Japan Equities Topix (TR) Average

21 Equities Emerging Markets CSA Equities Emerging Markets i) Equities Emerging Markets Equities Emerging Markets Equities BRIC 2) MSCI EM (r) MSCI EM (r) MSCI EM (r) Cust. Benchmark Swiss Life Equities EMMA Global 2) Equities Emerging Markets MSCI EMMA (nd) MSCI Emerging Markets (TR) Average

22 Foreign Real Estate AFIAA Global Real Estate 3) No Benchmark Avant Immo Optima Europa Global Real Estate GPR 250 Eur. Index (UK capped 2) Global Investors Index (cust) Testina Testina A 1) Cust. Index Testina Testina B 1) Cust. Index Testina Testina C 1) Cust. Index 191 Real Estate Foreign 2) FTSE EPRA / NAREIT Global RE Idx (hgd in CHF) FTSE EPRA / AST 2 Global Real NAREIT Global RE Estate Securities 2) Idx (hgd in CHF) Zürich Real Estate Global Global Investors Cust. Index 178 Average ): As of , over 12, 36, 60, 120 months 3): As of , over 12, 36, 60, 120 months

23 Hedge Funds (hedged into CHF) Alternatives 1) 2) No Benchmark Hedge Fund TRL No Benchmark CSA Hedge Funds CHF 1) 2) HFRI FoHF Composite Index Alternativ - Dynamic profile 1) 2) No Benchmark Swiss Life Hedge Fund CHF 1) 2) FTSE Hedge Index Average ): As of , over 12, 36, 60, 120 months

24 Part 3: Performance comparison other investment groups Investment Group years 5 years 10 years European Equities MDH 2) European Equities equally weighted 2) US Equities equally weighted 2) Equities Asia ex Japan Multi 2) Alternatives long/short 1) 2) Immo Optima Europa) Real Estate Foreign) Testina A 1) Commodity Equities 2) ): As of November 30, over 12, 36, 60, 120 months Equities CQM Europe No Benchmark Active Balanced Equities Eastern Europe, indexed i) Global Equities ex CH i) BVG minimum rate + 2% MSCI EM Eastern Europe 1/3 Russia MSCI World ex CH

25 Investment Group years 5 years 10 years Sustainability Equities global Foreign Equities passive i) Eurostock Dynamic Hedge DJ Sust. Total Return Index MSCI World ex CH (r) DJ EuroStoxx CSA Bonds Short Term CHF SBI 1-3 TR Bonds Plus SBI Gesamt Bonds Plus I SBI Gesamt Bonds Mid Yield CHF SBI Gesamt Bonds Mid Yield CHF I SBI Gesamt CSA Mezzanine Absolut 6% p.a Inflation-linked Bonds CHF CPI CH BP For. Currency JPM Global Bonds I 2) Traded Bonds EUR I 2) JPM EMU Bondindex Bonds USD I 2) JPM USD Traded Bonds High Yield USD Merril Lynch GHY US Master II Bonds GBP JPM GBP Traded Equity-linked Bond Portfolio Small & Mid Cap Switzerland I-Class 2) Manager Selection Equity Global Equities Europe I 2) Global Conv. 01 SPI Extra MSCI World (r) MSCI Europe ex CH (r)

26 CSA (Continuation) Investment Group years 5 years 10 years MSCI AC FE F. Equities Asia ex J. Swiss-Index i) 2) SMI (r) Swiss-Index I i) 2) SMI (r) Euro-Index i) 2) MSCI Europe ex CH (r) Euro-Index I i) 2) MSCI Europe ex CH (r) Nippon-Index i) 2) MSCI Japan (r) Nippon-Index I i) 2) MSCI Japan (r) Mixta-BVG Basic l 2) Cust. Index Mixta-LOB I 2) Cust. Index Mortgages Switzerland SBI 1-3 Jahre Hedge Funds USD HFRI FoHF 1) 2) Composite Index Insurance Linked 3 Mth Libor CHF Securities plus 350 BP CSA 2 1): As of November 30, over 12, 36, 60, 120 months Equities USA I S&P 500 (r) World-Index i) 2) MSCI World ex CH World-Index I i) 2) MSCI World ex CH US-Index i) MSCI USA (r) US-Index I i) MSCI USA (r) Private Equity No Benchmark ): As of November 30, over 12, 36, 60, 120 months

27 Investment Group years 5 years 10 years Governo Bond 2) Cust. Index Europe Bond A-BBB Cust. Index Dollar Bond A-BBB Cust. Index Swiss Equities SPI Plus SPI Eurostock Plus Stoxx TMI Globe Index i) 2) MSCI World ex CH (nd) Globe Index G i) 2) MSCI World ex CH (nd) Europe Index G i) MSCI Europe ex CH (nd) America Index G i) MSCI North America (nd) Pacific Index i) MSCI Pacific Free (nd) Pacific Index G i) MSCI Pacific Free (nd) Immo Optima SWX Immofonds Schweiz 2) Index (TR) Protector 1) 2) No Benchmark Aktien Welt MSCI World ex CH (nd) Global Avenir MSCI World 27 1): As of November 30, over 12, 36, 60, 120 months Equities Asia 2) Equities China 2) Global Convertibles 2) Global Convertibles hedged CHF 2) Alternativ - Conservative profile 1) 2) MSCI Asia ex Japan (g) MSCI Golden Dragon (g) GS / Bloomberg Global Convertible No Benchmark No Benchmark ): As of November 30, over 12, 36, 60, 120 months

28 Investment Group years 5 years 10 years LOB-Sustainability 2) Cust. Index CHF Bonds SBI Domestic Dyn. Hedge Non-Government Sustainable CHF Bonds SBI Sustainable Internat. Bonds ex CHF Citi WGBI ex CHF Sustainable Swiss Equities SPI Pacific Equities 2) MSCI Pacific (nd) BVG Nachhaltigkeit BVG Nachhaltigkeit 2) 1 Bonds Europe Plus Cust. Index Bonds Europe Max LB Pan European HY BB Bonds Dollar Plus Cust. Index Bonds Dollar Max LB Pan US Aggregate HY BB Bonds Yen JPM Yen Tr Equities Europe MSCI Europe ex Value Switzerland Equities Europe MSCI Europe ex Growth Switzerland Equities Asia/Pacific MSCI AC Asia Pacific Free Equities Asia/Pacific MSCI AC Asia Value Pacific Free Equities Asia/Pacific Growth MSCI AC Asia Pacific Free LOB Oeko 2) Cust. Index Convertibles International Cust. Index

29 Avant Investment Group years 5 years 10 years Equities America Value MSCI North America Equities America Growth MSCI North America Oeko-Invest MSCI World LOB Oeko 2) Cust. Index Investment Group years 5 years 10 years CHF Bonds Domestic SBI Domestic, indexed i) 2) BBB (Total Return) MM CHF Bonds SBI Gesamt, - Domestic/Foreign 2) BBB (Total Return) Foreign Currency JPM European Bonds Europe GBI Traded Foreign Currency LB Global Aggr. Idx Bonds (hedged in CHF) (hedged in CHF) MM Foreign Currency JPM Global Bonds Global 2) Traded Foreign Currency Bonds Plus 2) SBI Foreign (TR) Swiss Equities SMI (Total indexed i) 2) Return) SPI Enhanced 2) SPI (TR) MM Swiss Equities 2) SPI (TR) Equities Euroland MSCI EMU (nd) Equities Europe MSCI Europe ex (ex CH) Enhanced 2) CH (nd) US Equities indexed i) 2) MSCI USA (nd) Equities Pacific MSCI AC Pacific ex Japan (gd) Global Equities MSCI World ex indexed i) 2) CH (nd) MM Global Equities 2) MSCI World ex CH (nd)

30 (Continuation) Investment Group years 5 years 10 years Equities Eco- Performance Global 2) Equities EMMA Asia 2) Immoparts Switzerland 2) MSCI World MSCI EMMA Asia (gd) Wupix F Investment Foundation 2 Investment Group years 5 years 10 years AST 2 Global Equities (ex CH) Passive i) 2) MSCI World ex CH (nd) Swiss Equities Index SPI European Equities Index MSCI Europe ex CH US Equities Index MSCI USA Japan Equities Index MSCI Japan Bonds CHF 15+ SBI Bonds Credit 100 Global Convertibles Merrill Lynch Cust. Index JACI Global Switzerland Franc Base Profil Balanced 2) Cust. Index Profil Progressive 2) Cust. Index ): As of November 30, over 12, 36, 60, 120 months

31 Part 4: Appendix Total Asset Size Total asset size of investment foundation Total asset evolution (Mio. CHF, without double counting and debt since 31 December 2006 capital) 1'109 AFIAA '539 ASSETIMMO 1' CSA 3) 17'913 HIG 6) 444 Imoka 211 6' Pensimo ) 15'700 Swiss Life 739 Turidomus 2'408 Testina 446 5) 7'096 Zürich 8' % % - 1.5% % % - 1.7% % % - 0.9% + 0.5% + 0.2% + 2.9% - 4.8% + 2.9% - 4.7% % % Total 69' % 3) CSA + CSA 2 4) + Avant 5) + Investment Foundation 2 6): Assets as of

32 Index s (Abbreviations) Citi DJ JPM MSCI SBI SMI SPI (r) (TR) (nd) (gd) Citigroup (former: Salomon Brothers) Dow Jones JP Morgan Morgan Stanley Capital International Swiss Bond Index of the Swiss Stock Exchange SWX Swiss Market Index of the Swiss Stock Exchange SWX Swiss Performance Index of the Swiss Stock Exchange SWX reinvested Total Return net Dividend gross Dividend

33 Members of KGAST AFIAA ASSETIMMO CSA CSA 2 HIG Imoka Pensimo Avant Swiss Life Testina Turidomus 2 Foundation for Asset Allocation Access 2, Chemin de Chantavril, 1260 Nyon Foundation for International Real Estate Investments Stockerstrasse 60, 8002 Zürich Suisse Investment Foundation Bleicherweg 19, 8002 Zürich Investment Foundation of Winterthur Insurance Group Affolternstrasse 42, Postfach 5143, 8050 Zürich ASSETIMMO Real Estate Investment Foundation Badenerstrasse 329, 8003 Zürich Investment Foundation of Insurance Company Lautengartenstrasse 6, 4002 Basel Credit Suisse Investment Foundation, ADPG, Shilcity - Kalandergasse 4, 8070 Zürich (from the ) Credit Suisse Investment Foundation 2nd pillar ADPG, Shilcity - Kalandergasse 4, 8070 Zürich (from the ) HIG Real Estate Investment Foundation Löwenstrasse 25, 8001 Zürich Imoka Investment Foundation Obstgartenstrasse 19, Postfach 246, 8042 Zürich Investment Foundation for Employee Benefit Plans (Private Banks) Steinstrasse 21, Postfach, 8036 Zürich Investment Foundation St. Alban-Anlage 26, 4002 Basel Pensimo Investment Foundation Obstgartenstrasse 19, Postfach 246, 8042 Zürich Investment Foundation Route de la Longeraie 7, Case postale 2093, 1110 Morges 2 Investment Foundation Elisabethenstrasse 62, Postfach, 4002 Basel Anlagestiftung Waisenhausstrasse 2, Postfach, 8021 Zürich Anlagestiftung Avant Waisenhausstrasse 2, Postfach, 8021 Zürich Investment foundation Swiss Life General-Guisan-Quai 40, P.O. Box, 8022 Zürich Testina Investment Foundation Obstgartenstrasse 19, Postfach 446, 8042 Zürich Turidomus Investment Foundation Obstgartenstrasse 19, Postfach 446, 8042 Zürich Investment Foundation for Investment of Assets of Welfare Institutions, Postfach, 8098 Zürich Investment Foundation 2 Postfach, 8098 Zürich Investment Foundation P.O. Box, Phone Phone Phone Phone Phone Phone Phone Phone Phone Phone Phone Phone Phone Phone Phone Phone Phone Phone Phone Phone Phone Phone Phone KGAST Konferenz der Geschäftsführer von Anlagestiftungen In der Au 38, 8706 Meilen ZH Phone

34 Explanatory Note Fund Performance Comparison The performance comparison is measured as the change in value of an investment in one unit with immediate reinvestment of any distributions. The net asset value of the unit at the measurement date, the return and the emission price at the distribution dates are taken into account in the measurement of performance. Issue prices per unit were used until december 2003 for foundations that charge a commission. The change towards net asset values since January 2004 affects the funds of Suisse, Credit Suisse, and (former Prevista). Therefore all the performance data is based on NAVs since January The performance is measured over YTD (current year), 1, 3, 5 and 10 years as of indicated date in the report. The report as of 31 December shows the current year, the precedent year, 3, 5 and 10 years. The indicated performance figures are annualised returns (stated in %, geometric means), except for the current year, where it is the rate of return for the period (not annualised). For each asset class, the average performance is the unweighted arithmetic mean. Performance results are compared only within homogeneous groups of funds. The LOB balanced funds are seperated into 3 categories according to their strategic equity allocation. In addition, all of the compared LOB balanced funds have to be compliant with the specific LOB (OOB2) investment limits. Real Estate Investment Foundations The performance calculation for investment foundations without monthy publication of data is based on an approximation formula to avoid large annual performance steps. A fraction of the last paid dividend or the budgeted dividend is added on a monthly basis, what gives an estimated hypothetic performance. The audited net asset value is used at the end of the financial year, what may lead to a correction in performance. The estimated performance is not related to the actual price of shares. Fluctuations in the net asset value of shares reflect only some of the risks involved in real estate investments. Therefore the report does not show volatility figures for real estate investment foundations. Risk Calculation The risk is measured by the annualised standard deviation of the monthly rates of return. The annualised standard deviation is calculated as the multiplication of the monthly standard deviation times the square root of 12. For the calculation of the monthly return the end of the month net asset values are applied. Fund Assets For each product a single asset size is stated. All values are in Mio. CHF and are declared by the providers

Investment Foundations: Quality and Security for your Pensions.

Investment Foundations: Quality and Security for your Pensions. Performance comparison 30.09.2009 Table of contents Part 1: Performance comparison main investment groups 1 Swiss Franc Bonds 1 Foreign Currency